Corporate Social Responsibility(CSR), has transformed from an auxiliary concept to more of a strategic practice in business operations across the globe. The impact of business operations goes beyond the development of the community with respect to the Triple Bottom Line approach and cannot be undermined in the short term.
Thus, devising and formulating the righteous CSR policy and guidelines, are the key elements for the businesses to consider the holistic and inclusive growth of the organization and also it becomes imperative for the organizations from the stakeholders’ perspective. The various frameworks & activities need to be clearly defined in order to attain the goals and objectives as intended.
The evolution of social responsibility by business world ensured adoption of strategic charter/policy by corporations for the social investments. The Companies Act, 2013 made it mandatory for the business falling under the ambit to inscribe a CSR Policy which is transparent in nature for conducting various CSR activities in alignment to their business goals and core values. The practice transitioned from a voluntary act to a compliance.
In order to en-cash the competitive advantage provided by the social initiatives, several corporations have started or continued their respective contributions.
With the experience and understanding of the requirements, Fiinovation facilitates its end to end services in which assisting organization in the formulation of the CSR policies is in alignment to the business and social goals is our forte wherein it is also ensured that the dynamic needs of the market is addressed.
Fiinovation helps corporations to develop an effective CSR policy by maintaining a balance between both external and internal stakeholder needs that also augments the brand value along with the market reach.
The steps involve:
- Consultations with board members and the CSR committee of the business organization
- Recommendations regarding the CSR activities which are aligned with the business goals, Section 135 and Schedule Vii of Companies Act , 2013
- Designing the CSR policy as per the consultation with the CSR committee
- Submitting the detailed CSR policy to the CSR committee