Corporate Social Responsibility (CSR): India
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On a compounded annual growth rate basis, the total CSR expenditure has increased 16% over four years, says a study. The good news is that as many as 560 companies increased their spending from the previous year, and the top ten companies account for 36% of the total CSR spends. Here's a look: | On a compounded annual growth rate basis, the total CSR expenditure has increased 16% over four years, says a study. The good news is that as many as 560 companies increased their spending from the previous year, and the top ten companies account for 36% of the total CSR spends. Here's a look: | ||
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| + | =Adani ports= | ||
| + | ==‘Myanmar war ties’: Norway fund to sell Adani Ports stake/ 2024== | ||
| + | [https://epaper.indiatimes.com/article-share?article=17_05_2024_019_004_cap_TOI Reeba Zachariah, May 17, 2024: ''The Times of India''] | ||
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| + | Mumbai : Norges Bank, Norway’s central bank, has decided to exclude Adani Ports and Special Economic Zone from its government pension fund over ethical concerns. This means the $1.7-trillion fund — the world’s largest sovereign wealth fund by assets under management — will sell its remaining stake in Adani Ports. | ||
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The Norwegian pension fund invests in equities and bonds across most countries and markets. In a statement, Norges Bank said it has decided to exclude Adani Ports due to “unacceptable risk that the company contributes to serious violations of individuals’ rights in situations of war or conflict”. The port operator, part of billionaire Gautam Adani’s conglomerate, has been under its watch list since March 2022 and that “observation now ends given the exclusion decision”. | ||
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Adani Ports didn’t respond to TOI’s requests for comments on its exclusion from the Norwegian pension fund’s portfolio. Norges Bank said its decision to exclude Adani Ports from the fund’s portfolio was based on recommendations from Council On Ethics. COE is an independent body that makes recommendations to Norges Bank to either exclude companies from the pension fund or place them under observation. In a statement, the COE said that Adani Ports was under observation “due to its business association with the armed forces in Myanmar”, which in Feb 2021 staged a military coup. | ||
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The Indian company was involved with a port terminal in Myanmar, incurring an investment of $150 million. In May 2023, the company disclosed that it sold the Myanmar port to Solar Energy. The COE noted that no information on the buyer is available, and Adani Ports has stated that it cannot share any such information on the grounds of confidentiality. Lack of information means that the COE cannot establish whether Adani Ports still has links to the enterprise concerned.
“In a situation in which extremely serious norm violations are taking place, this constitutes an unacceptable risk that the government pension fund’s investments in Adani Ports may breach its ethical guidelines”. Norges Bank didn’t mention the quantum of stake the government pension fund holds in Adani Ports. The fund has been paring its exposure in Adani Ports over the last several quarters. In Feb 2023, it held 0.3% in Adani Ports. Besides Adani Ports, it held 0.14% in Adani Green and 0.17% in Adani Total Gas. ts latest holding in all the three Adani Group companies couldn’t be ascertained. | ||
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| + | [[Category:Economy-Industry-Resources|C CORPORATE SOCIAL RESPONSIBILITY (CSR): INDIACORPORATE SOCIAL RESPONSIBILITY (CSR): INDIACORPORATE SOCIAL RESPONSIBILITY (CSR): INDIACORPORATE SOCIAL RESPONSIBILITY (CSR): INDIACORPORATE SOCIAL RESPONSIBILITY (CSR): INDIA | ||
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| + | [[Category:India|C CORPORATE SOCIAL RESPONSIBILITY (CSR): INDIACORPORATE SOCIAL RESPONSIBILITY (CSR): INDIACORPORATE SOCIAL RESPONSIBILITY (CSR): INDIACORPORATE SOCIAL RESPONSIBILITY (CSR): INDIACORPORATE SOCIAL RESPONSIBILITY (CSR): INDIA | ||
