CSR, Public sector, Six women-led companies,State Bank of India, Axis Bank Ltd, ICICI Bank Ltd, Hindustan Petroleum Corporation Ltd, LIC Housing Finance, Apollo Hospitals Ltd
GN Bureau | September 28, 2015
They have been part of promoting social values for the last five years but still the public sector companies’ show less satisfactory progress than private sector companies when it comes to corporate social responsibility (CSR). Since 2010, public companies have been spending anywhere between 0.5% and 5% of net profits as per as the guidelines issued by department of public enterprises.
However, the public sector spent just above 16% of half their funds (only 66.7%) of what they had to spend in the year ended March 31 while private companies contribution is just 18% short of full CSR budget spending (82% of mandatory spending).
According to showed data compiled by NextGen, a CSR management firm, that the 19 public sector unit (PSU) companies spent Rs.1,686 crore FY15, while 66 private companies spent Rs.3,307 crore. It is based on the data was collected till September 14.
The data also shows that women-led companies had a better rate of meeting the 2% spending target. Six women-led companies (State Bank of India, Axis Bank Ltd, ICICI Bank Ltd, Hindustan Petroleum Corporation Ltd, LIC Housing Finance, Apollo Hospitals Ltd) saw their CSR spending reach 90.5%.
The data says that only 33 of the 85 companies spent the entire 2% of their profits or more on CSR while 52 did not meet the target in the first year.
The companies have to mandatorily disclose the reasons why they failed to meet the 2% target. The most common reason that companies cited for not meeting the target is that they had undertaken long-term projects. This means that the amount has been earmarked for a long-term initiative. Many companies also said that they lacked prior expertise and delay in project identification as reasons for not spending.
Out of all MPs and MLAs in office, 58 have declared cases related to hate speech. This includes union minister for drinking water and sanitation Uma Bharti along with 14 other Lok Sabha MPs. The list also includes 8 state ministers. A party wise analysis reveals that BJP has the highest numb
After its withdrawal from Meghalaya and Arunachal, is it time to review AFSPA in other areas too?
There is an uncanny similarity in the pathological opposition to prime minister Narendra Modi by two members of the right wing, Pravin Togadia and Yashwant Sinha. They come from a diverse social and political background; yet they share a common strand that shows an unmitigated hatred towards
Data is the new oil; and it needs to be protected. In an interaction with Governance Now, Lionel Baraban, CEO of Famoco, talks about how the French tech firm is developing secure business devices to safeguard data against going to other countries. What are the major roles o
Goa Shipyard Ltd (GSL) and MTU, Germany have agreed to cooperate in the local manufacturing of technologically-advanced MTU series 8000 engines in India. Under the agreement, which was signed at India’s leading defence trade show Defexpo-18, the companies will manufacture the 16-
ONGC sportspersons outshone other participants in their respective categories in the recently concluded Commonwealth Games in Gold Coast, Australia. ONGCians bagged 13 medals including 5 Gold, 3 Silver and 5 Bronze, contributing to the 66 medal tally of Team India. ONGCians Ragala Venkat Rah