October 20, 2019

Corporate Social Responsibility (CSR)

  1. Responsibility to shareholders
    1. Recognise the investments
    2. Protect the interests of the shareholders
    3. Provide a reasonable dividend
    4. Strengthen and consolidate position of the company.
  2. Responsibility to employees – success of an organisation depends to a large extent on the morale of the employees and their wholehearted cooperation. 
    1. Payment of fair wages
    2. Provision of best possible working conditions
    3. Establishment of fair working standards and norms. 
    4. The provision of labour welfare facilities to the extent possible and desirable. 
    5. Arrangement for proper training and education of the workforce. 
    6. Reasonable chances and proper system for accomplishment and promotion. 
    7. Proper recognition, appreciation and encouragement of special skills and capabilities of workers. 
    8. Installation of efficient grievance handling system.
    9. Opportunity for participation in managerial decisions to the extent desirable. 
  3. Responsibility to consumers
    1. To improve the efficiency of the functioning of the business so as to increase productivity and reduce prices, improve quality, smoothen the distribution system etc. 
    2. To do research and development – to improve quality and introduce better new products. 
    3. To supply goods at reasonable prices. 
    4. To ensure that the product supplied has no adverse effect on the customer. 
    5. To provide sufficient information about the product including adverse effects, risks and care to be taken while using the products. 
    6. To avoid misleading the customers through improper advertisement
    7. To provide opportunity for being heard and to redress genuine grievances. 
    8. To understand customer needs and to make necessary measures to satisfy those needs. 
  4. Responsibility to community
    1. Taking appropriate steps to prevent environmental pollution and preserve ecological balance. 
    2. Rehabilitating the population displaced by operation of the business. 
    3. Assisting in overall development of the locality. 
    4. Taking steps to conserve scarce resources and developing alternatives. 
    5. Contributing to research and development
    6. Development of backward areas. 
    7. Promotion of small scale industries
    8. Promotion of education and population control. 
    9. Contribution to national efforts to build a better society. 

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