CSR and Corporate Social Responsibility ACT 2013 || Fiinovation since 2008.

What is CSR?

Corporate Social Responsibility is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. CSR is generally understood as being the way through which a company achieves a balance of economic, environmental and social imperatives (“Triple-Bottom-Line- Approach”), while at the same time addressing the expectations of shareholders and stakeholders. In this sense it is important to draw a distinction between CSR, which can be a strategic business management concept, and charity, sponsorships or philanthropy.

History of CSR (Corporate social Responsibility)

The history of CSR dates back many years and in one instance can even be traced back 5000 years in Ancient Mesopotamia around 1700 BC, King Hammurabi introduced a code in which builders, innkeepers or farmers were put to death if their negligence caused the deaths of others, or major inconvenience to local citizens. In Ancient Rome senators grumbled about the failure of businesses to contribute sufficient taxes to fund their military campaigns, while in 1622 disgruntled shareholders in the Dutch East India Company started issuing pamphlets complaining about management secrecy and “self-enrichment”. With industrialization, the impacts of business on society and the environment assumed an entirely new dimension. The “corporate paternalists” of the late nineteenth and early twentieth centuries used some of their wealth to support philanthropic ventures. 

By 80’s and 90’s CSR was taken into discussion, the first company to implement CSR was Shell in 1998. (Corporate watch report, 2006) With well informed and educated general people it has become a threat to the corporate and CSR is the solution to it. In 1990 CSR was standard in the industry with companies like Price Waterhouse Copper and KPMG. CSR evolved beyond code of conduct and reporting, eventually it started taking initiative in NGO’s, multi stake holder, ethical trading. (Corporate watch report, 2006).

About CSR Mandate in India and corporate social responsibility act 2013

India is the first country in the world to introduce statutory Corporate Social Responsibility (CSR) through the new Companies Act, 2013.Prior to this landmark development, CSR was not a new concept in India and can be traced with historic pieces of evidence.

1.     CSR successful in India:-

It is certainly true that Indian firms collectively are more than complying with the CSR law.The general reaction in the Indian press has been positive andsuggests that the CSR law has been a success. However, the CSR law is only apparently successful, and in reality is harmful.

2.     CSR mandatory in India:-

India has gone further than any other country. In 2013, it enacted Section 135 of the Indian Companies Act prescribing a mandatory “CSR spend of 2% of average net profits … during the three immediately preceding financial years” for all companies meeting specified financial thresholds

Fiinovation has been working in CSR and sustainability sector since 2008.

Fiinovation , a CSR consulting firm, is an integrated solution enabler in the CSR and sustainability domain. It is focused towards enhancing quality across organizational value chain through meaningful innovation thereby ensuring sustainability.

Fiinovation CEO - Dr. Soumitro Chakraborty, created a niche in the CSR and Sustainability industry and established Fiinovation in 2008. He has strategized and implemented various programmes across India and proved his mettle by converting challenges into opportunities by conducting thorough research to provide simple, strategic solutions to organisations.

Over the last eight years, Finnovation has created a niche for itself through its extensive work in the corporate social responsibility arena.

Fiinovation Delhi address - 24/30, Ground Floor, Okhla Industrial Estate Phase 3 Rd, New Delhi, Delhi 110020

Sectors (Health,Livelihood, Environment and Education)–

Fiinovation CSR is working in these sectors. Focused primarily on four sectors, which include Health, Education, Livelihood and Environment. The state of the art proposal research laboratory facilitates the researchers in conducting both primary as well as secondary research before initiating an assignment, Identifying opportunities and providing simplified solutions.