Understanding Corporate Social Responsibility (CSR)
Definition of CSR, its importance, prime factors, need, and the argument for CSR in businesses are discussed in this presentation. CSR involves considering the impact of business activities on society and encompasses ethical, social, legal, and economic responsibilities. It is essential for reputation management, attracting employees, cost efficiency, and maintaining good investor relations. Implementing CSR can foster goodwill, contribute to economic development, and enhance the quality of life for various stakeholders.
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Definition of CSR Corporate (CSR) organizations consider the interests of society, based on the impact of their activities on customers, employees, shareholders, communities and the environment, for all aspects of their operations. Social a Responsibility concept whereby is
CSR as per World Business Council continuing business to behave ethically and contribute to economic development, while improving the quality of life of the workforce and their families as well as of the local community and society at large . The commitment by
Triple Bottom Line of CSR Profit People Planet
Responsibility Pyramid in Business Ethical Responsibilities Social Responsibilities Legal Responsibilities Economic Responsibilities
CSR Prime Factors 1. Climate Change 2. Transparency in business practice 3. Ecological diversity 4. Fair trade and fair procurement 5. Corruption prevention 6. Labour rights 7. Health and Safety 8. Education 9. Income equality and fair wages 10. Poverty
Need of CSR 1. Reputation management / Goodwill Creation 2. Employee attraction 7. Quality 6. Cost efficiency 3. Competition (in general) 5. Corporate liabilities /Legal claims 4. Investor relations
Argument over CSR Businesses unquestioned right to operate in society Those managing recognize that they depend on society Business relies on inputs from society and on socially created institutions There is a social contract between business and society involving mutual obligations that society and business recognize that they have to each other do not have an business should
CSR V/s Business CSR should not be at Cost of Business CSR should not affect Profitability of Business CSR should be a Profit Center & not a cost component CSR should only when business is prospering CSR should be Meaning full CSR is not a use as sword of ego
CSR Tax Angle Sec. 10 of Income Tax Act Income Tax Exemption for activities like Research & Development Education Activity Health Activity MAT credits available Sec. 80 of Income Tax Act Income Tax Deduction for activities like Contribution to Relief Funds Contribution to Employees funds Staff Training Society Welfare activities Other Benefits
Top Indian Companies in CSR Tata Group BHEL Wipro Bajaj Auto Limited Larson & Toubro Otis Elevator Company ACC Asian Paints SAIL Colgate Palmolive ITC Sahara Group Ashoka Leyland
CSR Activities in India Starting social trusts Anti pollution measures Adopting villages Family planning clinics Training unemployed youth Community development activities Conducted social audits on a voluntary basis Provide medical Recreational facilities To develop sports, Undertake consumer education campaigns etc.
CSR Initiative is India Tata Group TIFR , TISS , Tata Cancer Hospital, Ratan Tata Institute , JRD Tata Lecture Series Awards. Nationalization of Tata enterprises Ambuja Cement receives International Reorganization for Di- Salianation Project in Costal Gujarat
CSR Initiative is India Wipro Donation of 1/4th of Personal Worth s by Owners for Social Cause JSW Steel in Dolvi Pen , Maharashtra Provides free electricity to nearby villages through surplus of captive unit Indian Automobile industry promotes use of CNG for Public Transport Solar Energy Street Lightning by various corporate
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