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Corporate Social Responsibility (CSR)

<ul><li>The CII analysed the annual reports of 1,522 companies and determined that ₹89 billion worth of funds were disbursed for the purposes of <keyword id="6354502" type="ORGANIZATION" weightage="20" keywordseo="CSR">CSR</keyword> in fiscal 2017. </li><li><keyword id="6355445" type="UNKNOWN" weightage="20" keywordseo="education">Education</keyword> and <keyword id="6354525" type="UNKNOWN" weightage="20" keywordseo="healthcare">healthcare</keyword> accounted for a bulk of the spending, with nearly 33.5% of funds going towards education and skill development programs, while 25.2% of funds were allocated to health and sanitation projects. </li><li>The report found that 420 companies did not meet the 2% spending requirement.</li></ul>A report released by the Confederation of Indian Industry (CII), last week, shows that the expenditure by Indian companies on <keyword id="113603" type="ORGANIZATION" weightage="20" keywordseo="corporate-social-responsibility">corporate social responsibility</keyword> (CSR) increased by 9% in fiscal 2017, despite a slowdown in earnings growth. This marked a decline from fiscal 2016, when CSR spending was 27% higher as more companies started following the law in its second year of implementation. The CII’s Annual CSR Tracker analysed the annual reports of 1,522 companies that are traded on the Bombay Stock Exchange and determined that ₹89 billion worth of funds were disbursed for the purposes of CSR. This equates to 92% of the amount that should have been spent based on these companies’ cumulative profits. This is a significant improvement from fiscal 2015, when only 80% of CSR funds were spent. Education and healthcare accounted for a bulk of the spending, with nearly 33.5% of funds going towards education and skill development programs, while 25.2% of funds were allocated to health and sanitation projects. In fact, 75% of all companies assessed in the report invested in education and skill development. Further down the list, 11.2% of the funds were spent on rural development, while 9.7% was spent on environmental preservation activities. India is one of the few countries in the world that mandates a minimum spending requirement for CSR activities. Under Section 135 of the Companies Act, which was enforced on April 1st, 2014, a company has to allocate 2% of its average annual net profit in the preceding three years to CSR. However, the policy only applies to companies of a certain size - those with a net worth of ₹5 billion or more, those with an annual turnover of ₹10 billion or more or those with an annual net profit of at least ₹50 million. The CII was only able to assess the companies that published their annual reports by early December 2017. As a result, around 80 other companies, including India’s public sector banks, on the <keyword id="35140" type="CITY" weightage="20" keywordseo="BSE">BSE</keyword> were left out. Public-sector banks, which are governed by the RBI, are exempt from the requirement since their actions don’t fall under the purview of the Companies Act. Rather unsurprisingly, the tracker showed that a bulk of the total amount spent on CSR came from a few large firms. While 49 public-sector enterprises accounted for 28% of all the funds spent (₹24.9 billion), almost 90% of this figure came from 13 firms. Meanwhile, 50% of the total funds spent by the private sector (₹64.1 billion) was accounted for by 16 firms. Here are some other key findings from the report:- <ul><li>Sports development and national heritage are fast-rising segments: The report showed that the funds allocated towards sports development activities surged 192% to ₹1.7 billion, while spending on the preservation of national monuments and gender equality projects went up by 153% and 115% to ₹2 billion and ₹2.4 billion, respectively. More notably, among the larger segments, CSR funds for environmental activities went up by 66% to ₹8.6 billion.</li><li>Few takers for slum development and the Prime Minister’s Relief Fund: Less than ₹10 million was invested in slum development while 45 companies allocated a cumulative total of only ₹230 million to the Prime Minister’s Relief Fund. The fund received four times as many contributions in fiscal 2016.</li><li>As a state, Maharashtra was the most popular CSR destination: Almost 40% of the companies analysed invested in CSR projects in Maharashtra, India’s richest state. Gujarat,Tamil Nadu and Karnataka also proved to be popular draws, with 23%, 19.9% and 19.4% of companies allocating CSR funds to these states. Only 135 companies had CSR projects all over India. Unfortunately, very few companies invested in projects in the the Northeast of India. </li><li>Energy and software companies proved to be the major contributors: An industry-wise breakdown showed that oil and gas companies accounted for 19.4% of total CSR funds spent, or ₹17.2 billion, in 2016-17, while software and services firms contributed 12.2%. Rounding up the top five were metals and mining, with 7.4%, the banking sector, with 7.33%, and automobile industry, with 6.3%.</li></ul> The CII noted that companies were beginning to disclose information regarding the impact of their CSR activities, something that is not currently mandated under the existing law. In fiscal 2017, 189 of the 1,522 companies assessed disclosed the results of their activities. In the education and skill development segment, 35,129 school structures and facilities were built or renovated, based on the reports of 161 companies, and more than 4 million people directly benefited from such activities. In the health and sanitation segment, data from 135 companies showed that 169,041 infrastructures (toilets, health camps, drinking water facilities, mobile vans, hospitals) were created or upgraded, which impacted the lives of 14.3 million people. On a more sobering note, the report found that 420 companies did not meet the 2% spending requirement. While 118 companies said that they “did not find the right project”, 95 companies did not mention a reason while 58 said that they required more to time to plan. While the CII report highlights the progress made by companies in increasing their CSR spending ever since the law took effect, there still remains a lot more work to be done in terms of compliance and demonstrating the effectiveness of such spending. In order to make sure that there are less violations of the CSR law, the Ministry of Corporate Affairs is setting up <a href="https://timesofindia.indiatimes.com/business/india-business/govt-appointed-panel-to-review-csr-enforcement-under-companies-law/articleshow/63699792.cms">a 12-member committee</a> to assess and improve the enforcement of its provisions. The panel will also formulate a mechanism for monitoring the CSR activities of companies and sanctioning the ones that do not fulfill their spending requirements. While this is a step in the right direction, it’s hard to see why the government has waited four years after the implementation of the law to do this.

