Current Issues in Economics and Finance by Bandi Kamaiah

Author:Bandi Kamaiah
Language: eng
Format: epub
ISBN: 9789811058103
Publisher: Springer Singapore

JEL Classification

G32L25M14

1 Introduction

Corporate Social Responsibility is a worldwide phenomenon widespread in the developed nations. A number of Universities, healthcare institutes and NGOs are sponsored as a part of the program of CSR activities by large multinational corporations. Many emerging economies have also started putting emphasis on CSR activities of large companies which help in the development of these nations. India, with the passage of the Companies Act 2013, formally started the mandate for Corporate social responsibility. Clause 135 of the Act defines:Every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more directors, out of which at least one director shall be an independent director

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