Corporate Affairs Min To Upgrade Website For CSR Reports (12-Mar-2010)
The Corporate Affairs Ministry stated that it is upgrading its website for enabling companies to file their Corporate Social Responsibility (CSR) reports online.
MCA Secretary R Bandyopadhyay said that the Ministry is in the process of designing an e-form under MCA-21.
It will enable the corporates to file their CSR report on the portal of the Ministry.
The move follows the Ministry introducing voluntary guidelines on CSR for companies in December in 2009.
Meanwhile, the availability of these reports at a single place will enable the Ministry to take policy decisions on this front.
It will also enable it to showcase the responsible business practices of Indian corporate sector to the whole world.
Bandyopadhyay said the idea of posting CSR report on the MCA portal was mooted by corporates themselves.
Earlier, it was said that for 3 years now companies have been singled out and honoured for their outstanding contributions in the field of corporate social responsibility (CSR).
Unfortunately, as stated by Prime Minister Datuk Seri Najib Razak when speaking at the PM’s CSR Awards presentation ceremony, of the 600,000 businesses registered in the country fewer than 200 submitted accounts of what they did last year in terms of social responsibility to be judged.
Corporate social responsibility is a big thing elsewhere and it is an indication of how committed companies are to operating in an economically, socially and environmentally sustainable manner while balancing the interests of their diverse shareholders.
Previously, it was said that the government is looking at making corporate social responsibility (CSR) more than mere lip service, toying with the idea of converting it into a tradeable commodity just like carbon credits.
Corporate affairs minister Salman Khurshid mooted the idea at a conference of industry chamber Ficci and asked India Inc to consider the proposal.
He said the first effort should be to identify a method to quantify CSR activities.
He said that you should debate the possibility of establishing a CSR exchange to deal in CSR credits, akin to trading in carbon credits.
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