Nearly 60% of India’s funds for corporate social responsibility are spent on education and healthcare

The government has made some changes in the norms meant for <keyword id="113603" type="ORGANIZATION" weightage="100" keywordseo="corporate-social-responsibility">Corporate Social Responsibility</keyword> (<keyword id="6354502" type="ORGANIZATION" weightage="100" keywordseo="CSR">CSR</keyword>) activities under the <keyword id="6390099" type="COMPANY" weightage="80" keywordseo="Companies-Act">Companies Act</keyword>, under which, certain class of profitable companies are required to spend at least 2% of their three-year annual average net profit towards CSR activities. 
 
According to the Act, companies are allowed to build CSR capacities for their own personnel through other institutions on the condition that such expenses do not surpass 5% of the total amount spent on social welfare activities in a financial year. The Corporate Affairs Ministry has said that 5% cap would include "expenditure on administrative overheads." 
 
The changes have been made to the Companies (Corporate Social Responsibility Policy) Rules, 2014, through a notification dated September 12. 
 
As per the earlier norms, companies could build CSR capacities of their own personnel and their implementing agencies through institutions with a proven track record of at least three financial years. However, such expenditure should not exceed by 5 % of company’s total CSR expenditure in a single financial year.

Govt Changes
CSR Spending Norms

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Thomson Reuters</div></div></div><keyword id="53346" type="POSITION" weightage="100" keywordseo="CFO">CFO</keyword> Insider is a daily newsletter from Business Insider that delivers the top news and commentary for chief financial officers and other finance experts.<a href="http://ww2.cfo.com/tax/2015/12/socially-responsible-companies-pay-lower-taxes-csr/">Socially responsible companies are paying lower taxes</a> (CFO.com) Companies with higher corporate social responsibility (CSR) ratings are paying less in taxes, suggests new research cited by CFO.com.A high CSR score is achieved when a company pays attention to "community commitment, diversity, employee relations, environmental stewardship, and product safety and quality," CFO.com says.While the average US firm pays an effective tax rate of 26%, companies in the top fifth in CSR paid 1.7% less than competitors, CFO.com reports. "That's about 6% less, after controlling for other differences, that have been found to affect tax rates," the publication adds.While the study stopped short of offering a reason for the CSR-taxpaying relationship, David McCann at CFO.com says one possibility is that "socially responsible firms may not consider the payment of corporate taxes to be the best means by which to accomplish their social-responsibility goals."<a href="http://www.businessinsider.com/intuits-cfo-wants-to-follow-you-home-and-watch-you-work-2015-12">Intuit's CFO wants to follow you home and watch you work</a> (Business Insider)Intuit doesn't rely on surveys or interviews to learn about its customers habits. Instead, through it's "follow me home" program, employees observe customers in their homes or workplaces as they work. "By observing someone in their natural habitat we can determine how often they get interrupted when they are trying to do taxes, payroll, or perform some other task," Intuit CFO Neil Williams tells Business Insider. "Many people are probably not even mindful of how many interruptions they get or how many things distract them as they work on finances," he adds. The program, which has been around since the company's founding days, has allowed the tech firm to maintain nine straight quarters of increasing customer retention. <a