“Sustainability is not just a concept or a department in an organization anymore. It is integral to yourculture and a way of life. When you want to be two steps ahead, you need the conviction of everyone in the organization.” -Suraj BahirwaniPresident and Global Sales… Read More »Teamwork Makes the Dream Work: Corporate Sustainability as a Collaborative Endeavour
Corporate Social Responsibility
Amidst the trying economic and social happenings of the past 2 years, it has become more pertinent than ever to build resilient communities that minimize the damage caused by such circumstances. Sustainable practices can cater to that need by fortifying the foundations of individual organizations as well as overall communities. It is therefore important to adopt sustainable practices and contribute to the development of stronger national and global ecosystems.
The Securities and Exchange Board of India (SEBI), on 15th May 2021, introduced the Business Responsibility and Sustainability Report (BRSR). This has replaced the previously existing Business Responsibility Report (BRR). The focus on sustainability is a welcome addition as it nurtures improved environmental, social, and governance (ESG) disclosures.
The recent Companies (Accounts) Amendment Rules (2022) sheds light on the details of the CSR committee and board decisions on CSR Projects. Every company covered under the provisions of sub-section (1) of section 135 of the amendment are required to furnish a report on their CSR activities in Form CSR-2, which can be accessed here.
A CSR impact assessment is a process that aims to measure the delta change brought about due to the CSR activities and ascertain appropriate expenditure of a company’s CSR budget. It helps determine whether the company’s CSR activities align with their CSR policy objectives were met and whether the allocated funds were judiciously spent.