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| + | [[Category:Pages with broken file links|CORPORATE SOCIAL RESPONSIBILITY (CSR): INDIACORPORATE SOCIAL RESPONSIBILITY (CSR): INDIACORPORATE SOCIAL RESPONSIBILITY (CSR): INDIACORPORATE SOCIAL RESPONSIBILITY (CSR): INDIA | ||
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=Types of CSR= | =Types of CSR= | ||
Latest revision as of 13:06, 19 May 2024
This is a collection of articles archived for the excellence of their content. |
Contents |
[edit] Contributions, year-wise
[edit] 2014-15: Rs 5,240 crore spent on social activities
The Times of India Jan 07 2016
India is the only country in the world where corporate social responsibility is mandatory. Companies with a net worth of 500 crore or turnover of 1,000 crore or net profit of 5 crore must spend at least 2% of their average net profits of the past three years on CSR. In 2014-15, the first year of compliance, the stipulated companies reported spending 5,240 crore on social activities, though not everyone among the top 100 listed companies, including 21 PSUs, met the minimum spend norm
[edit] 2016-17
[edit] Contribution of IT/BPM industry
This is what Indian IT firms spend CSR money on, November 30, 2017: The Times of India
HIGHLIGHTS
'The IT/BPM Industry has been at the forefront of social development initiatives,' Nasscom Foundation CEO Shrikant Sinha said
62% of the Indian and multinational companies have spent 100% of their CSR funds on education
The survey found that only 5 per cent of IT companies reported spending less than 50 per cent of their CSR budget.The survey found that only 5 per cent of IT companies reported spending less than 50 per cent of their CSR budget.
The Indian IT companies emerged as the major player to spend more of their Corporate Social Responsibility (CSR) funds in 2016-17 on education, a survey conducted by Nasscom Foundation has found. Industry top body Nasscom Foundation at its CSR Leadership Conference said, "Education remains the focus area of IT firms' CSR activities, with 76 per cent of multi-national companies reporting highest spend on it, followed by 18 per cent on gender equality and 12 per cent on hunger and poverty in fiscal 2016-17."
"The IT/BPM Industry has been at the forefront of social development initiatives and it is heartening to see the industry emerging as one of the most efficient and innovative adopters of corporate social responsibility," said Foundation Chief Executive Shrikant Sinha.
He added that, "Technology continues to be a force multiplier in social impact, with more than half of the companies that spent 100 per cent of their CSR funds, claiming efficient use of technology to deliver CSR programmes aligned to the government agenda."
A survey, titled "Catalysing Change", conducted by the Foundation with global CSR platform Goodera revealed that around 62 per cent of the Indian and multinational companies have spent 100 per cent of their CSR funds on education and allied social activities in the last fiscal.
"Only 5 per cent of IT companies reported spending less than 50 per cent of their CSR budget," it added.
Smaller firms below Rs 100 crore turnover are also fully using their CSR funds. While 58 per cent of large firms and 53 per cent of medium firms are spending 100 per cent of their CSR budget, 73 per cent of small firms spend 100 per cent of their CSR budget.
[edit] 2017-18
CSR spends increase 11%; education top recipient, November 29, 2018: The Times of India
From: CSR spends increase 11%; education top recipient, November 29, 2018: The Times of India
See graphic:
Top 10 CSR spenders, 2017-18
The corporate social responsibility (CSR) spends by 1,016 companies listed on the NSE increased by 11% to Rs 10,030 crore in 2017-18, with education attracting maximum allocation at 38% and healthcare 25%.
On a compounded annual growth rate basis, the total CSR expenditure has increased 16% over four years, says a study. The good news is that as many as 560 companies increased their spending from the previous year, and the top ten companies account for 36% of the total CSR spends. Here's a look:
[edit] Adani ports
[edit] ‘Myanmar war ties’: Norway fund to sell Adani Ports stake/ 2024
Reeba Zachariah, May 17, 2024: The Times of India
Mumbai : Norges Bank, Norway’s central bank, has decided to exclude Adani Ports and Special Economic Zone from its government pension fund over ethical concerns. This means the $1.7-trillion fund — the world’s largest sovereign wealth fund by assets under management — will sell its remaining stake in Adani Ports.