href="http://www.businessinsider.com/silicon-valley-exec-on-maternity-policy-in-us-2015-12" class="title">Silicon Valley exec: 'Maternity policy in the US is awful' and it's holding women back</a> (Business Insider)The US and Papua New Guinea are the only two countries in the world where paid maternity leave is not mandated at the federal level. That lack of attention being paid to maternity leave in the US is "forcing women out of the workforce," according to Claire Lee, head of early-stage banking at Silicon Valley Bank."After my first child was born," Lee tells Business Insider, "I had six months paid leave at Microsoft UK, and it was full pay. I moved to the US, the center of civilization, and when I had my son I was offered four weeks. Maternity policy in the US is awful."Lee argues that greater flexibility and assistance would help more moms return to the workplace. "I would like to see a pay packet in the US that offers to cover the cost of childcare," she says. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/business-dining-etiquette-rules-every-professional-should-know-2015-11">Business dining etiquette rules every professional should know</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Y4a2l5eDrJAsc-4RFpA4wKh3jAz_02LZ" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Socially responsible companies tend to pay less in corporate taxes

Vidya Shah, the ex-CFO of Edelweiss Financial Services, remembers writing many donation cheques to several NGOs as part of the <keyword id="6354502" type="ORGANIZATION" weightage="100" keywordseo="CSR">CSR</keyword> initiatives of the company. However, it was only after she decided to set up the EdelGive Foundation that she visited these NGOs, only to come across the eye-opening reality. 
 
"Even the largest NGOs were struggling. They couldn't plan beyond six months because they were not sure they would be able to raise funds. And they had no process to measure the work they were doing," Vidya told ET. 
 
After deciding to help these NGOs build capabilities, Edelgive now operates on an annual budget of Rs 25 crore. However, Vidya admits that when the budget was much lower in the initial phases, administrative costs were kept low by limiting the Foundation's staff strength. 
 
Indian companies are increasingly expanding the scope of their CSR activities, hinting at a happy place between the social and corporate sectors. While on one hand, business executives are joining NGOs, social workers too are receiving lucrative offers from corporate houses. 
 
The Ministry of Company Affairs has fixed the annual CSR spends in the coming years at Rs 20,000 crore. 
 
This has resulted in an increase in the demand of individuals who can handle the CSR initiatives of companies, and since NGOs pay quite less because of budget constraints, salary hikes in corporate profiles can go as much as 40% higher. 
 
To make the rising importance of CSR clearer, CSR heads once used to report to corporate affairs or human resources (HR), but nowadays, they report directly to a board of trustees or the global CSR head. 
 
The rise in demand has given birth to dedicated headhunting firms that help corporates in their search for talented CSR individuals. Third Sector Partners, one such firm, placed 65 senior level CSR professionals in the last financial year. 
 
"Most of them want someone from the development sector, with grassroots experience, but that really limits the choice. We persuade them to be open to crossover candidates from the corporate sector, especially from banking. They're usually willing to take salary cuts in order to join the social sector," Managing partner Poulomee Ghosh told ET. 
 
<a href="http://i.huffpost.com/gen/1554237/images/o-CORPORATE-SOCIAL-RESPONSIBILITY-facebook.jpg">Image source</a>

Indian companies are expanding their CSR initiatives and this
could land you a high-paying job

