Corporate Social Responsibility: Mission Possible

Abstract

Corporate social responsibility (CSR) refers to a company's assumption of social responsibility above and beyond what is required by law. CSR is a byword for the practice of sustainable corporate governance in a company's core business. This practice is embedded in its business strategy. CSR is voluntary but not arbitrary. The new companies act has also made it compulsory for certain companies. Therefore, corporate sector can perform yeomen service to the society through its CSR activities. The paper is divided into two parts. Part I describe the role of CSR in societal development. Part II of the paper strive to list the best case scenario of CSR as per the new law and try to find out what could be achieved by giving a right direction to CSR of these companies. As CSR activities of the companies are guided by the Schedule VII of the Companies Act 2013 that includes the noble causes of eradication of extreme hunger and poverty, promotion of education, promoting gender equality and women empowerment, reducing child mortality, combating HIV, ensuring environment sustainability, developing employability skills etc., we can hope corporate sector will work in association with government agencies to accomplish all these mission of human development.

Keywords: CSR, CSR activities, sustainable development, mission possible

JEL Classification: G39