To be clear, I am a believer in corporate social responsibility (CSR) and have spoken and written on it extensively, so the title of this piece may mislead some readers into thinking I have turned coat. But no, I still believe in CSR, but prefer to look at it in a broader perspective than it has come to be considered in recent times. Though it was not the legislative intention, Section 135 of the Companies Act of 2013, amended twice since, has placed the focus of business responsibility on the financial aspect of CSR to the almost-total exclusion of responsible and ethical governance of businesses and their business practices.
Now CSR is equated with meeting the legally-set target of spending 2% of a company’s average corporate profits over the past three years on socially beneficial activities, which are mentioned in Schedule 7 of the Act, and reporting compliance. It also requires…
