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Corporate Social Responsibility Committee
Section 135(1) read with Rule 3 of the Companies (Corporate Social Responsibility Policy Rules, 2014, mandates every company having:
(a) Net worth of rupees 5 crores or more, or
(b) Turnover of rupees 1000 crores or more, or
(c) A net profit of rupees 5 crores or more
During any financial year to constitute a Corporate Social Responsibilty (CSR) Committee of the Board.
Composition:
Section 135 provides that CSR committee shall be constituted with 3 or more directors, out of which atleast one director shall be an independent director.
Function:
The CSR Committee shall:
(a) formulate and recommend to the Board, CSR Policy which shall indicate the activities undertaken by the Company as specified in Schedule VII.
(b) recommend the amount of expenditure to be incurred on the activities referred to in clause (a)
(c) monitor the CSR policy from time to time.
CSR Expenses:
The Board of every company refers in this Section, shall ensure that Company spends, in every financial year, at least 2% of the average net profits of the company made during the three immediately preceeding financial years, in pursuance of its CSR Policy.
Board’s Report:
The Board’s Report of the company covered under this Section, shall include an annual report on CSR. Moreover, if the company fails to spend CSR expenses, Board’s report shall specify the reasons for not spending amount.
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FAQs on Corporate Social Responsibility Committee - Management, Company Law - Company Law - B Com
| 1. What is the role of a Corporate Social Responsibility (CSR) Committee in a company? |  |
Ans. The CSR Committee is responsible for overseeing and implementing the company's CSR initiatives. It ensures that the company operates in a socially responsible manner, addressing environmental, social, and economic concerns. The committee develops policies, sets goals, and monitors the progress of CSR programs.
| 2. What are the key responsibilities of a CSR Committee? | |
Ans. The key responsibilities of a CSR Committee include formulating CSR policies, developing CSR strategies, identifying social and environmental issues, setting CSR goals and targets, monitoring and reporting on CSR activities, engaging with stakeholders, and ensuring compliance with relevant laws and regulations.
| 3. How is a CSR Committee formed in a company? | |
Ans. A CSR Committee is formed as per the provisions of the Companies Act, 2013 (in India) or other applicable company laws. The act mandates that certain classes of companies must constitute a CSR Committee comprising of at least three directors, including at least one independent director. The committee is appointed by the board of directors.
| 4. What is the significance of a CSR Committee in terms of legal compliance? | |
Ans. A CSR Committee plays a crucial role in ensuring legal compliance with respect to CSR activities. It ensures that the company fulfills its legal obligations regarding CSR expenditure, reporting, and disclosure. The committee also helps in mitigating legal risks by overseeing the implementation of CSR policies in accordance with applicable laws and regulations.
| 5. How does a CSR Committee contribute to the company's reputation and stakeholder relations? | |
Ans. A CSR Committee contributes to the company's reputation by overseeing and implementing CSR initiatives that align with the company's values and goals. It helps build a positive brand image by addressing social and environmental concerns. The committee also engages with stakeholders, including communities, NGOs, employees, and investors, to understand their expectations and concerns, thereby fostering good relations and enhancing the company's reputation.
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