<ul><li>Gaurav Patra, Founder, <keyword id="9175088" type="UNKNOWN" weightage="20" keywordseo="value360-communication">Value360 Communication</keyword> pens down a few reasons why marketers are choosing to focus on <keyword id="557554" type="PERSON" weightage="20" keywordseo="CSR-activities">CSR activities</keyword> right now. </li><li>He further writes how, through the right channel, together - one voice, we can safeguard our nation and help fight this global pandemic.</li></ul>In recent times, CSR has become an integral part of any company’s business strategy. It comprehends various ways in which businesses can have a positive impact by showcasing its commitment towards economic and social development. Over the last few years, we have seen the rise in marketers’ focus towards <keyword id="113603" type="ORGANIZATION" weightage="20" keywordseo="corporate-social-responsibility">corporate social responsibility</keyword>. Companies like Google, Microsoft, Disney, ITC, have set an example exhibiting their commitment towards environmental sustainability and diversity. Under the Companies law, “Certain classes of profitable entities have to shell out at least 2 per cent of their three-year annual net profit towards <a href="https://auto.economictimes.indiatimes.com/tag/corporate+social+responsibility">Corporate Social Responsibility</a> (CSR) activities in a particular financial year”. As the Covid 19 outbreak continues across the globe, the significant economic slowdown has already been observed worldwide, which has impacted most of the industries. However, it’s encouraging to see that even in the midst of such challenging times, companies and marketers are coming forward and pivoting strategy to support the society. In view of the spread of Coronavirus in India and its declaration by WHO as pandemic, Government of India also announced the spending of funds for the relief of <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">Covid-19</keyword>, as a part of CSR activity. In this hour of global crisis, various marketers are stepping up and aligning their strategy in line with the announcement made by the government. Brands should take this as an opportunity to look inward and be as resourceful as possible towards the cause. Many companies and businesses are donating certain amounts to the “PM Cares Fund” formed by the Government of India, while others focus on facilitating vital necessities like masks, sanitizers, gloves, medicines, food to the underprivileged, health institutions, hospitals, etc. Marketers and brands are also committing a certain portion of their CSR funds towards Covid Fund. They are also placing health check-up camps in tier 2 cities in order to help migrants get tested first hand. Few brands have also come forward to manufacture ventilators, sanitizers, thermal testers, drones lending assistance to the government in combating this pandemic situation. While the whole nation is under lockdown for 21 days, brands are focusing on newer ways to contribute towards the society in the current scenario. With the ongoing situation, it is important for the marketers to channelize their approach with creative campaigns to create awareness amongst the individuals on social distancing and safeguarding themselves in order to fight the crisis, emphasizing the importance of staying indoors. Where several companies have launched their digital campaigns on social media like #SafeHandsChallenge, #NamasteKaro, backing the government towards social distancing, it is also important to educate and create awareness amongst the migrant laborers and underserved section of the society about the current crisis and the precautionary measures to be taken care of. The above mentioned cases show how some companies are channelizing the work of public bodies while others are filling the gaps of the supply chain that was getting adversely affected due to the lockdown. Given the scale and urgency of the situation, brands should co-create their solutions as an effective response to covid 19 outbreak. Together, through the right channel, one voice, we can safeguard our nation and help fight this global pandemic. - By Gaurav Patra, Founder, Value360 Communication

