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XVII Annual International Seminar Proceedings; January, 2016
ISBN no. 978-81-923211-8-9 http://www.internationalseminar.in/XVII_AIS/INDEX.HTM Page 214
CORPORATE SOCIAL RESPONSIBILITY: CONTEMPORARY INDIA AND
COMPARATIVE ANALYSIS
Neeati Narayan
Student
Symbiosis Law School, Pune
New Airport Road, Viman Nagar, Pune
INTRODUCTION
The paper will help gauge the actual ramifications of a mere statutory provision and will help
streamline corporate efforts into activities which do not directly profit them as a part of
conventional channels.
Furthermore, it will be an original study into the comparative analysis of CSR and how India
has taken a concrete step in order to promote social activities by the corporate players and
help the stakeholders. It will also support other studies which scrutinize the realities of the
CSR rules.
India witnessed the enactment of a new Companies law regime when the Companies Act of
2013 was signalled a green flag by the legislature. As a part of several developments and
much needed standardization in terms of grey areas and loopholes, corporate social
responsibility (hereinafter referred to as “CSR”) was enshrined as a corporate reality and
duty for the companies governed under this Act.
India is the first country in the world to have mandatory CSR spending (with provisions for
exemption) along with mandatory reporting. It is now statutorily mandatory for all companies
above a certain size to spend 2 percent of their profits towards meeting CSR.
Indian legislature realized the trend shift in terms of the corporate players and as a concrete
step towards tangible globalization based on foreign models, promulgated definite rules
emanating from previously voluntary guidelines.
XVII Annual International Seminar Proceedings; January, 2016
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Corporate Governance
The phrase “corporate governance” describes “the framework of rules, relationships, systems
and processes within and by which authority is exercised and controlled within corporations.
It encompasses the mechanisms by which companies, and those in control, are held to
account.1
The OECD principles define corporate governance as involving “a set of relationships
between a company’s management, its board, its shareholders, and other stakeholders.
Corporate governance also provides the structure through which the objectives of the
company are set, and the means of attaining those objectives and monitoring performance are
determined. Good corporate governance should provide proper incentives for the board and
management to pursue objectives that are in the interests of the company and its shareholders
and should facilitate effective monitoring. The presence of an effective corporate governance
system, within an individual company or group and across an economy as a whole, helps to
provide a degree of confidence that is necessary for the proper functioning of a market
economy.”2
Appropriate organizational structures, policies and other controls help promote, but do not
ensure, good corporate governance. Governance lapses can still occur through undesirable
behaviour and corporate values.
Effective corporate governance is not only the result of “hard” structural elements, but also
“soft” behavioural factors driven by dedicated directors and management performing
faithfully their duty of care to the institution.3
In India, corporate governance is imposed by virtue of Clause 49 of Listing Agreement, a
covenant entered into by the listed companies with the stock exchanges. In terms of the
unlisted and private entities, Ministry of Corporate Affairs regulates such aspects relating to
corporate governance norms.
1 Justice Owen in the HIH Royal Commission, The Failure of HIH Insurance Volume 1: A Corporate Collapse
and Its Lessons, Commonwealth of Australia, April 2003 at page xxxiv
2 OECD Principles of Corporate Governance, revised April 2004, originally issued June 1999, available at
www.oecd.org/dataoecd/32/18/31557724.pdf
3 The Principles for Sound Compensation Practices were published by the Financial Stability Forum (FSF) in
April 2009 (the FSF is now the “FSB” –Financial Stability Board)
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Clause 49 of the Equity Listing Agreement consists of mandatory as well as non-mandatory
provisions. Those which are absolutely essential for corporate governance can be defined
with precision and which can be enforced without any legislative amendments is classified as
mandatory.
Others, which are either desirable or which may require change of laws are classified as non-
mandatory. The non-mandatory requirements may be implemented at the discretion of the
company.
A few important sub clauses enshrined within Clause 49 of the Listing Agreement include
extensive description of ownership structure (with majority shareholding by shareholders,
directors and promoters), establishment and working norms of Audit and Remuneration
Committees, duties and responsibilities of independent directors, formation of whistleblower
policy and corporate social responsibility. The Listing Agreements of Indian Stock
Exchanges and the reporting requirements therein are deemed to be highly stringent and
regulated in nature as India has gone a step ahead of the best market practices established by
the developed jurisdictions.
