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CSR policy to be foolproof
No longer the private or the public entrepreneurs can escape from the obligation of corporate social responsibility (CSR). There has been uproar over the implementation of CSR spending of a few companies located in Khammam district.In a bid to rectify this, the district administration has been eyeing companies that are shying away from implementation of CSR.
Khammam: No longer the private or the public entrepreneurs can escape from the obligation of corporate social responsibility (CSR). There has been uproar over the implementation of CSR spending of a few companies located in Khammam district.In a bid to rectify this, the district administration has been eyeing companies that are shying away from implementation of CSR.
Companies that exist in the agency region will have to spend 20 per cent of their profit for the benefit of that region’s people. The companies that are located in the plain areas are required to shell out at least 2 per cent of their three-year annual average net profit towards CSR activities. According to information, the administration’s focus will be on clandestine procedures being adopted by some companies to escape from the spending on the developmental works in their specified area under the CSR.
The administration has identified many a company in the district that have been adopting clandestine modalities to siphon off funds in the name of free education and medical care. It is contemplating stringent action against those companies. It may be mentioned here that approval of the District Collector is mandatory for the CSR spending of the companies.
The District Collector, K Ilambarthi, who convened a meeting here on Wednesday, told the representatives of the major companies that it was high time to implement the CSR policy properly, so that the people living in the vicinity of major industries could enjoy the benefits of the CSR policy. “Unless the implementation of the policy is genuine, I will not approve the spending of the companies,” the Collector warned.