How marketers are now focusing on CSR in current COVID-19 situation

Pune, <keyword id="19897354" type="General" weightage="20" keywordseo="bajaj-auto" source="keywords">Bajaj Auto</keyword> is developing a portfolio of clean fuel CNG motorcycles, and the first such bike will hit the market in June, Bajaj Auto Managing Director Rajiv Bajaj said here on Friday. The bike will run on CNG and would hit the roads in June, he said while announcing <keyword id="20201280" type="General" weightage="20" keywordseo="bajaj-group" source="keywords">Bajaj Group</keyword>'s commitment of Rs 5,000 crore towards <keyword id="19916939" type="General" weightage="20" keywordseo="corporate-social-responsibility" source="keywords">Corporate Social Responsibility</keyword> (CSR) spent over the next 5 years. The new bike would target mileage-conscious consumers and is expected to launch under a different brand. It is expected that CNG bikes will be priced higher than their petrol counterparts due to the higher cost of manufacturing besides having a special tank to offer petrol and CNG fuel options to offer convenience to customers. Bjaja also said that <keyword id="20050188" type="General" weightage="20" keywordseo="pulsar" source="keywords">Pulsar</keyword> launched 20 years ago will hit 2 million units soon. Meanwhile, the Bajaj Group committed Rs 5,000 crore to social impact initiatives over 5 years, with a focus on skill development, under 'Bajaj Beyond'' the Group's new identity for all its CSR and charitable programmes. This will benefit over 2 crore of tomorrow's youth and enable them to take advantage of the employment and entrepreneurial opportunities offered by India's growing economy. "Social responsibility is deeply entwined in the <keyword id="21052740" type="General" weightage="20" keywordseo="bajaj-family" source="keywords">Bajaj Family</keyword>'s businesses and its philanthropic endeavours through generations. In the last 10 years alone, the Bajaj Group has contributed close to Rs 4,000 crore towards CSR initiatives largely focused on skilling and education, health, livelihood, water conservation, and several other areas of development," Bajaj Auto Chairman Niraj Bajaj said. The Bajaj Group's humanitarian efforts are channeled through several institutions. The <keyword id="21051165" type="General" weightage="20" keywordseo="jamnalal-bajaj-foundation" source="keywords">Jamnalal Bajaj Foundation</keyword>, Jankidevi Bajaj Gram Vikas Sanstha, and the <keyword id="21052739" type="General" weightage="20" keywordseo="kamalnayan-bajaj-hospital" source="keywords">Kamalnayan Bajaj Hospital</keyword>, among others, have worked unceasingly to uplift and empower communities, he said. The Group stays firmly committed to co-creating a thriving and inclusive future for all Indians, he added. Bajaj Group companies include Bajaj Auto, Bajaj Finserv, Bajaj Electricals, and Mukand Ltd. "Launching the Bajaj Engineering Skills Training (<keyword id="19925221" type="General" weightage="20" keywordseo="best" source="keywords">BEST</keyword>) last year has been a valuable learning experience for us. It gave us a very clear picture of the critical gap between theoretical education and practical skills needed in the manufacturing industry. The insights gained through BEST acted as a cornerstone in laying down the groundwork. With Bajaj Beyond, we will expand our skilling efforts across the group," Rajiv Bajaj said. "You do not change the world by sloganeering. Saying Make in India does not change the world; saying Aatmanirbhar does not change the world; saying vocal for local does not change the world; saying Viksit bharat does not change the world. "Words would not change the world, unless you have the skills to put those words into action. It would certainly not change the world by saying I will spend tens of thousand of crores of rupees on CSR or that I want to touch billions of lives," he added. Speaking at the event Sanjiv Bajaj, Chairman &amp; Managing Director, Bajaj Finserv, said, "Skilling has been at the heart of our social impact initiatives and we have seen the positive multiplier effect it has on the well-being of youth and their families. Our Certificate Programme in Banking, Finance and Insurance (CPBFI) prepares youth for employment in the fast-expanding financial services sector which is currently seeing a shortage of talent." With Bajaj Beyond, Bjajaj Finserv commits to strengthening India's skilling ecosystem, especially in the hinterland, enabling greater access to economic prosperity, he added.

Bajaj Auto working on CNG bike, to hit road in June: MD

<ul><li>The Companies Amendment Bill was approved by the Cabinet, said that any amount left unspent should be transferred to a special account called the ‘Unspent Corporate Social Responsibility Account’. </li><li>Government will be taking over the money they are asked to spend, and transferred to its own fund. </li><li>Indian companies are known to spend as much as ₹15,000 crore<a href="https://www.livemint.com/companies/news/companies-will-have-to-pay-unused-csr-money-into-state-corpus/amp-1563381925491.html?__twitter_impression=true"> annually on</a> corporate social responsibility. </li></ul> It is common for most companies to miss out on fulfilling the government mandate to spend a certain amount of funds on social activities. And, soon government will be taking over the money they are asked to spend, and transfer to its own fund, as per the amendments to the <keyword id="1850989" type="PERSON" weightage="20" keywordseo="Companies-Act-2013">Companies Act 2013</keyword>, approved by the Cabinet. Most companies, <a href="https://thewire.in/business/one-in-three-bse-100-firms-falls-short-in-mandatory-csr-spending">including publicly listed </a>companies take the 2013 mandate of the government casually. As per the norm, companies with a net profit of over ₹5 crore or revenues of ₹1,000 crore or net worth of ₹500 crore; should spend 2% on their profits on corporate social responsibility (CSR). Six years on, few companies take it seriously though most top companies like Reliance Industries, L&amp;T and all public sector companies do take the efforts to ensure money flows to the right causes. Those who spend regularly tend to focus on education, rural development and healthcare. The Companies Bill amendments say that any amount left unspent should be transferred to a special account called the ‘Unspent Corporate Social Responsibility Account’. “Such amount shall be spent by the company in pursuance of its Corporate Social Responsibility Policy within a period of three financial years from the date of such transfer,” the draft amendment said. Indian companies are known to spend as much as ₹15,000 crore<a href="https://www.livemint.com/companies/news/companies-will-have-to-pay-unused-csr-money-into-state-corpus/amp-1563381925491.html?__twitter_impression=true"> annually on</a> corporate social responsibility.