The Norwegian pension fund invests in equities and bonds across most countries and markets. In a statement, Norges Bank said it has decided to exclude Adani Ports due to “unacceptable risk that the company contributes to serious violations of individuals’ rights in situations of war or conflict”. The port operator, part of billionaire Gautam Adani’s conglomerate, has been under its watch list since March 2022 and that “observation now ends given the exclusion decision”.
Adani Ports didn’t respond to TOI’s requests for comments on its exclusion from the Norwegian pension fund’s portfolio. Norges Bank said its decision to exclude Adani Ports from the fund’s portfolio was based on recommendations from Council On Ethics. COE is an independent body that makes recommendations to Norges Bank to either exclude companies from the pension fund or place them under observation. In a statement, the COE said that Adani Ports was under observation “due to its business association with the armed forces in Myanmar”, which in Feb 2021 staged a military coup.
The Indian company was involved with a port terminal in Myanmar, incurring an investment of $150 million. In May 2023, the company disclosed that it sold the Myanmar port to Solar Energy. The COE noted that no information on the buyer is available, and Adani Ports has stated that it cannot share any such information on the grounds of confidentiality. Lack of information means that the COE cannot establish whether Adani Ports still has links to the enterprise concerned. “In a situation in which extremely serious norm violations are taking place, this constitutes an unacceptable risk that the government pension fund’s investments in Adani Ports may breach its ethical guidelines”. Norges Bank didn’t mention the quantum of stake the government pension fund holds in Adani Ports. The fund has been paring its exposure in Adani Ports over the last several quarters. In Feb 2023, it held 0.3% in Adani Ports. Besides Adani Ports, it held 0.14% in Adani Green and 0.17% in Adani Total Gas. ts latest holding in all the three Adani Group companies couldn’t be ascertained.
[edit] Types of CSR
[edit] Oil companies serve the Himalayas
Sanjay Dutta, Oil cos' CSR gets Himalayan flavour, March 27, 2017: The Times of India
Globally , oil companies are known to prefer baking the earth for profit. But in India, Prime Minister Narendra Modi's Swachh Bharat (Clean India) campaign is driving them to the Himalayas -sometimes even outside the country's boundaries -in search of corporate social salvation.
From launching expeditions to cleaning up major sources of water, creating public conveniences and specialised medical facilities for tourists and innovative underground cellars for vegetables, public sector oil companies are spending part of their profit to help preserve the pristine Himalayas and improve people's lives.
And just as in mountaineering, there appears to be an unsaid competition among the biggies on getting higher. If refiner-marketer IndianOil is building public toilets in Leh and setting up a specialised medical facility atop Khardung La -at 5,359 metres the world's highest motorable pass, explorer ONGC intends to put a team of young executives atop Mt Everest and bring back garbage for proper disposal from various camps along the summit route.
The Everest expedition is ONGC's latest Himalayan venture with the Indian Mountaineering Foundation and puts `adventure' firmly in the CSR (corporate social responsibility) lexicon. Oil minister Dharmendra Pradhan is expected to flag off the 12-member expedition team this week.
The expedition will scale Everest from the Nepal side and bring back to the Base Camp garbage from camps along the summit route.From the Base Camp, the garbage will be flown to Kathmandu for proper disposal. In that sense, the expedition will take Modi's swachh message beyond the country's boundaries. Not to be left behind, Indian Oil has chosen the high latitude region of Ladakh, where it claims to operate the world's highest petrol pumps.According to Leh deputy commissioner Prasanna Ramaswamy G, the fully-equipped medical facility atop Khardung La -a popular haunt of tourists -will be a life saver in the coming season. Each year, several tourists succumb to illness induced by high altitude in the absence of oxygen supply or medical aid.
Underground storage for vegetables is a unique venture touching the lives of villagers. Vegetables become scarce, or beyond the reach of ordinary people, as these are flown in, in the harsh winters.The underground cellars prevent the temperature from dropping below a certain point, allowing villagers to preserve vegetables for consumption in the winter.
[edit] 2014-17: ₹28,000 cr spent on CSR
India Inc spent ₹28k cr on CSR over 3 years, February 12, 2018: The Times of India
Companies have spent more than Rs 28,000 crore towards social welfare activities in nearly three years of corporate social responsibility (CSR) norms coming into force, latest official data showed.
