Govt Planning CSR for 'One Stop Virtual Shop'

New Delhi
Govt Planning CSR for 'One Stop Virtual Shop'
outlookindia.com
-0001-11-30T00:00:00+0553

To provide a "one stop virtual shop" for all social welfare spending needs of companies, government plans to have a Corporate Social Responsibility (CSR) portal along with data analytics platform.

The proposal comes against the backdrop of the new companies law mandating certain class of profitable businesses to shell out at least two per cent of their three-year annual average net profit towards CSR activities.

CSR norms under the Companies Act, 2013, came into force from April 1.

The portal would be set up in partnership with the Indian Institute of Corporate Affairs (IICA), which comes under the Corporate Affairs Ministry.

"CSR web portal aims to create a one stop virtual shop for all CSR related needs of stakeholders, both corporates and their implementing partners," according to IICA.

In the RFP (Request for Proposal) for setting up CSR portal, data analytics, e-learning and dissemination platform, it has been mentioned that these would be developed in partnership with IICA.

The data analytics platform would have features such as sectoral and overall spend analysis, geographical location of CSR analysis and statistical reporting.

Besides, it would host a job match making portal for CSR companies to post their jobs and also for job seekers to apply for jobs in CSR.

As per IICA, the same platform could be used to search for suitable independent directors as well, for the companies falling under the ambit of new companies law.

"An Electronic Data Gathering, Analytics & Research (EDGAR) system will be developed for creating a database of companies, CSR policies of all companies falling under the ambit of Section 135 and their areas of operation.

"This will help IICA in locating CSR services across the country and create a geo-tagged CSR landscape of the country," as per the RFP document.

The portal would have various features, including an e-learning platform.

Bids for the CSR portal, data analytics platform and research on CSR data would be opened on August 28.

IICA was set up for capacity building and training in various matters relevant to corporate regulation and governance.

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