Indian companies will have to hand over the unspent money in the social responsibility fund to the government

Read the email Expensify's CEO sent to customers on MLK Day outlining the company's plan to fight injustices with a 'highly experimental' crowdsourced campaign

What is the role of <keyword id="808508" type="UNKNOWN" weightage="80" keywordseo="Corporations">corporations</keyword> in society? The question has had distinct kinds of responses from varied thinkers. At one end of the spectrum are those, who believe that the role of a corporation is simply to make more profits and thereby maximize shareholder value. 
 
However, this view has taken a serious hit in the aftermath of the global financial crisis. It is because, some thinkers have argued that the 'Shareholder Wealth Maximizing' paradigm needs to be replaced with a more robust understanding of the role of corporations in society. It starts with accepting the role of corporations in society as that of being institutions that produce goods and services that people value and this forms the basis of shareholder value maximization. 
 A new sort of paradigm is thus emerging that focuses on reassessing the role of corporations in society. The paradigm is called 'Creating <keyword id="2875288" type="UNKNOWN" weightage="80" keywordseo="shared-value">Shared Value</keyword> (CSV).' It focuses on bringing together the distinct fields of strategy and society and link the competitive advantage of a firm to its corporate social responsibility. 
 
Often a question arises as to how creating shared value is different of distinct from Corporate Social Responsibility (CSR). CSR aims at giving back to society while CSV aims at co-creating value for society and business. Similarly, the focus of CSV is not just donating money or doing some activities that are distinct from business practices of the corporation but realigning business activities to create societal and economic value. 
 
The idea is that CSV endeavors to alter the role of corporations in a society. It means understanding that corporations operate within the broader construct of society and that whatever is detrimental to society cannot be the basis of sustainable competitive advantage for the corporation/enterprise. Similarly, whatever is good for the societies is good for corporations. Creation of shared value essentially involves the following three principles: 
 
First, businesses/corporations should essentially try to meet the unmet needs of a society. An example is Internet access to people in India. There is an unmet societal need, i.e., access to information. Businesses had tapped into this need and (basically device manufacturers and internet service providers) have co-created immense value by serving the poor at the same time earning revenues. 
 The second way of creating shared value is by redefining productivity along the <keyword id="1195806" type="UNKNOWN" weightage="80" keywordseo="value-chain">value chain</keyword> and reducing risks. An example could be that of <keyword id="45528" type="CITY" weightage="80" keywordseo="GE">GE</keyword> altering its business products to be more efficient and thereby reducing carbon emissions and environmental footprint. Productivity should be looked at and measured not only in value terms but also in ecological and societal terms. 
 A third way of creating shared value is by enabling local cluster development. It means corporations can <keyword id="47916" type="UNKNOWN" weightage="80" keywordseo="invest">invest</keyword> in developing skills through training with their suppliers in clusters. An example could be the strong automotive clusters that were enabled in specific parts of India because of firms helping the ancillary units in their vicinity. 
 CSV is also related to another emerging area of social business and social entrepreneurship. It's understanding helps businesses/companies alter their business models and focus on models that create not just profit but do well to serve societies' needs and remove businesses' adverse environmental impact. These often include underserved as well as the bottom of pyramid markets where businesses create value and serve societies needs. An example could be Hindustan <keyword id="45009" type="CITY" weightage="80" keywordseo="Unilever">Unilever</keyword>'s Sustainable Living Program. Under the program, the company has undertaken initiatives like Project Shakti, whereby rural women, as well as the company, have benefitted immensely. In the program, the rural women are empowered by basic training in running a business. They then go to explain the benefits and do the sales and distribution of the products of the corporation. This way HUL earns revenue as well as provides means of livelihood to approximately 70,000 women entrepreneurs. 
 
