Abstract
The Companies Act 2013 in India with its mandate for CSR has formally introduced the concept of CSR to the board of Indian companies. The practice of CSR, although bordering on charity giving, is not a new idea to India. The critical situation that India is facing today has been brought about by multiple causes. Corporate bodies are the fundamental cells of modern economic life and should work towards affirming values and forging new patterns of living and better working conditions. Corporate’s should play a vital role towards contributing to the continuing health of the planet and to develop a just and humane society. The crisis faced by humanity today can be solved by the use of concerted corporate actions. Corporations are instruments of social purposes, formed within the society to accomplish useful social objectives. What the companies need to understand is the intention of this Act to undertake CSR activities which are systematic and strategic in nature to create a meaningful impact for the companies. Research was conducted among 23 Indian companies in Eastern India in the private sector engaged in manufacturing and heaving engineering. The authors developed a scorecard consisting of 46 criteria which was used to study the CSR activities of these companies as declared in their websites and in other published sources. The intention was to find out the complexity of the perception-practice dynamic and the nature of CSR practised by the companies. In-depth qualitative interview was conducted with the top management of the company giving a further insight into their understanding of the concept of CSR.
Highlights
The concept of ‘corporate social responsibility’ (CSR) in its modern day terminology started gaining ground in the last 15 years or so
This paper investigates with its primary focus towards Indian companies in eastern India the level of engagement of companies towards their stakeholders by communicating their CSR activities
The purpose of this paper is to summarize the findings and discuss the corporate motives for engaging in CSR communication and the instrumental value of the corporate brand in strategic CSR communication
Summary
The concept of ‘corporate social responsibility’ (CSR) in its modern day terminology started gaining ground in the last 15 years or so. Corporate misbehaviour or scandals were partly responsible for this growing consciousness. Enron and Arthur Anderson scandal, Shell’s Brent Spar case and others led to major scepticism and decrease of trust in large corporations. On one hand the century witnessed the growing power of the corporations and a market caught up in the whirlwind of rapid transition due to privatization, liberalization and globalization. On the other hand the world has witnessed issues related to accountability and transparency posed by stakeholders of these corporations. With the growth of social media platforms the flow of information is almost constant and immediate and every move of the corporation is on public display almost instantaneously
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