The Punjab government will establish an CSR advisory board
Chandigarh, November 1 () In an attempt to rationalize various corporate social responsibility (CSR) activities and establish a neutral platform that involves all stakeholders, the Punjab cabinet approved on Friday the constitution of the Social Responsibility Advisory Board Corporate Punjab under the chief the presidency of the minister and an CSR Authority under the chief secretary.
In saying this here, a spokesman for the Office of the Chief Minister (CMO) said that the board and the authority would ensure the systematic channeling of CSR funds to essential sectors and projects, in accordance with the state's development priorities.
The board would be constituted under the presidency of the prime minister, with members including the minister of health and family welfare, the minister of finance, the minister of industries and commerce, the chief secretary, the administrative secretary (industries and commerce), the secretary administrative (finance) and the director of industries and commerce, plus a maximum of five representatives and industry experts to be nominated by the president.
It has also been decided that the board may co-opt any other minister or officer, if necessary, as a member, with the chief minister authorized to make a decision on the matter.
The board would meet twice a year to review CSR activities, in addition to providing the necessary guidance and advice to the authority to undertake appropriate CSR projects in the state.
The authority would consist of the chief secretary as its president, with the administrative secretary (industries and commerce) and the finance secretary as its members, as well as an executive director (a full-time professional) as a member secretary.
The president of the Punjab Chapter of the IIC, the president of the Punjab Chapter of the FICCI, the president of the PHD Chamber, the president of the Punjab Chapter of ASSOCHAM and any other institution or individual would be invited, as decided by the authority or The state government. The authority may also co-opt other officials, as necessary, as its members. In particular, under article 135 of the 2013 Companies Act, all companies with a net worth of Rs 500 million or more, or a turnover of Rs 1 billion or more, or a net profit of Rs.5 million or more during any financial year reserve and spend in each financial year two percent of the average net earnings of the three immediately preceding financial years for CSR activities, as mentioned in Annex VII of the Law. VSD HDA RC