India CSR, a renowned news portal in Corporate Social Responsibility network has launched a new initiative called ‘Quality (Q) for CSR’. The aim of this initiative is to ensure quality and responsible reporting in non-financial business affairs. ‘Q for CSR’ initiative was launched by the Executive Director of Wockhardt Limited and the CEO of Wockhardt Foundation Dr. Huzaifa Khorakiwala (Huz) on October 9, 2017, in Mumbai.
Appreciating the efforts made by India CSR over a decade time in the ecosystem of CSR, Dr. Huz gave his best wishes for huge success of this initiative in coming future.
‘Q for CSR’ is a new reporting methodology based on seven core principles; excellence, uniqueness, creativeness, consistency, credible, positivity and conciseness. Rusen Kumar, Founder and Managing Editor of India CSR said that the initiative will support capacity building, learning and will also improve the overall quality of reporting on measurable value creation.
Corporate sustainability or responsibility suggests that businesses can play a significant in meeting the goals of sustainable development with balanced economic, social and environmental concerns. Prior to the year 2013, CSR in India was voluntary for companies but in 2013 rules were passed under Companies Act 2013. With this step, India has gone further than any other country in legislating corporate social responsibility.
Section 135 of companies act 2013 deals with mandatory CSR. It mandates companies to spend 2% of average net profits made on 3 preceding years on CSR activities. Its provisions are applicable to companies with an annual turnover of 1000 crore INR and more, or a net worth of 500 Crore INR and more, or a net profit of 5 crore INR and more. It also requires companies to set-up a CSR committee consisting of their board members. It was applicable from the fiscal year 2014-2015 onwards.
Now, in India, the movement of CSR could be seen in a transitional phase; from its total reliance on voluntary or philanthropic activities to greater use of laws.