On April 1, 2014, India became the first country to make Corporate Social Responsibility (CSR) mandatory, with the introduction of Section 135 in the Companies Act 2013. This move added a renewed impetus to the country’s path towards bringing greater levels of transformational public-private partnerships and realising India’s commitment to achieving its Sustainable Development Goals (SDGs).
The recent CSR Conclave, organised by the Bombay Chamber of Commerce & Industry, titled India’s new CSR Regime: A Gamechanger, saw knowledge-driven sessions featuring expert minds deliberating on the new CSR mandate, Environmental, Social & Governance (ESG) factors and creating impactful CSR strategies.
Mr Sandeep Khosla, Director General, Bombay Chamber, welcomed the keynote speakers Shri. Jayant Sinha, Chairperson of the Standing Committee on Finance, Parliament of India and BJP Lok Sabha Member of Parliament from Hazaribagh, Jharkhand, Mrs Rajashree Birla, Chairperson, Aditya Birla Centre for Community Initiatives and Rural Development and Mr Keki Mistry, Vice Chairman & Chief Executive Officer, HDFC, panellists and guests to the Conclave.
Setting the theme for the Conclave, Ms Anjali Bansal, Immediate Past President, Bombay Chamber of Commerce & Industry and Founder, Avaana Capital spoke about how CSR in India has undergone a metamorphosis from being a comply or explain approach, to a statutory obligation. Further, the role of a company’s board of directors in CSR implementation has increased significantly, from approving the budget of CSR projects, to overseeing the implementation of projects, approving their budget, and having oversight of the impact assessment of the CSR activities. Ms Anjali emphasised the importance of transitioning from just CSR to building shared corporate values and communities and transforming corporate behaviour.