Updated By: LatestGKGS Desk
Government formed High Level Committee on Corporate Social Responsibility
Government formed a High-Level Committee on Corporate Social Responsibility: Details, Aim, Functions, Highlights
Union Ministry of Corporate Affairs (MCA) has constituted High-Level Committee on Corporate Social Responsibility–2018 (HLC-2018) under Chairmanship of Injeti Srinivas, Secretary, Ministry of Corporate Affairs.
The committee will review the existing framework and guide and formulate a roadmap for the coherent policy on Corporate Social Responsibility (CSR).
It will 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 analyze outcomes of CSR activities, programmes and projects and suggest measures for effective monitoring and evaluation of CSR by companies.
It will also give suggestions on innovative solutions, use of technology, platform to connect stakeholders, and social audit. It will submit its report to Government within three months from date of holding its first meeting.
About Corporate Social Responsibility (CSR)
CSR is referred to as initiative undertaken by CST to assess and take responsibility for the company’s effects on the environment and impact on social welfare and to promote positive social and environmental change.
CSR basic philosophy is that income is earned only from the society and therefore it should be given back. Thus, CSR aims at promoting responsible and sustainable business through inclusive growth.
The provisions of section 135 of Companies Act, 2013 (Act) pertains to CSR. The existing provisions of in Companies Act, 2013 fully empower the Board of Company to decide on their CSR Policy, approve projects and oversee implementation.