BACKGROUND
While there is no particular definition which is globally accepted, CSR is regarded as
voluntary behaviours that contribute to the society welfare. Based on the concept of
sustainable development, corporations should not only stress on their economic and business
outcomes, but also pay attention to their effect on the society and environment. With the
acceleration of global integration, CSR has become a main concern by the public, and is
considered as an essential part of the business strategy4, and yet, it remains to be a disputed
concept.
CSR in the current global form and as a corporate norm has been adopted by corporate bodies
and has gained bigger momentum in the last decade.5
However, it can be defined effectively as the formal and informal ways in which commercial
makes a contribution to refining the governance, social, ethical, labour and environmental
4 Moon, 2002
5 Kiyoteru Tsutsui, CORPORATE SOCIAL RESPONSIBILITY IN A GLOBALIZING WORLD (Cambridge University
Press, 2015)
XVII Annual International Seminar Proceedings; January, 2016
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conditions of the emerging countries in which they operate, while remaining sensitive to
prevailing religious, historical and cultural contexts.6
While theoretical perspectives on corporate social performance or stakeholder management
have been developed for over two decades7, it is only in the last decade that businesses have
begun to exhibit serious evidence of CSR in their strategic management and stakeholder
social reporting.
When we delve into the Indian scenario, it must be noted that the Ministry of Corporate
Affairs recently notified Section 135 and Schedule VII of the Companies Act 2013 as well as
the provisions of the Companies (Corporate Social Responsibility Policy) Rules, 2014 to
come into effect from April 1, 2014. The guidelines that were created by Bhaskar Chatterjee,
Director General and Chief Executive of the Indian Institute of Corporate Affairs (hereinafter
referred to as “IICA”), a Delhi-based government affiliated think tank for corporate
regulation and reform.8
Now, every company, whether a public or a private limited one, which either has (a) a net
worth of Rs 500 crore or (b) a turnover of Rs 1,000 crore or net profit of Rs 5 crore; needs to
spend at least 2% of its average net profit for the immediately preceding three financial years
on corporate social responsibility activities.9
A further condition is that the CSR activities should not be undertaken in the normal course
of business and must be with respect to any of the activities mentioned in Schedule VII of the
2013 Act. Contribution to any political party is not considered to be a CSR activity and only
activities in India would be considered for computing CSR expenditure.
As a part of the notified rules, we find that the activities that can be undertaken by a company
to fulfil its CSR obligations include (a) eradicating hunger, poverty and malnutrition, (b)
promoting preventive healthcare, (c) promoting education and promoting gender equality, (d)
setting up homes for women, orphans and the senior citizens, (e) measures for reducing
inequalities faced by socially and economically backward groups, (f) ensuring environmental
sustainability and ecological balance, (g) animal welfare, (h) protection of national heritage
and art and culture, (i) measures for the benefit of armed forces veterans, war widows and
6 Visser et al., 2007
7 (Carroll, 1979; Freeman, 1984; Donaldson and Preston, 1995; Clarkson, 1995; McWilliams and Siegel, 2001)
8 Fear of Name and Shame Will Push Firms, LIVEMINT EDITORIAL, available on
http://www.livemint.com/Companies/EzwvbztSMQsyJ8Y26iaBrL/Fear-of-name-and-shame-will-push-firms-to-
comply-on-CSR-I.html 9 Section 135 of Companies Act 2013
XVII Annual International Seminar Proceedings; January, 2016
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their dependents, (j) training to promote rural, nationally recognized, Paralympic or Olympic
sports, (k) contribution to the prime minister's national relief fund or any other fund set up by
the Central Government for socio economic development and relief and welfare of SC, ST,
OBCs, minorities and women, (l) contributions or funds provided to technology incubators
located within academic institutions approved by the Central Government and rural
development projects.
What was first only a voluntary guideline, which a handful of companies chose to adhere to,
has now been legally mandated by virtue of Companies Act 2013. Hence, with the
implementation of the new company law from April 1, India has become the only country in
the world with legislated corporate social responsibility (CSR) and a spending threshold of up
to $2.5 billion (Rs.15,000 crore).10
Close to 16,000 Indian companies are expected to spend $2.5 billion (aboutRs.15,000 crore)
on corporate social responsibility (CSR) in the coming years, from the current $0.5 billion,
according to a Boston Consultancy Group report published in February.
