Corporate Social Responsibility (CSR) is a concept that suggests that it is the responsibility of the corporations operating within society to contribute towards economic, social, and environmental development that creates a positive impact on society at large. Although there is no fixed definition, however, the concept revolves around the fact that corporations need to focus beyond earning just profits.
“Sustainability, social equality, and the environment are now business problems. And corporate leaders can’t depend on governments to solve them…” – Peter Senge, Founder, Society for Organizational Learning.
With the introduction of the Companies Act, 2013, there is a statutory obligation for the Corporates to take initiatives toward Social, Environmental, and Economic responsibilities. In the present day scenario, there has been a shift from philanthropy to CSR. Section 135 of the Companies Act, 2013, inter alia, requires companies having a net worth of Rs.500 crores or more, or turnover of Rs.1000 crores or more, or a net profit of Rs. 5 crores or more in a financial year to spend at least 2% of the average net profits of the last three years for the company’s Corporate Social Responsibility (CSR) policy. Section 135 along with Schedule VII and the corresponding Corporate Social Responsibility Policy Rules were notified on 27 February 2014 and came into effect on 1 April 2014.
In India, The Rotary Foundation functions through its associate foundation Rotary Foundation (India) [RF (I)] and is registered as a society under the Societies Registration Act of 1860 in February 1988 and provides tax exemption under Section 80G of the Income Tax Act. Rotary Foundation (India) [RF (I)] is also registered with the Ministry of Corporate Affairs (MCA) hence, fulfilling the eligibility criteria to act as an implementing agency for undertaking CSR activities. In partnering with corporates, Rotary Foundation (India) works diligently to try and establish partnerships that are aligned to the core principles of the company/foundation.
All service projects are designed and implemented by members of community-based Rotary Clubs to ensure sustainability and maximize the results of their work. Given Rotary’s profile and humanitarian efforts throughout India, Rotary Foundation (India) has now expanded its partnership base by cultivating corporate relationships for CSR projects and implementing sustainable and impactful humanitarian projects through Rotary clubs/districts. RF(I) started its Pan India CSR operations in October 2016.
For more information on how corporates, Rotary clubs and districts can connect for CSR opportunities, contact email@example.com.