{"id":52044,"date":"2020-02-18T21:32:21","date_gmt":"2020-02-18T19:32:21","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=52044"},"modified":"2020-02-18T21:32:21","modified_gmt":"2020-02-18T19:32:21","slug":"kpmg-76-companies-in-india-complying-with-csr-norms","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/kpmg-76-companies-in-india-complying-with-csr-norms\/","title":{"rendered":"KPMG: 76% companies in India complying with CSR norms"},"content":{"rendered":"<p dir=\"ltr\" style=\"text-align: left;\">More companies in India are complying with corporate social responsibility norms under the Companies Act, 2013, with 76% firms having spent 2% or more of their profits on such initiatives during 2019, according to a report.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">The findings of the \u2018India CSR Reporting Survey 2019\u2019, compiled by\u00a0<a href=\"https:\/\/thecsrjournal.in\/csr-compliance-among-top-100-listed-companies-improved-kpmg-survey\/\" target=\"_blank\" rel=\"noopener noreferrer\">KPMG<\/a>\u00a0in India, that covered 100 companies also revealed a 150% rise in the number of firms that have committed to carry forward 2% of the unspent amount.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">The Companies Act which came into effect from 1 April 2014 stipulates that firms with a net worth of INR 500 crore or more, or a turnover of INR 100 crore or more, or a net profit of INR 5 crore or more during the immediately preceding financial year are required to spend 2% of their profits on corporate social responsibility (CSR) programmes. Eligible companies need to form a CSR committee, formulate policy, and implement projects in alignment with Schedule VII of the Act. CSR-related disclosures need to be made in the annual report in the format prescribed by the Act.<\/p>\n<div id=\"FirstPost_Wap_New\/FirstPost_Wap_New_Business\/FirstPost_Wap_New_Business_Internal\/FirstPost_Wap_New_Business_Internal_Between_Sections_300x250_2\" class=\"between-300x250\" dir=\"ltr\">\n<div class=\"ad-section text-center\">\n<p style=\"text-align: left;\">According to the report, there has been a 325% increase in the number of companies that have disclosed details of outreach in annual report. Besides, 30% of firms studied in the report have had more than three CSR committee meetings.<\/p>\n<p style=\"text-align: left;\">\u201cWhile the overall CSR spending is increasing, it is also heartening to observe the increase in number of companies going beyond the 2% mandate and even companies who are not required to spend allocating budgets for CSR and spending,\u201d said Santhosh Jayaram, Partner and Head, Sustainability and CSR Advisory at KPMG in India.<\/p>\n<p style=\"text-align: left;\">\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>More companies in India are complying with corporate social responsibility norms under the Companies Act, 2013, with 76% firms having spent 2% or more of their profits on such initiatives during 2019, according to a report. The findings of the \u2018India CSR Reporting Survey 2019\u2019, compiled by\u00a0KPMG\u00a0in India, that covered 100 companies also revealed a [&hellip;]<\/p>\n","protected":false},"author":410,"featured_media":52045,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6261,984],"tags":[6464,6251],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>KPMG: 76% companies in India complying with CSR norms - Csr Egypt<\/title>\n<meta name=\"description\" content=\"More companies in India are complying with corporate social responsibility with 76% firms having spent 2% or more of their profits on such initiatives .\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/csregypt.com\/en\/kpmg-76-companies-in-india-complying-with-csr-norms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KPMG: 76% companies in India complying with CSR norms - 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