Research Journal of Economics & Business Studies - RJEBS - The ...
Research Journal of Economics & Business Studies - RJEBS - The ...
Research Journal of Economics & Business Studies - RJEBS - The ...
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the participation <strong>of</strong> various level executives and should be approved by the Board.” <strong>The</strong> Guidelines<br />
provide certain core elements <strong>of</strong> CSR Policy, namely –<br />
• Care for all Stakeholders,<br />
• Ethical functioning,<br />
• Respect for Workers' Rights and Welfare,<br />
• Respect for Human Rights,<br />
• Respect for Environment and<br />
• Activities for Social and Inclusive Development<br />
Further the Guidelines provides for the implementation guidance for business and Industrial entities:<br />
1. <strong>The</strong> CSR policy <strong>of</strong> the business entity should provide for an implementation strategy;<br />
2. Companies should allocate specific amount in their budgets for CSR activities and<br />
3. <strong>The</strong> companies should disseminate information on CSR policy, activities and progress in a<br />
structured manner to all their stakeholders and the public at large through their websites, annual<br />
reports, and other communication media.<br />
B. Guideline for Corporate Social Responsibility for Central Public Sector Enterprises (CPSEs)<br />
by Ministry <strong>of</strong> Public Enterprises and Ministry <strong>of</strong> Heavy Industries<br />
This guideline on Corporate Social Responsibility (CSR) was issued by Ministry <strong>of</strong> Public Enterprises<br />
on 9th April 2010 <strong>The</strong> Salient Features <strong>of</strong> Guideline:<br />
1. Planning <strong>of</strong> CSR Action Plan: <strong>The</strong> planning for Corporate Social Responsibility should start<br />
with the identification <strong>of</strong> the activities to be undertaken. Company specific Corporate Social<br />
Responsibility strategies should be developed that mandate the design <strong>of</strong> Corporate Social<br />
Responsibility Action Plan, with a shift from the casual approach to the project based<br />
accountability approach. Each <strong>of</strong> these plans should clearly specify requirements relating to<br />
baseline survey; activities to be undertaken, budgets allocated, time-lines prescribed,<br />
responsibilities and authorities defined and major results expected.<br />
2. Implementation <strong>of</strong> CSR Action Plan: CSR initiatives <strong>of</strong> Central Public Sector Enterprises<br />
(CPSEs) should consider the following parameters for identification/selection <strong>of</strong><br />
schemes/projects:<br />
a) <strong>The</strong> time-frame and periodic milestones should be finalized at the outset;<br />
b) CSR activities should help in building a positive image <strong>of</strong> the company in the public<br />
perception;<br />
c) CSR projects may be closely linked with the principles <strong>of</strong> sustainable development, ensure<br />
gender sensitivity, skill enhancement, entrepreneurship development and employment<br />
generation by co-creating value with local institutions/people;<br />
d) Public-Private Partnership between the Government and the Central Public Sector Enterprise<br />
could also be encouraged to leverage the strengths <strong>of</strong> the latter in Disaster management;<br />
e) CSR is to be implemented by Special Agencies and generally NOT by staff <strong>of</strong> the CPSE<br />
concerned and<br />
f) Activities related to Sustainable Development will form a significant element <strong>of</strong> the total<br />
initiatives <strong>of</strong> CSR.<br />
3. National CSR Hub: <strong>The</strong> Department Of Public Enterprises, in conjunction with Standing<br />
Conference <strong>of</strong> Public Enterprises (SCOPE) and the CPSEs will create a National CSR Hub,<br />
which will undertake/facilitate the activities like Nation-wide compilation, documentation, and<br />
creation <strong>of</strong> database; Advocacy; <strong>Research</strong>; Conferences ,Seminars, Workshops - both national<br />
and international etc.<br />
www.theinternationaljournal.org > <strong>RJEBS</strong>: Volume: 02, Number: 06, April-2013 Page 104