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CSR initiatives to be strengthened in future
One single achievement of the outgoing Government is the successful passing of a bill concerning Corporate Social Responsibility (CSR). For more than fifty years, the Company Law has been suitably amended which can be taken as a first major overhaul of company law in more than 50 years.
With this amendment, the legislation has strengthened the accounting standards and shareholder rights and makes it mandatory for companies with market capitalization of more than Rs. 500 crore to spend 2 per cent of their annual net profits on corporate social responsibility (CSR), such as social work or charity. Schedules have been created and added to these amendments suggesting as to how to go about CSR initiatives.

The Bill, aimed at improving corporate governance, also contains provisions to strengthen regulations for corporate as well as auditing firms.

Let's hope in future, the scope for CSR initiatives keep getting widened on a continuing basis irrespective of the fact whichever Government comes in power because in a country like India having strong democratic set, elections are held every five years and therefore chances are Governments can keep on changing over a period of time. But with great efforts some amendments to existing laws are made for the bettering the society and therefore such amended laws should gain momentum in becoming stronger and stronger in the future.

CSR initiatives do bring in guaranteed and measurable improvements to the society and therefore such initiatives should be strengthened in the future.



Editorial NOTE: This article is categorized under Opinion Section. The views expressed in this article are solely those of the author and do not necessarily represent the views of merinews.com. In case you have a opposing view, please click here to share the same in the comments section.
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