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Headlines
AI not 'sufficiently sophisticated' to make ethical fundraising decisions, think tank warns | Charity Times, 12 feb 2024
Charitable Giving Strategies For Young Professionals | Forbes, 11 feb 2024
Bridging the Opportunity Gap in Social Sector AI | Stanford HAI, 10 feb 2024
How to Elevate Employee Engagement and Community Impact Through Workplace Volunteer Programs | America's Charities, 10 feb 2024
Social enterprise and impact investing events in 2024 | Pioneers Post, 06 feb 2024
The combined power of profit and purpose: the impact of social entrepreneurship | Cape Business News, 06 feb 2024
12 Social Entrepreneurship Courses (Free + Paid) | Causeartist, 05 feb 2024
Navigating Innovation As A Nonprofit Leader In Healthcare | Forbes, 29 jan 2024
The Startup Boom and Eco-Innovation Enthusiasm in India | The CSR Journal, 16 jan 2024
Stanford Social Innovation Review's 10 Most Popular Articles of 2023 | Stanford Social Innovation Review, 26 dec 2023
March 2022
Mohammad Anas Wahaj | 18 mar 2022
India's Corporate Social Responsibility (CSR) law, Section 135 of the Companies Act 2013, makes it mandatory for companies to spend 2% of their average net profit made during last three financial years on CSR activities in the current financial year. The companies that come under this law include - (i) Net worth of Rs. 500 crore or more. (ii) Turnover of Rs. 1000 crore or more (iii) Net profit of Rs. 5 crore or more. Some of the areas where these funds can be applied are poverty and hunger eradication, education, healthcare, rural development, women empowerment and environmental sustainability. To incorporate CSR in such a way is quite unique when compared to CSR as practiced around the world. Adhip Ray, founder of WinSavvy.com, explains the benefits of CSR as applied in India and how other countries and businesses operating there can apply this model for greater good to the society. India's CSR law provides for forming a CSR committee that should be created and enforced by three board directors, giving it more powerful role. The CSR policy should be elaborate, money spent should be audited, details of activity to be provided on annual report and also on company website. Indian companies are taking the law seriously and competing with each other to better spend CSR funds. This helps companies to enhance their value in communities they operate and provides them with great branding opportunity. India's dedicated approach to CSR can be internationalized. Mr. Ray suggests the following basic principles that companies must adhere to for effective CSR - (1) Get the highest management on board. (2) Create OKRs (Objectives and Key Results) for enforcing your policy. (3) Fix accountability on the top management. Read on...
Sustainable Brands:
Why the Business World Should Use India as a Model for Corporate Social Responsibility
Author:
Adhip Ray
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