Corporate Social Responsibility and Role of Professionals

Abstract

With the increasing thrust on best governance practices, there is renewed emphasis on ‘corporate social responsibility’ (CSR). Enlightened managements have been embracing an extended role of trusteeship for the society. With a view to strengthen the trend, the Companies Bill, 2012, which has been passed by Parliament and is awaiting Presidential assent, also makes it mandatory for the corporate sector to discharge its social responsibility. The corporate sector depends on professionals for governance, management and growth. Professionals like advocates, chartered accountants, company secretaries and cost accountants, whether in practice or employment, can significantly contribute in discharge of social responsibilities. In this context, an attempt is made in this article to discuss the concept of corporate responsibility, role of professionals and some suggestions for business excellence. Professionals can effectively help in compliance with the legal and regulatory framework of companies in letter and spirit by true and fair financial disclosure and tax compliance. They can also advise on the best corporate governance practices, business values, policies, plan execution and discharging social responsibility. Professionals can be immensely helpful in CSR initiatives by advising on business models where profit making and social welfare go hand in hand. They can effectively advise on preferred local areas around the operations of companies for spending the amount earmarked for CSR activities. Professionals can very effectively advise on viability of public-private- partnership (PPP) and corporate-aided community projects and ensuring that the projects contribute to socio-economic development. Companies with their infrastructure, managerial and financial resources are in an ideal position to contribute to socio-economic welfare projects

Keywords: Corporate Social Responsibility, Professionals, Socio-Economic Development.


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Categories: April 2014