CHANDIGARH: In a bid to streamline various corporate social responsibility (CSR) activities and to set up a neutral platform involving all the stakeholders, the Punjab cabinet approved on Friday the constitution of the Punjab Corporate Social Responsibility Advisory Board under the chief minister’s chairmanship and a CSR Authority under the chief secretary.
Stating this here, a spokesperson of the Chief Minister’s Office (CMO) said the board and the authority would ensure systematic channelisation of CSR funds into the essential sectors and projects, according to the developmental priorities of the state.
The board would be constituted under the chairmanship of the chief minister, with members including the health and family welfare minister, the finance minister, the industries and commerce minister, the chief secretary, the administrative secretary (industries and commerce), the administrative secretary (finance) and the director of industries and commerce, besides a maximum of five representatives and experts from the industry to be nominated by the chairman.
It has also been decided that the board may co-opt any other minister or officer, if necessary, as a member, with the chief minister authorised to take a decision on the matter.
The board would meet twice a year to review the CSR activities, besides providing the requisite guidance and advice to the authority for taking up appropriate CSR projects in the state.
The authority would consist of the chief secretary as its chairman, with the administrative secretary (industries and commerce) and finance secretary as its members, besides a chief executive officer (a full-time professional) as the member-secretary.
The chairman of the CII Punjab Chapter, the chairman of the FICCI Punjab Chapter, the chairman of the PHD Chamber, the ASSOCHAM Punjab Chapter chairman and any other institution or individual, as decided by the authority or the state government, would be invitees. The authority may also co-opt any other officers, as may be necessary, as its members.
Notably, under section 135 of the Companies Act, 2013, all companies with a net worth of Rs 500 crore or more, or turnover of Rs 1,000 crore or more, or net profit of Rs 5 crore or more during any financial year are expected to set aside and spend in every financial year two per cent of the average net profits of the three immediately preceding financial years towards CSR activities, as mentioned in Schedule VII of the Act.
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