Social Responsibility is not the exclusive domain of government and 'passive philanthropy' alone no longer constitutes Corporate Social Responsibility (CSR).

Majority of the respondents have ranked ethical conduct including compliance & transparency of business and nation building amongst the definitions closest to their perception of CSR.

The respondents consider business ethics, compliance with regulatory requirements and consistency in value delivery as three of the most important factors that impact social reputation of a corporation.

Companies claim that a desire to be a good corporate citizen and improved brand image drive CSR, contrary to articulated perceptions much less importance to regulatory compliance have been attributed.

CSR performance of the corporation is factored by the following major stakeholders: the employees as per 75% of the respondents, the customers as per 66% of respondents, local community as per 60% of respondents and the regulatory bodies as per 63%.

81% of respondents have defined ethics requirements, 76% environmental requirements, 72% all regulatory compliance requirements and 76% have clearly defined health and safety requirements.

Most of the companies surveyed include social responsibility in the corporate strategy, and its conceptualisation and deployment in most cases is at the highest level in the organisation. The top four influence on CSR Strategy are: the management (as per 98% of respondents), Board and employees (over 80% of respondents), shareholders (61% of respondents) and local communities (67% of respondents)

CSR is perceived as a mechanism to proactively approach and address the significant regulatory requirements. Accordingly in pursuit of CSR, systems, policies/guidelines are delineated for concerns such as health, safety and environment..42% of the respondents have instituted certified management systems for deployment of CSR.

Over 55% of the companies surveyed felt that greatest enabling policy/ regulatory matter was provision of tax/ duties/ customs benefits.

38% of the respondents earmark resources for CSR a priori.

Absence of a clear linkage between CSR and financial success is identified as the principal barrier to CSR. Lack of mechanisms to measure, monitor, evaluate and report impact of CSR initiatives is also seen as a major barrier.

CSR is of interest to lenders and retail investors as per only about 20% of respondents while 39% of respondents believe that institutional investors factor in CSR while making their assessments of companies.

Many companies see a great future for earning profits through ethical conduct of business, complying with regulatory requirements, with a greater emphasis on protection of environment, and employee health and safety.

More than 90% of the respondents believe that investors shall demand greater transparency in disclosure of financial and non-financial information. More than 90% and 63% of the respondents expect to be more transparent in reporting financial and non-financial information respectively.

In light of the evolving agenda of CSR, mainstreaming of CSR in business schools will ensure that the managers of the future are imparted the appropriate skills and sensitivities.

For more information please visit: http://www1.britishcouncil.org/india-rights-csr-survey-2.htm