Governance
National Corporate Social Responsibility Awards
- 30 Oct 2019
- 3 min read
Recently, the President of India has presented the first National Corporate Social Responsibility (CSR) Awards to selected companies.
- The awards have been instituted by the Ministry of Corporate Affairs to recognize corporate initiatives in the area of CSR to achieve inclusive and sustainable growth and development.
- The Indian Institute of Corporate Affairs (IICA), a think-tank of the Ministry, has rendered technical and logistics support in the conduct of the rigorous award process.
- The awards and honourable mentions were announced across three categories:
- Corporate Award for Excellence in CSR based on spending of companies on CSR.
- Contribution of CSR in Challenging Circumstances includes different region like north, east, west, south and north-east.
- Contribution to the National Priority Areas like Education, Skill Development and Livelihoods, Agriculture & Rural Development, etc.
- National CSR Awards will be given away on 2 October every year.
- CSR is a manifestation of the trusteeship philosophy of Mahatma Gandhi.
Corporate Social Responsibility (CSR)
- The term "Corporate Social Responsibility" in general can be referred to as a corporate initiative to assess and take responsibility for the company's effects on the environment and impact on social welfare.
- In India, the concept of CSR is governed by clause 135 of the Companies Act, 2013.
- Under the Act, a certain class of profitable companies are required to contribute at least two per cent of their three-year average annual net profit towards CSR activities in a particular financial year.
- India is the first country in the world to mandate CSR spending along with a framework to identify potential CSR activities.
Trusteeship Philosophy
- It is a socio-economic philosophy that was propounded by Mahatma Gandhi. The concept of trusteeship urges capitalists to act as trustees (not owners) of their property and conduct themselves in a socially responsible way.
- Gandhi Ji’s idea of trusteeship arose from his faith in the law of non-possession.
- This principle reflects Gandhi Ji’s spiritual development, which he owed partly to his deep involvement with and the study of theosophical literature and the Bhagavad Gita.
