Murli Deora favours mandatory CSR
Monday, 23 May 2011 08:51
Corporate affairs minister Murli Deora has echoed industrialist Ratan Tata's concerns regarding companies' social responsibilities and said that they must mandatorily spend at least 2% of their net profits in the welfare of the society where they thrive.
Deora said, he had circulated the draft company Bill to ministries on Saturday for their comments, and based on their feedback, he would make it mandatory for companies to spend 2% of their net profits in corporate social responsibility (CSR).
"It is quite surprising that they (companies) do not spend even half a per cent of their profit in social welfare, but they forget that a prosperous society is a must for their own survival," Deora told ET in a telephonic conversation.
On Saturday, he also affirmed his views on CSR at Mumbai Congress party meeting held to mark the 20th death anniversary of Rajiv Gandhi.
"Rajiv Gandhi wanted companies to help in bridging the wide gas between the rich and the poor and the party also wants companies to take their social responsibilities, seriously," he said.
Deora said that his proposal of making CSR mandatory was resisted by many companies during his recent nation-wide public interactions before finalising the draft of the new company law.
Source : ET
Deora said, he had circulated the draft company Bill to ministries on Saturday for their comments, and based on their feedback, he would make it mandatory for companies to spend 2% of their net profits in corporate social responsibility (CSR).
"It is quite surprising that they (companies) do not spend even half a per cent of their profit in social welfare, but they forget that a prosperous society is a must for their own survival," Deora told ET in a telephonic conversation.
On Saturday, he also affirmed his views on CSR at Mumbai Congress party meeting held to mark the 20th death anniversary of Rajiv Gandhi.
"Rajiv Gandhi wanted companies to help in bridging the wide gas between the rich and the poor and the party also wants companies to take their social responsibilities, seriously," he said.
Deora said that his proposal of making CSR mandatory was resisted by many companies during his recent nation-wide public interactions before finalising the draft of the new company law.
Source : ET
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