Furthermore, CSR calls for a different set of accounting and auditing standards. IICA, along
with the Ministry of Corporate Affairs and the Institute of Chartered Accountants of India are
in the final stages of developing a guidance note on CSR accounting.
Currently, in the profit and loss account or balance sheet of a company, one can never know
where the CSR expense is located. This guidance note will ensure that CSR is a locatable
expense in the balance sheet as once it is locatable, it is auditable. The traditional auditors
can’t audit CSR as they won’t be familiar with the social sector. Hence, auditors will be
assisted in looking at CRS accounting in a new format.11
BEYOND THE LAW- RECENT DEVELOPMENTS
It’s been a little over a year since the Corporate Social Responsibility (CSR) law came into
effect on April 1, 2014. Within such a short period, the entire landscape of CSR in India has
10
India Now Only Country with legislated CSR, BUSINESS STANDARD EDITORIAL, available on
http://www.business-standard.com/article/companies/india-now-only-country-with-legislated-csr-
114040300862_1.html
11 Fear of Name and Shame Will Push Firms, LIVEMINT EDITORIAL, available on
http://www.livemint.com/Companies/EzwvbztSMQsyJ8Y26iaBrL/Fear-of-name-and-shame-will-push-firms-to-
comply-on-CSR-I.html
XVII Annual International Seminar Proceedings; January, 2016
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taken a radical flight. Companies eligible under section 135 of the Companies Act 2013 have
embraced the law and initiated a number of CSR projects across the entire spectrum as
defined within schedule VII of the Act.12
With CSR reports for the first year now out and with dialogue and buzz being generated
around the strategies, approaches and inclinations of various companies, there seems to be a
strong alignment among the companies with each other’s vision and priorities. They see the
value that’s in collaborative efforts and wish to leverage it to create a collective and sustained
impact.
Companies have realised the value in engaging their employees in the conception and
implementation of CSR programmes. With the law allowing for quantification of
volunteering time, companies now also actively seek modules of CSR that have employee
involvement as a core feature.
COMPARATIVE ANALYSIS
In 2007, the Malaysian government passed a regulation to mandate all publicly listed
companies to publish their CSR initiatives in their annual reports on a “comply or explain”
basis. Accordingly, all public listed companies (PLCs) in Malaysia have to either publish
CSR information or they need to explain why they should be exempted.4 In another example,
in 2009 Denmark mandated CSR reporting, asking all state-owned companies and companies
with total assets of more than €19 million, revenues more than €38 million and more than 250
employees, to report their social initiatives in annual financial reports. 13
To enable transparency from businesses on the environment, social and governance front,
France passed a law called Grenelle II14
, which mandates integrated sustainability and
financial reporting for all companies listed on the French stock exchanges, including
subsidiaries of foreign companies located in France and unlisted companies with sales
revenue of more than €400 million and more than 2,000 employees.
12
Divya Nawale & Prerana Manvi, The Changing Landscape of CSR in India, FORBES INDIA, available at
http://forbesindia.com/blog/the-good-company/the-changing-landscape-of-csr-in-india 13
Current Corporate Social Responsibility Disclosure Efforts by National Governments and Stock Exchanges,
THE HAUSER CENTER available at http://hausercenter.org/iri/wp-content/uploads/2011/08/CSR-Disclosures-
Update-6-27-13.pdf 14
How France’s new sustainaility reporting law impacts US companies, ERNST & YOUNG, available at
http://www.ey.com/US/en/Services/Specialty-Services/Climate-Change-and-Sustainability-Services/Value-of-
sustainability-reporting
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Although some CSR standards are mandatory, there are others, which comprise of both,
mandatory and voluntary standards. For instance, in 2006 the British Companies Act
mandated all companies listed in the UK to include information about their CSR activities in
their annual reports; however, a full length CSR reporting was made voluntary.15
A corporate responsibility index challenges and supports large organizations to integrate
responsible business practices. Emerging markets such as Brazil, China and South Africa
have become forerunners in CSR reporting in the developing world in terms of their
involvement in CSR-related activities in order to promote the listed companies’ credibility,
transparency and endurance.
