New Delhi, Sep 28 (UNI) The Centre on Friday set up a high-level committee on Corporate Social Responsibility – 2018 to review the existing framework and guidelines and formulate the roadmap for a coherent policy on Corporate Social Responsibility (CSR).
The panel was constituted under the chairmanship of Ministry of Corporate Affairs Secretary Injeti Srinivas.
The Committee is expected to review the existing CSR framework as per act, rules and circulars issued from time to time and recommend guidelines for better enforcement of CSR provisions.
It will analyse outcomes of CSR activities/programmes/projects and suggest measures for effective monitoring and evaluation of CSR by companies. Suggestions are also expected on innovative solutions, use of technology, platform to connect stakeholders, and social audit.
The provisions of section 135 of Companies Act, 2013 pertaining to Corporate Social Responsibility came into force on April 1, 2014 with a view to promoting responsible and sustainable business through inclusive growth.
The four years of implementation have enabled compilation of data on the number of companies complying with CSR provisions, funds allocated and spent across various sectors and geographical spread of CSR spending. Experience has also been gained on the quantum, outreach and impact of CSR — which is estimated to be around Rs 38, 000 crore up to FY 2016-17 — and immense feedback has been received on how CSR provisions can be leveraged to have larger and more impactful outcomes.
The existing provisions of in Companies Act, 2013 with respect to CSR fully empower the Board of a Company to decide on their CSR Policy, approve projects and oversee implementation.
The Ministry had earlier set up a high-level committee on CSR in 2015 which made several recommendations, including review of CSR framework after three years which is almost over.