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The Responsible Corporate CSR is not only about benefiting the company one owns but also benefiting the employees and the community, one is a part of. Any sector has mainly three leagues – government, public and private. Private sector comprises of the entrepreneurs or the business companies or ‘the corporate’. Corporate houses are usually the privately owned companies that are registered as commercial trading units, that work for monetary profits or self benefiting motives. However, it is of relevance for society to note and appreciate the initiatives that the corporate world takes as part of Corporate Social Responsibility (CSR), for welfare of the society as whole. Almost all the big Indian business houses are involved in CSR activities. CSR is not only about benefiting the company one owns but also benefiting the employees and the community, one is a part of. This is justified by what Samuel J. Palmisano IBM Chairman, President and Chief Executive Officer, IBM says, “IBMers have always believed that when people think about how the world should work, they are inevitably driven to challenge the status quo, and to change it. And the resulting benefits flow not just to them and their organizations, but to their communities and global society” India, a developing nation, is today seen as a growing power in terms of business opportunities it provides to the world. Growing business or commercial activities along with social, ethical and environmental responsibility helps in long term sustainability, competence of high order and success of the company, as well as the society. This also indicates that that corporate houses, at large, are a composite part of society and have a role in sustaining a balanced ecosystem, favouring social equity and advantage. In fact, CSR programmes are meant to hasten the process of societal development. According to Shantanu Prakash, MD & CEO, Educomp Solutions Ltd, “Today, business ethics and professional expertise are teaming up to contribute
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to social welfare adding to the effort of government & PPP initiatives. This coadjuvant mechanism is providing for a faster roll-out of development and therefore prosperity around the globe, which would otherwise take much longer.” And he is right. Indian has a culture of rich traditions that emphasises on co-operativeness amongst members of family, society, community, regions, states and finally nation. Entrepreneurs of India work on the same principles. They work towards growth of their own organisation, fulfilling aspirations of the stakeholders and actively participating with community for economic growth and development. Says Sushmita Chakravarti, Associate Director, CSC India: “CSR is a business imperative for CSC. It is not just about charity work, or just philanthropy, or just the environment. It encompasses all areas of our business–
our clients, employees, communities, environment, and governance. We believe that sustainability is good business. We used to report on financial assets. Now we need to report on our triple bottom line–our financial assets, our services which roll relationships, and our people.” Voluntary Guidelines for Running CSR CSR initiatives were introduced in India by the mid 1990s and the first voluntary code of corporate governance was a part of the former, an initiative known as the ‘Desirable Corporate Governance: A Code’, by India’s biggest business association – the Confederation of Indian Industry (CII). Ministry of Corporate Affairs then led to a National Foundation for Corporate Governance (NFCG) in a joint understanding with CII, the Institute of