Korean companies to undertake CSR activities
Updated: Oct 30, 2014 04:25:16pm
New Delhi, Oct 30 (KNN) Korean companies are committed to undertaking corporate social responsibility activities in earnest considering that CSR presents a huge opportunity for them to earn corporate goodwill and win the hearts and minds of the Indian people.
This was stated by Korean Ambassador to India, Joon Gyu Lee, speaking at the 4th Korea-India CSR Forum hosted by the Korean Embassy and the Federation of Indian Chambers of Commerce and Industry (FICCI) here today.
The Korean Ambassador said CSR rested on three pillars – the 3Ps, representing people, planet and profit. People, he said, were the ultimate stakeholders of any enterprise and therefore industry must pursue socially responsible business strategies for the benefit of all, according to an official release.
The corporate sector must factor in the impact of the business activities and invest in environment-friendly technologies for the sake of planet earth and remember that CSR was not antithetical to generation of profit. Corporates, he added, must go beyond tax planning and profit-making by adhering to the 3Ps for reaping long term dividends.
Doing good to society is doing good to industry, he said and added that the Korean Embassy is holding regular meetings with Korean companies in India to review the individual CSR practices being followed by them.
Also speaking on the occasion, Economic Adviser, Ministry of Corporate Affairs, Government of India, Sibani Swain stated that contributions to the ‘Swachh Bharat Kosh’ has been added by the government to the list of CSR activities.
She explained that the CSR Policy as outlined by the government includes a list of CSR projects or programs which a company plans to undertake falling within the purview of the Schedule VII of the Act, specifying modalities of execution of such project or programs and implementation schedules; monitoring process of such projects or programmes.
CSR activities do not include the activities undertaken in pursuance of normal course of business of a company and the Board of Directors would have to ensure that activities included by a company in its CSR Policy are related to the activities included in Schedule VII of the Act, she said.
Swain added that CSR should be seen as a change-agent, as an idea of giving back to society.
On the other hand, Secretary General, FICCI, Dr A Didar Singh pointed out that CSR must be recognized as creative value-addition for the community, not just as shared value which is meant to benefit industry.
He said Bill Gates’ call for ‘creative capitalism’ was an approach where governments, business and not for profit organisations work together to stretch the reach of market forces so that more people can make profit, or gain recognition, doing work that eases the world of inequities. This was a very relevant in an era of increasingly integrated world. Social development agenda must be conceived with shared responsibilities and many of which requires collective action. (KNN/ES)
This was stated by Korean Ambassador to India, Joon Gyu Lee, speaking at the 4th Korea-India CSR Forum hosted by the Korean Embassy and the Federation of Indian Chambers of Commerce and Industry (FICCI) here today.
The Korean Ambassador said CSR rested on three pillars – the 3Ps, representing people, planet and profit. People, he said, were the ultimate stakeholders of any enterprise and therefore industry must pursue socially responsible business strategies for the benefit of all, according to an official release.
The corporate sector must factor in the impact of the business activities and invest in environment-friendly technologies for the sake of planet earth and remember that CSR was not antithetical to generation of profit. Corporates, he added, must go beyond tax planning and profit-making by adhering to the 3Ps for reaping long term dividends.
Doing good to society is doing good to industry, he said and added that the Korean Embassy is holding regular meetings with Korean companies in India to review the individual CSR practices being followed by them.
Also speaking on the occasion, Economic Adviser, Ministry of Corporate Affairs, Government of India, Sibani Swain stated that contributions to the ‘Swachh Bharat Kosh’ has been added by the government to the list of CSR activities.
She explained that the CSR Policy as outlined by the government includes a list of CSR projects or programs which a company plans to undertake falling within the purview of the Schedule VII of the Act, specifying modalities of execution of such project or programs and implementation schedules; monitoring process of such projects or programmes.
CSR activities do not include the activities undertaken in pursuance of normal course of business of a company and the Board of Directors would have to ensure that activities included by a company in its CSR Policy are related to the activities included in Schedule VII of the Act, she said.
Swain added that CSR should be seen as a change-agent, as an idea of giving back to society.
On the other hand, Secretary General, FICCI, Dr A Didar Singh pointed out that CSR must be recognized as creative value-addition for the community, not just as shared value which is meant to benefit industry.
He said Bill Gates’ call for ‘creative capitalism’ was an approach where governments, business and not for profit organisations work together to stretch the reach of market forces so that more people can make profit, or gain recognition, doing work that eases the world of inequities. This was a very relevant in an era of increasingly integrated world. Social development agenda must be conceived with shared responsibilities and many of which requires collective action. (KNN/ES)
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