Business acknowledges the role in the development of the communities within which it operates in order to sustain the business.
At many businesses, Corporate Social Responsibility (CSR) activities have been designed to put a smile on the faces of every individual it serves. Company contributes to developing the local communities in and around the areas where it does business.
For Corporate, community development means building an inclusive society by helping improve the wellbeing of the community and enabling them to prosper. Corporate takes pride in being a business with a heart and soul.
Many corporates realise, business success and community development are inseparable. Many corporates have a rich legacy of partnering in India’s socio-economic development, and thier focus have been to create a positive impact on society by undertaking meaningful interventions to bring significant benefits to large sections of the society. Their initiatives towards community development also stem from organisation’s corporate motto of being good for the society.
Businesses have a well-structured CSR Policy, which is also a declaration of their intent to contribute to creating a better and self-reliant society. In this policy, generally the four key areas where they pay special attention while preparing development programmes are – eradicating hunger, poverty and malnutrition; promoting preventive healthcare, ensuring environmental sustainability and promotion of education.
This year, with the COVID-19 outbreak, many businesses added a new focus area with activities aimed at assisting in the relief work being undertaken by the Government. The new focus area included for this year is COVID-19 Relief Support.
The other areas identified for rolling out development programmes are – women empowerment, rural development, promotion of sports.
Most of the Companies have in place a CSR policy in line with Schedule VII of the Companies Act, 2013.
The CSR Policy is approved by Board of Directors. The Board reviews the activities undertaken by the Company and may consider other areas or activities for inclusion in this policy. Their CSR department provides regular progress report and updates to the CSR Committee of the Board. The committee is also given a detailed report of the activities undertaken each quarter, along with targets and reasons for variance.
For many businesses, CSR activities is focused not just around the plants and offices of the Company, but also in other geographies based on the needs of the communities.
Through sustainable measures, corporates actively contribute to the Social, Economic and Environmental Development of the community in which they operate ensuring participation from the community and thereby create value for the nation.
(Rusen Kumar writes on CSR, Sustainability, Corporate Governance, Business Affairs and Responsible Business. He is the founder of India CSR Network)