In USA, the Department of State is pro-actively involved in the regulatory aspects of CSR. he
Corporate Social Responsibility (CSR) team in the Bureau of Economic and Business Affairs
leads the Department’s engagement with U.S. businesses in the promotion of responsible and
ethical business practices.16
US companies have had the luxury of defining and interpreting their own view of responsible
business within the context of their own company. Subsequently they have been able to
measure and promote activities with greater freedom than their international counterparts.
RECOMMENDATIONS
Disclosures
The following aspects should be effectively disclosed in a Corporate Social Responsibility
Reports, as established through best market practices across jurisdictions:
1. Corporate Governance and Financial Performance
2. Policy, practices, and proportion of senior management hired from the local community at
significant locations of operations
3. Policy, practices, and proportion of spending on locally-based suppliers
15
Matthew Maguire, The future of Corporate Social Responsibility Reporting, BOSTON UNIVERSITY WEBSITE,
The Frederick S. Pardee Center for the Study of Longer Range Future, available at
http://www.bu.edu/pardee/files/2011/01/PardeeIIB-019-Jan-2011.pdf, dated 19 January 2011 16
DEPARTMENT OF STATE IN UNITED STATES OF AMERICA, available at http://www.state.gov/e/eb/eppd/csr/
XVII Annual International Seminar Proceedings; January, 2016
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4. Development and impact of infrastructure investments and services provided primarily for
public benefit
5. Risks and opportunities for the organization's activities due to climate change.
6. Business and management risk analysis
7. Total workforce by employment type, employment contract, and region
8. Labor Occupational health and safety
9. Diversity and equal opportunity
10. Security practices & Indigenous right
11. Anti-competitive behaviour
Environment Disclosures
In the US and Canadian jurisdictions, the following environment topics are given a high
preference in terms of disclosures by the corporate bodies:
1. Hazardous Substance Management
2. Raw Material Use
3. Energy Use
4. Total water withdrawal and discharge
5. Greenhouse Gas Emission and reduction target
6. NOx, SOx,and other significant air emissions by type and weight
7. Description of significant impacts of activities, products, and services on biodiversity
The following aspects may find place in the CSR reports of Indian corporate bodies within
the environmental disclosures, a section which should be made mandatory:
1. Total weight of waste by type and disposal method
2. Initiatives to mitigate environmental impacts of products and services
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3. Percentage of products sold and their packaging materials that are reclaimed by category
4. Monetary value of significant fines and total number of non-monetary sanctions for non-
compliance with environmental laws and regulations
The other practical methods that a company can utilise to implement their CSR budgets into
effective and helpful spending include conducting walkathons for raising funds. They may
also consider funding research experiments attempting to study and cure life threatening
diseases. In the educational sector, the companies may consider delivering free lectures and
organising technical workshops for further placements in the organisation. The CSR spending
can also provide financial backing to college fests. For a more socialistic approach, the
companies may indulge in supporting institutions for helping people with special needs.
An organised manner of social spending should follow a specific plan of action under which
the company may select one particular sector and assist in uplifting their social status. For
example, they may choose to assist the agricultural sector by supporting the financial needs
of the farmers and sponsoring effective farming techniques.
Environment is a pertinent topic of debate and hence, the companies may provide financial
support to public wildlife sanctuaries in need of such funds and may focus on animal saving
projects.
One other initiative may include something as basic as saving the food left over from big
parties and giving it to the homeless and needy. This mechanism can put in place with basic
agreements entered into between hotel chains.
Naming and Shaming policy in public domain
CSR has now become a project addressed by the board, and it has to be passed by a CSR
committee. It is no longer based on the whims of a promoter and there is a professional
attitude to it. It has come from a back room to a board room. And most of all, the information
will be available in the public domain.
Internet and social media have revolutionised the way information is now accessed,
processed and shared – everything with the convenience of a click or a swipe. Increasing
number of stakeholders are now more informed and engaged about organisational impacts
and performance.
