Well-defined CSR strategy has advantages: Report

Source: The Hitavada      Date: 15 Dec 2018 11:07:03

A WELL-DEFINED CSR strategy has several advantages in the long-term and leads to strategic competitive advantages, Associate Director of Thomas Schmidheiny Centre for Family Enterprise at the Indian School of Business (ISB), Nupur Pavan Bang has said. A White Paper on 'Family Businesses: Heeding the Call of Corporate Conscience,2015-2017,' was conducted by Thomas Schmidheiny Centre for Family Enterprise on Thursday.

“Firms would do well to understand that a well-defined Corporate Social Responsibility strategy has several advantages in the long-term. It leads to strategic competitive advantages and as a result create long-term value for shareholders. Without enlightened promoters aided by independent directors and a complementary policy framework universal adoption of well-meaning and highly spirited CSR pursuits will continue to remain a distant dream,” he said.

Bang, one of the authors of the report, said the study was done on the CSR spend pattern of different categories of firms, based on ownership structures, from 2015-17 using data from government portals. State-owned enterprises have been largely driving CSR spends in India and they contributed to 31.7 per cent