The idea has gained significant momentum in the past few years since its inception within the corporations and policymakers. Clearly it is good for the people and societies to interact with corporations to co-create value that is sustainable. The next big evolutionary change for corporations in India will be in realigning their business models to societal needs. It not just appeals to common sense, but is also a remarkably sound business strategy. In light of this an initiative has been launched in India called Shared Value Initiative India (<a href="http://www.sharedvalue.in/">http://www.sharedvalue.in</a>) that aspires to connect the business and community leaders wherein they look at enhancing the economic and social progress of the nation to build a more equitable and sustainable society. 
 
(Dr. <keyword id="209438" type="PERSON" weightage="80" keywordseo="Amit-Kapoor">Amit Kapoor</keyword> is <keyword id="191828" type="POSITION" weightage="80" keywordseo="president-and-CEO">President and CEO</keyword> of India Council on Competitiveness, Honorary Chairman of <keyword id="122492" type="ORGANIZATION" weightage="80" keywordseo="Institute-for-Competitiveness">Institute for Competitiveness</keyword>, India and Chair, Shared Value Initiative India) He tweets @kautiliya and can be contacted at <a href="mailto:amit.kapoor@competitiveness.in">amit.kapoor@competitiveness.in</a>. The article is co-authored with Sankalp Sharma who is Senior Researcher at Institute for Competitiveness) 
 
(Image Courtesy: thaimarketing.in.th)

Creating Shared Value: The Next Evolutionary Form of capitalism

<ul class="summary-list"><li><keyword id="1486923" type="PERSON" weightage="60" keywordseo="Expensify">Expensify</keyword> CEO <keyword id="1776429" type="PERSON" weightage="60" keywordseo="david-barrett">David Barrett</keyword> slammed corporate America's response to the attacks on the US Capitol.</li><li>Barrett told Insider that defending free <keyword id="31671" type="CITY" weightage="60" keywordseo="markets">markets</keyword> requires first defending democracy.</li><li>He also told <a href="https://www.protocol.com/expensify-david-barrett-emails">Protocol</a> most CEOs are "cowards" for refusing to take those stands.</li></ul>As more companies <a href="https://www.businessinsider.com/capitol-siege-trump-company-responses-riots-political-donations-2021-1?r=ts-sub">publicly condemn</a> the violent attacks on the US Capitol and <a href="https://www.businessinsider.com/marriott-suspends-donations-gop-lawmakers-objected-biden-win-2021-1?r=ts-sub">pause their financial support</a> for the lawmakers who helped fuel an attempted insurrection, Expensify CEO David Barrett has harsh words for the holdouts."Most CEOs, it's not that they're bad people, they're just cowards. They're like, 'yeah, I would like to take a stand, but I can't because of investors, customers and things like this,'" he told <a href="https://www.protocol.com/expensify-david-barrett-emails">Protocol</a> in an interview Tuesday."It basically comes down to, 'I care more about hitting the next quarter results than preventing a civil war,' which is so f---ed up. They're more afraid of their investors than they are of militants," Barrett said, according to Protocol.Barrett gained attention in October when he <a href="https://www.businessinsider.com/expensify-ceo-david-barrett-vote-against-biden-vote-against-democracy-2020-10?r=ts-sub">emailed Expensify's 10 million customers</a> urging them to vote for then-candidate Joe Biden, and defending the move by saying: "Expensify depends on a functioning society and economy; not many expense reports get filed during a civil war."Read more: <a href="https://www.businessinsider.com/expensify-ceo-david-barrett-vote-against-biden-vote-against-democracy-2020-10?r=ts-sub">'Anything less than a vote for Biden is a vote against democracy': Expensify's CEO tells us why the company emailed 10 million customers urging them to vote for Biden</a>The move stood in stark contrast to companies like Facebook, Google, and Coinbase that had sought to crack down on political discussions internally.But Barrett told Insider in an interview Tuesday that when it comes to actions as extreme as the attempted insurrection earlier this month by supporters of President Donald Trump, or Republican lawmakers' attempts to overturn democratic election results, "we're all obligated to step in."That's especially the case for business leaders, he added, arguing that their companies depend on free markets to be successful and free markets depend on a functioning democracy."It's important for us to step in to defend the pillars of democracy - free speech, access to information, access to services, fair voting, and things like this - in order to maintain that free market," he said. "We need to defend the free market itself, which cannot be separated from democracy, but defending the free market does not mean standing by as people destroy it."Barrett praised companies' decisions to pause their political contributions to the 147 Republicans who tried to challenge the Electoral College results, but added that those actions only matter if they're "sustained.""Anyone who voted against certifying the results should probably be blacklisted from <keyword id="6358883" type="UNKNOWN" weightage="60" keywordseo="politics">politics</keyword> ... like, you can't be part of a democracy and then openly despise it," he said. "We need to make it overwhelmingly clear to our elected leaders that that is unacceptable. And I think that business owners, CEOs, business leaders, employees, everyone needs to speak with a united voice that democracy is more important than anything else."While <a href="https://www.businessinsider.com/marriott-suspends-donations-gop-lawmakers-objected-biden-win-2021-?r=ts-sub">dozens of major corporations</a> have suspended those political contributions, several have <a href="https://www.businessinsider.com/capitol-siege-trump-company-responses-riots-political-donations-2021-1?r=ts-sub">cut all ties to Trump</a>, and one even called on Vice President Mike Pence to <a href="https://www.businessinsider.com/manufacturing-trade-group-calls-pence-invoke-25th-amendment-preserve-democracy-2021-?r=ts-sub">remove Trump from office</a> by invoking the 25th Amendment, few companies have committed to permanently cutting financial ties with anti-democratic lawmakers.

