Government-appointed panel on CSR to finalise report next month
As corporates start making their annual statutory filings, the government-appointed expert panel is expected to finalise next month its suggestions for better monitoring of CSR under the new companies law.
Under the Corporate Social Responsibility (CSR) regime -- that came into effect on April 1, 2014 -- certain class of profitable companies have to shell out at least 2 per cent of their three-year annual average net profit towards social welfare activities.
Interestingly, nearly two-third of the top listed firms have failed to make the minimum 2 per cent CSR spend in the first year (2014-15 fiscal).
To put in place measures for proper monitoring of compliance with CSR regulations, a six-member panel was set up by the Corporate Affairs Ministry in February.
The committee met with various stakeholders, including corporates, to gather their views on overall CSR regime and measures that can be put in place to monitor effective implementation of these policies, sources added.
So far, the committee has held at least seven meetings. The panel, chaired by former Home Secretary Anil Baijal, would suggest "measures for improved monitoring of the implementation of CSR policies by the companies".
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