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This makes it important for companies to proactively reach out to stakeholders with
information that they want to know rather than the information that the company wants to
share. Stakeholder engagement is an important tool to build stakeholder trust and continually
assess their needs. 17
It is not mandatory; a company does not need to follow through with the spending. However,
the companies will need to provide an explanation of why they did not do it in public domain.
Their board members, shareholders, customers will be able to see the excuse being made by
the company for not making their 2% spend.
According to Cambridge Dictionary18
, to name and shame is to "publicly say that a person,
group or business has done something wrong" and it is used to discourage certain activities.
Presuming that in the first year the companies have some kind of explanation, in the
subsequent years the board of directors is not going to allow the corporate body to go on
explaining why it did not meet the 2% threshold. Furthermore, companies will also be driven
by a sense of competition. Comply or explain is a principle used by a lot of legislations in the
world. The strategy will help build confidence among companies by having a non-
confrontational approach. In 12-24 months, things will be executed differently on the ground
level, especially from the large number of companies that now come under the Act.
ANALYSIS OF DATA COLLECTED
A survey instrument comprising queries on laymen’s current perception and knowledge of
CSR was extensively circulated between students and professionals. This activity was an
attempt to gauge the reactions and ideologies with respect to CSR at the ground level.
Statistical compilation in the forms of pie-charts and graphs has been created for a better
understanding of the data collected.
The accuracy of the findings and the inferences therein, is dependent on the accuracy of the
data collected from survey takers and the provisions of CSR in other jurisdictions.
Methodology – Survey (Annexure I)
17
India Corporate Responsibility Reporting Survey of 2013, KPMG INDIA, available at
https://www.kpmg.com/IN/en/IssuesAndInsights/ArticlesPublications/Documents/India-Corporate-
Responsibility-Reporting-Survey-2013.pdf 18
CAMBRIDGE DICTIONARY available at http://dictionary.cambridge.org/dictionary/english/name-and-
shame?a=british
XVII Annual International Seminar Proceedings; January, 2016
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Using – Questionnaire
Population – 40
I. Distribution in age group –
II. Is it the duty of corporate bodies to indulge in social activity? -
79%
16%
5%
16-24 25-49 50-85
77%
10%
13%
Yes No Don't Know
The survey is dominated by the
age-group 16-24 i.e. the youth
group.
Most survey participants
believed that a corporate
should give back to the society
by virtue of such social
activities apart from profit
making ventures.
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III. Do you have any knowledge of what is CSR –
IV. Are companies in India following any CSR norms–
85%
15%
Yes No
37%
48%
15%
Yes
No
Don't know
Mostly the survey takers were
aware of the basic concept of
this business term if not the
intricacies.
Mostly people believed that
only the biggest names were
following the most basic norms
of CSR rules and other
companies were not complying.
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V. Is CSR regime a dead letter of law (Effectiveness of 2013 Act) –
VI. Is the naming and shaming policy an effective measure?–
65%
25%
10%
Yes
No
Don't Know
32%
23%
45%
Yes
No
No idea
People mostly believed that even with the new laws, no
concrete effect has been visualised on the actual corporate
plane.
Most survey takers had no idea about this
particular trend and the ones who knew about it
mostly agreed with the measures.
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VII. What should companies focus on while implementing CSR spending?
CONCLUSION
The pre-survey indicates that there exists a large gap between the legislative provisions and
tangible follow up of the same. Firstly, people are not aware of the actual provisions
enshrined within a fully fledged act. Furthermore, the general public perceives CSR as a dead
letter of law with the companies utilizing all probably loopholes to avoid any extra
expenditure which does not support their ruthless profit making operations.
To conclude, a strict implementation mechanism should be put into place to ensure that the
spending of the company towards social initiatives is not just a dead dictate by law, but is a
practical directive. The naming and shaming policy is an effective measure using a non
confrontational method and yet, meeting the objective of putting information in public
domain.
Most of the people believed that CSR initiatives should relate to creation of more employment
opportunities through different means and companies should think of creative methods of
serving more than 1 purpose by virtue of their initiatives.