Expensify CEO slams corporate America's response to the Capitol riots: 'Defending the free market does not mean standing by as people destroy it'

New Delhi, Dec 9 () The Corporate Social Responsibility (CSR) is a board-driven process and the board of the company is empowered to decide, implement and monitor such activities, Union minister Anurag Singh Thakur said in Lok Sabha on Monday.
The union minister of state for finance said a company can also undertake its CSR activities through a registered trust or a registered society or a Section 8 company as per Rule 4(2) of the Companies (Corporate Social Responsibility Policy) Rules, 2014.
"Corporate Social Responsibility (CSR) is a board-driven process and the board of the company is empowered to decide, implement and monitor the activities undertaken as per Schedule VII of the Companies Act, 2013 taking into consideration the recommendation of its CSR committee," he said during the Question Hour.
Thakur said the entire CSR architecture is disclosure- based and CSR mandated companies are required to file details of CSR amount spent annually in MCA21 registry. Completion status of CSR projects or activities are not maintained by the government.
 Whenever, any violation of CSR provisions is noticed, action against such non-compliant companies is initiated as per the provisions of the Companies Act, 2013 following due process of law, he said. ACB AAR

CSR a company board's driven process: Minister Thakur

New Delhi, Mar 16 () The corporate affairs ministry has sought public comments on proposed changes to rules governing Corporate Social Responsibility (CSR) policy under the companies law. "In order to operationalise the Companies (Amendment) Act, 2019, the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020 has been drafted for carrying out amendments in the Companies (CSR Policy) Rules, 2014," the ministry said in a notice. Under the companies law, certain classes of companies have to shell out at least two per cent of the average net profits, made during the three immediately preceding financial years, towards CSR activities. The Companies (Amendment) Act, 2019 amended Section 135 dealing with CSR and was published in the official gazette on July 31, 2019. Among other changes in the rules, the ministry has proposed setting up the 'National Unspent Corporate Social Responsibility Fund'. The fund would be utilised for the purposes of undertaking CSR projects in the areas or subjects specified in Schedule VII of the Act. "... until such fund is created the unspent CSR amount in terms of provisions of sub-section (5) and (6) of Section 135 of the Act shall be transferred by the company to any fund as specified in schedule VII of the Act," as per the draft rules. Under Section 135, every company having net worth of at least Rs 500 crore, turnover of Rs 1,000 crore or more, or a minimum net profit of Rs 5 crore during the immediately preceding financial year has to make CSR expenditure. Comments on the proposed changes in the rules have been sought till March 28. RAM MKJ

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Corporate Social Responsibility (CSR)

Nearly 60% of India’s funds for corporate social responsibility are spent on education and healthcare

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Govt Changes CSR Spending Norms

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Indian companies will have to hand over the unspent money in the social responsibility fund to the government

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Read the email Expensify's CEO sent to customers on MLK Day outlining the company's plan to fight injustices with a 'highly experimental' crowdsourced campaign

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Creating Shared Value: The Next Evolutionary Form of capitalism

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Expensify CEO slams corporate America's response to the Capitol riots: 'Defending the free market does not mean standing by as people destroy it'

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CSR a company board's driven process: Minister Thakur

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Govt to amend CSR rules under companies law

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