1) Coke's Rajasthan plant CSR claims lack merit: Study

Dr Karnani says in his report that his findings are the result of his visit to Kala Dera to conduct his research
ANI | New Delhi February 26, 2014 Last Updated at 12:36 IST

Soft drink giant Coca-Cola's claim that has been maintaining its Corporate Social Responsibility (CSR) around its bottling plant in Kala Dera, Rajasthan, have been found to be lacking in merit, according to a recent study carried out by the University of Michigan. [Link] visited the plant and found that the claims made coca-cola are false that its operations are not affecting any water resources in the area. The community, which includes large numbers of farmers, blames Coca-Cola for causing severe water shortages in the area & there is absolutely no evidence to support the company's claim that it recharges the amount of water it withdraws. The plant is thus completely destroying the water resources in kala dera

2)

'Big corporates, government should extend cooperation to MSMEs'

PTI Feb 23, 2014, 07.38PM IST

It says that Small scale industries can flourish in Odisha if big corporate houses and government extend support and cooperation. If the major corporate houses cooperate, Odisha can have significant development in the MSME sector. Odisha has a heritage of trade and commerce for the past 3,000 years and we are abundantly blessed with all the resources we need yet we are paradoxically the poorest of the poor. Despite challenges the growth of the state cannot be argued upon and there is no reason why it could not be the next Australia of India. the environmental clearance has become a bottle neck for industrial growth in the state.

3) Industry to gear up for new CSR component

A two-day national meet on environment and corporate social responsibility (CSR), organised by Delhibased non-government organisation (NGO) Greentech Foundation and the Indian Institute of corporate affairs (IICA), was inaugurated by Bhaskar Chatterjee, director general and chief executive officer, IICA, in Chandigarh Companies Act, comes into effect from April 1, 2014. All companies with turnover of Rs 1,000 crore or more - or a net worth of at least Rs 500 crore or net profit of at least Rs 5 crore - will have to spend at least two per cent of their three-year average profit on CSR activities. It is estimated registered companies in the country will spend Rs 20,000 crore on CSR activities alone in 2014 and 2015. This means that there would also be a need for CSR professionals and consultants and other specialists.

4)

Sebi announces new corporate governance norms; mutual fund policy

ET Bureau Feb 14, 2014, 07.15AM IST

A person can't be an independent director in more than seven companies and cannot accept stock options them, according to new rules issued by the Securities & Exchange Board of India (Sebi). The Sebi board, which met in Delhi on Thursday, also made it mandatory for companies to disclose CEO compensation. The new rules restrict the tenure of independent directors to two five-year terms. Directors nominated by the company's promoter cannot be classified as an independent director .The norms empower minority shareholders to be more informed and to easily exercise their votes. Some of these changes may attract criticism. Also was said that Increasing the net worth requirement for mutual funds is not a good idea because you need smart managers to manage the portfolios and not the rich managers,

5) Som Mittal urges tech firms to pool their CSR for education
Says such an effort will aid in developing a single delivery platform with multi-language modules, which should be available free of cost
Press Trust of India | Mumbai February 12, 2014 Last Updated at 14:48 IST

Former Nasscom President Som Mittal has urged IT firms to pool the mandatory two per cent (CSR) to create a nation-wide education fund. such an effort will aid in developing a single delivery platform with multi-language modules, which should be available free of cost. Less than 20 per cent Indians have access to or interface with technology on a regular basis. According to section 135 of the Companies Act, certain class of entities have to spend at least two per cent of their three-year average net profit towards CSR activities. If even half the technology companies in India to pool in their 2 per cent mandatory CSR into creating a free and common education repository, the multiplier impact will be several times what they all can achieve individually.

6)

Independent directors are becoming important catalysts in good corporate governance

Dec 19, 2013, 05.36AM IST

The new companies Act has several additional provisions regarding independent directors, ?You can either be a director or independent, but not both, say many critics of corporate governance. independent The role of independent director, in part, is to act as a watchdog on the promoters and the management of the company and protect minority shareholders' interests In the private sector, one has to be well known and trusted by the promoters to be invited to join a board as an independent director. In public sector companies, where government is the promoter, these appointments are made not by the chairman but by the minister in charge of the PSU. Another major challenge for independent directors is the asymmetry of information. Promoters and managements have far more information and knowledge regarding the affairs of a company and more resources at their disposal compared to independent directors. Clause 49 resulted in the induction of more independent directors and improvements in board processes. he Satyam fraud has had a major impact. Dozens of independent directors resigned from a number of companies as responsibilities and risks of being aa board member became clear

7) Corporate Affairs Min seeks tax benefits for CSR activities

Corporate Affairs Ministry has sought tax benefits for social welfare spending which is compulsory for certain class of profitable entities under the new companies law. The Corporate Affairs Ministry, which is also in the process of finalising CSR rules, is awaiting response on the tax benefits issue from the Central Board of Direct Taxes (CBDT) .Going by estimates, the total spending on such activities is estimated to be around Rs 15,000 to 20,000 crore annually. CSR rules are exhaustive and efforts have been made to include as many areas as possible. a provision has been made under which any activity deemed as CSR by the board of the concerned company would qualify for the same, provided a disclosure is made. Rules for the new companies law are finalised after extensive consultations with various stakeholders.

8)

Appoint expert panel to review corporate governance norms'

PTI Dec 22, 2013, 12.40PM IST

There was a need to appoint an expert committee to change the corporate governance norms, according to public sector enterprise body SCOPE. Its prime role will be succession planning strategy and monitoring and nomination of Independent Directors. For listed companies, they were going to do something over and above what is specially mentioned in the Companies Act, in the interest of corporate governance of the large corporates, it would be after consideration with all of you (stakeholders ) he had added..As several companies have operations outside India and many more would be venturing in foreign territories, there is a need to align rules with the best in the world. Standing Conference of Public Enterprises (SCOPE) is the apex body of Central government owned Public Enterprises. SCOPE has all the Central Public Enterprises, a few state government enterprises and some nationalised banks as its members.

9) Govts can't tell India Inc how to spend on CSR, says Pilot
Says ultimate decision on how to spend money towards CSR activities would be with the board of the company
Press Trust Of India | New Delhi December 21, 2013 Last Updated at 22:26 IST

With the new law requiring certain class of companies to spend on CSR efforts, Union Minister Sachin Pilot said neither the central nor state governments can tell corporates on how to spend money towards social welfare [Link] said the ultimate decision on how to spend money towards CSR activities would be with the board of the company. Under the Companies Act, 2013, that replaces the nearly sixdecade old legislation governing the way corporates function and are regulated in India, profitable companies with a sizeable business would have to spend every year at least two per cent of three-year average profit on CSR works. This would apply to the companies with a turnover of Rs 1,000 crore and more, or net worth of Rs 500 crore and more, or net profit of Rs 5 crore and more. All options are
available in front of us... Like in company law there are many provisions that can be invoked depending on what the (final) report says Pilot said.

10) Listed companies to attract new corporate governance norms too: Sebi
PTI Dec 20, 2013, 02.45PM IST

Stating that capital markets regulator Sebi will soon unveil corporate governance norms, its Chairman U K Sinha said provisions for listed firms under the new rules will be over and above those in the Companies Act, keeping in mind the best global practices. For listed companies, they were going to do something over and above what is specially mentioned in the Companies Act, in the interest of corporate governance of the large corporate, he [Link] had already placed our document for consultation. Our consultation is almost over. So, were going to promulgate our rules very soon. Clause 40A of the Agreement deals with minimum level of public shareholding, while Clause 49 deals with corporate governance, with a focus on the constitution of the board and top management.