ICOR 2016 indicates substantial increase in actual CSR spending 13% yoy

The data from 2015-16 suggests an increase in adherence to the documentation guidelines and a substantial increase from 79% in 2014-15 to 92% of actual CSR spend to the prescribed CSR.

Sep 28, 2016 10:09 IST India Infoline News Service

The ‘India CSR Outlook Report (ICOR), is an annual research publication of NGOBox, which highlights the various curves and developments in the CSR spending by big 250 companies listed on BSE or NSE. The first publication (published in 2015) was hugely appreciated by the various stakeholders and provided rich insights about the initiatives adopted and the course of direction taken by the companies. It was significant from the point that the Companies Act 2013 mandated certain companies to include CSR reporting as part of the annual report. The report of 2015-16 CSR also helps in understanding how companies have moved further to meet the compliances in CSR.  The report provides interesting insights not only about the spending pattern but also tabulates it across industry segments (banking, IT, oil & Gas etc.) thematic sectors (education, healthcare, women empowerment etc.) and geographies (states where CSR spending happened). The CSR Outlook Report is an analysis of CSR spending of Bombay Stock Exchange (BSE) listed 250 companies.
 
As per the report, the thematic areas of Education and skill development and Healthcare and Sanitation received the highest CSR funds. There are 10 companies that spent more than INR 50Cr each on healthcare and WASH projects while 9 companies spent more than INR 50 Cr each on education and skills development projects. The data from 2015-16 suggests an increase in adherence to the documentation guidelines and a substantial increase from 79% in 2014-15 to 92% of actual CSR spend to the prescribed CSR. About one-third of the companies have spent more than the mandated CSR fund suggesting that the companies who were doing social good  and spending substantial fund on CSR before the mandatory CSR regime still continues the doing same with pushing the boundaries further for the good of communities. Bhomik Shah, CEO and Founder of NGOBOX adds '‘We see a lot of improvement both at quantitative and qualitative fronts in CSR spend. Last year we have seen a trend of companies shifting from traditional CSR projects to developing rural sports. Companies have started partnering with several NGO’s to promote sports to the rural population. NGOBOX (a venture of Renalysis Consultants Pvt Ltd) is a development communication platform helping companies, CSR foundations, NGOs and social enterprise to network, communicate and find resources online and offline"  
 
The India CSR Outlook report was launched in the inaugural session of India CSR Summit and CSR partnerships Exhibition 2016, an annual CSR event hosted by NGOBOX and co-hosted by National Green Highway Mission, NHAI. The event is attended by over 160 companies’ CSR heads and about 400 nonprofits and social enterprise. There are 60 exhibitors including Google for Nonprofits, Voltas Water, and Charities Aid Foundation etc. The exhibition presents various CSR projects and programmes being implemented by various CSR implementing agencies of companies and CSR foundations. The inaugural session’s Guest of Honour is Samir Somaiya, MD & Chairman of Godavari Biofertilizers and Somaiya Group. Also, Tata Housing’s MD & CEO, Brotin Banerjee, Piramal Foundations’ Head, Paresh Parasnis and Reliance Foundation’s COO, Jitendra Kalra launched the India CSR Outlook Report 2016. Furthermore, National Skill Development Corporation is the associate partner of the event and Google for nonprofits is Digital India partner.
 
India CSR Summit will also present 3rd edition of The CSR Impact Awards, an initiative of NGOBOX to encourage companies, CSR foundations and CSR implementing agencies to deliver high impacts through CSR projects and adopt multi-stakeholder approach leading to excellence in project outcomes. This initiative focuses on identifying high impact CSR projects in 11 categories and 4 special categories at Pan-India level. The Awards seek to appreciate project specific impacts made by the organizations in particular thematic areas, to set benchmark in project planning, identification of partners and delivery of results. NextGen, India's first company in the Corporate Social Responsibility space will be the awards partner for the India CSR Summit 2016. The award will be held tomorrow on 28th Sept 2016 at Hall (II) Bombay Exhibition Centre.

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