As the new CSR head, explain what according to you are the five challenges that you will have to address now that the CSR policy have been drafted and projects/initiatives worth 2% of net profit finalized by the CSR committee of the board?
Answers
India’s new Companies Act 2013(Companies Act) has introduced several new provisions which change the face of Indian corporate business. One of such new provisions is Corporate Social Responsibility (CSR). The concept of CSR rests on the ideology of give and take. Companies take resources in the form of raw materials, human resources etc. from the society. By performing the task of CSR activities, the companies are giving something back to the society. Ministry of Corporate Affairs has recently notified Section 135 and Schedule VII of the Companies Act as well as the provisions of the Companies (Corporate Social Responsibility Policy) Rules, 2014(CRS Rules) which has come into effect from 1 April 2014. In the following paragraphs, I will discuss various aspects of CSR activities