0
2
4
6
8
10
12
14
16
Education Health WomenEmpowerment
Environment Effect Employment
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REFERENCES
1. Justice Owen in the HIH Royal Commission, The Failure of HIH Insurance Volume
1: A Corporate Collapse and Its Lessons, Commonwealth of Australia, April 2003 at
page xxxiv
2. OECD Principles of Corporate Governance, revised April 2004, originally issued June
1999, available at www.oecd.org/dataoecd/32/18/31557724.pdf
3. The Principles for Sound Compensation Practices were published by the Financial
Stability Forum (FSF) in April 2009 (the FSF is now the “FSB” –Financial Stability
Board)
4. Moon, 2002
5. Kiyoteru Tsutsui, CORPORATE SOCIAL RESPONSIBILITY IN A GLOBALIZING WORLD
(Cambridge University Press, 2015)
6. Visser et al., 2007
7. (Carroll, 1979; Freeman, 1984; Donaldson and Preston, 1995; Clarkson, 1995;
McWilliams and Siegel, 2001)
8. Fear of Name and Shame Will Push Firms, LIVEMINT EDITORIAL, available on
http://www.livemint.com/Companies/EzwvbztSMQsyJ8Y26iaBrL/Fear-of-name-and-
shame-will-push-firms-to-comply-on-CSR-I.html
9. Section 135 of Companies Act 2013
10. India Now Only Country with legislated CSR, BUSINESS STANDARD EDITORIAL,
available on http://www.business-standard.com/article/companies/india-now-only-
country-with-legislated-csr-114040300862_1.html
11. Fear of Name and Shame Will Push Firms, LIVEMINT EDITORIAL, available on
http://www.livemint.com/Companies/EzwvbztSMQsyJ8Y26iaBrL/Fear-of-name-and-
shame-will-push-firms-to-comply-on-CSR-I.html
12. Divya Nawale & Prerana Manvi, The Changing Landscape of CSR in India, FORBES
INDIA, available at http://forbesindia.com/blog/the-good-company/the-changing-
landscape-of-csr-in-india
13. Current Corporate Social Responsibility Disclosure Efforts by National Governments
and Stock Exchanges, THE HAUSER CENTER available at
XVII Annual International Seminar Proceedings; January, 2016
ISBN no. 978-81-923211-8-9 http://www.internationalseminar.in/XVII_AIS/INDEX.HTM Page 229
http://hausercenter.org/iri/wp-content/uploads/2011/08/CSR-Disclosures-Update-6-
27-13.pdf
14. How France’s new sustainaility reporting law impacts US companies, ERNST &
YOUNG, available at http://www.ey.com/US/en/Services/Specialty-Services/Climate-
Change-and-Sustainability-Services/Value-of-sustainability-reporting
15. Matthew Maguire, The future of Corporate Social Responsibility Reporting, BOSTON
UNIVERSITY WEBSITE, The Frederick S. Pardee Center for the Study of Longer Range
Future, available at http://www.bu.edu/pardee/files/2011/01/PardeeIIB-019-Jan-
2011.pdf, dated 19 January 2011
16. DEPARTMENT OF STATE IN UNITED STATES OF AMERICA, available at
http://www.state.gov/e/eb/eppd/csr/
17. India Corporate Responsibility Reporting Survey of 2013, KPMG INDIA, available at
https://www.kpmg.com/IN/en/IssuesAndInsights/ArticlesPublications/Documents/Ind
ia-Corporate-Responsibility-Reporting-Survey-2013.pdf
18. CAMBRIDGE DICTIONARY available at
http://dictionary.cambridge.org/dictionary/english/name-and-shame?a=british
XVII Annual International Seminar Proceedings; January, 2016
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ANNEXURE- I
A BRIEF SURVEY ON CORPORATE SOCIAL RESPONSIBILITY IN INDIA
Personal Information
Name:
Age:
Sex:
Profession/Designation:
Email:
Mobile Phone:
And thank you in advance for your time and attention!
Q1) Is it the duty of corporate bodies to indulge in social activity?
Yes No Don’t Know
Q2) Do you know what CSR stands for?
Yes No
Q3) Are companies in India following any CSR norms ?
Yes No Don’t Know
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Q4) Is CSR regime a dead letter of law? (Effectiveness of 2013 Act)
Yes No Don’t Know
Q5) Is naming and shaming policy and effective measure?
Yes No Don’t Know
Q6) In your opinion what should companies focus on while implementing CSR
spending?
Education Health Women
Empowerment
Environment Employment
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