Why in news? ‘Sagar Samajik Sahayyog’, the new guidelines of Corporate Social Responsibility (CSR) by the Ministry of Ports, Shipping & Waterways

Highlights:

• For the purpose of planning and implementing CSR projects, a Corporate Social Responsibility Committee shall be constituted in each major port.
• The Committee shall be headed by the Dy. Chairperson of the Major Port and shall have 2 other Members.
• Each major port shall prepare a Corporate Social Responsibility Plan for every financial year, and integrate its CSR in Business Plan with the social and environmental concerns related to the business of the entity.
• CSR Budget will be mandatorily created through a Board Resolution as a percentage of net profit.

• 20% of CSR expenses must be earmarked to Sainik Kalyan Board at district level, National Maritime Heritage Complex and National Youth Development Fund.
• 78% of funds should be released for the social & environmental welfare of the community in areas like drinking water, education, vocational training, skill development, electricity through non-conventional & renewable sources, health & family welfare, promotion of livelihood for economically weaker section of society, community centres, hostels etc.
• A sum of 2% total CSR expense has been earmarked for monitoring of the projects under the CSR programmes by the Ports.