The requirement for certain class of profitable entities to spend a certain amount on CSR works came into effect from April 1, 2014 as part of the new Companies Act.
An analysis of data compiled by the corporate affairs ministry showed that a total amount of Rs 28,112 crore has been spent on CSR activities by eligible companies during the period from April 1, 2014 to November 30, 2017. In the current fiscal till November 30, a total of Rs 4,719 crore was spent while the total money shelled out towards CSR works touched a high of Rs 13,828 crore in 2015-16.
[edit] Where the money goes
[edit] 2014-21: sector- and state-wise
Dec 27, 2022: The Times of India
From: Dec 27, 2022: The Times of India
See graphic:
2014-21- sector- and state-wise spending of CSR funds
Parliament sessions reveal details and data on many aspects of the country at large as MPs pose questions to the government. TOI is diving into the replies made in winter session 2022 to bring you the standout numbers
There is a stark imbalance in India Inc’s Corporate Social Responsibility (CSR) expenditure. Five states – Maharashtra, Karnataka, Gujarat, Tamil Nadu, Andhra Pradesh – corner more than 33% of the funds while the allocation is a little over 4% for the bottom 20 states and UTs, according to data from the Parliament and the National CSR Portal. The biggest chunk of the expenditure under CSR though is towards pan-India allocation and centrally sponsored schemes.
[edit] 2018
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From: July 16, 2019: The Times of India
See graphic:
Sector-wise CSR spending by the top companies , presumably as in 2018; State-wise spending (in Rs Cr)
[edit] 2015-22: sector-wise
May 17, 2024: The Times of India
From: May 17, 2024: The Times of India
■ Ten years ago, it became mandatory for firms to spend a minimum of 2% of their net profit over three preceding years as corporate social responsibility (CSR). And, CSR funds of over Rs 2 lakh crore have gone into various projects. The next 10 years are expected to see funding being streamlined to make greater impact on the ground.
■ Give, a sister concern of the/nudge & an organisation enabling institutional philanthropy, has released a report, ‘Dus Spoke India Inc: Reflections From The Past Decade, Visioning For The Next’, providing insights into the decision to mandate CSR spending & offering an outlook through the lens of 40 top CSR leaders from India’s largest firms.
■ The report, backed by research in partnership with The Bridgespan Group, assesses challenges, changes, opportunities and impact CSR initiatives have created over 10 years. With survey of 40 participating leaders managing Rs 4,300 crore in annual CSR funds, the report offers perspective on the evolution and future of CSR.
[edit] FY18- FY22: state-wise
Rupali Mukherjee, May 9, 2023: The Times of India
From: Rupali Mukherjee, May 9, 2023: The Times of India
Mumbai : India Inc doled out a bit less for corporate social responsibility (CSR) in financial year 2021-22 as compared to the previous year.
CSR project spends in FY22 at Rs 14,558 crore were marginally lower than Rs 14,615 crore in the previous year. However, the number of companies under the CSR universe increased to 1,278 from 1,251 in the previous year, an analysis commissioned by TOI on CSR spends by NSElisted companies, showed.
The CSR law mandates companies worth more than Rs 500 crore, or having revenue of Rs 1,000 crore and above, or net profit of over Rs 5 crore, to spend 2% of average net profits of the previous three years on CSR projects.
CSR funds are usually deferred for a period, under the flexibilities available to companies according to the 2021 amendment. Companies can now support multi-year projects and transfer the unspent amount from an ongoing project to a separate bank account if they fail to spend it in a particular financial year and utilise this amount in the next three years. For the uncommitted CSR budget, the money may be transferred to funds specified in Schedule VII of the Act within six months ofthe end of the financial year.
“Top areas continued to be healthcare & education, garnering nearly 60% of spends. Another area that gained prominence is the newly-introduced schedule of disaster management,” Prime Database MD Pranav Haldea told TOI.
“Companies are formulating multi-year projects of higher value, as the average per capita project expenditure is showing a positive trend,” said Shivananda Shetty, head, ESG advisory, KPMG in India.
