inner-banner-month

Standard of the Month


IS 26001: 2024

Corporate Social Responsibility — Requirements (First Revision)

The Corporate Social Responsibility (CSR) Standard, first published in 2020, has been revised to incorporate valuable insights gained since its inception. This standard, aimed at guiding organizations in their CSR endeavors, has evolved to address the changing landscape of corporate responsibility. The latest revision introduces significant changes to enhance its effectiveness and relevance in today’s context.

One of the key modifications is the refinement of the standard’s scope, ensuring it aligns with current CSR practices and expectations. Additionally, new terms such as ‘Implementing agency’ and ‘star rating’ have been defined, providing clarity and consistency in terminology. The revision also emphasizes the importance of CSR planning, introducing the concept of a ‘log frame’ to improve strategic planning and implementation. Furthermore, specific compliance requirements related to CSR have been modified to reflect best practices and industry standards.

Another notable update is the inclusion of new clauses focusing on monitoring, improvement, and evaluation of CSR frameworks. These additions underscore the importance of continuous assessment and enhancement of CSR initiatives to maximize their impact. The revised standard also introduces a new clause for the review of CSR activities, emphasizing the need for regular evaluations to ensure alignment with organizational goals and societal needs. The criteria for star ratings, outlined in Annex A and B, have been revised to provide a more comprehensive and objective assessment of CSR performance. This new framework will enable companies to benchmark their CSR efforts against industry standards and best practices, encouraging continuous improvement.

The formalization of Section 135 under the Companies Act, 2013, has positioned India as a pioneer in mandating CSR practices. This standard, developed by the Bureau of Indian Standards (BIS), reflects India’s commitment to promoting CSR excellence and accountability. The certification process outlined in the standard will enable companies to demonstrate their commitment to CSR and enhance their brand value. By adhering to the principles and parameters of this standard, companies can embed CSR into their management systems, ensuring that CSR plans are implemented with transparency and accountability.

Overall, the CSR Standard represents a significant step forward in promoting CSR excellence in India. By providing a voluntary and certifiable framework, this standard will encourage companies to adopt strategic CSR practices that deliver long-term benefits for both businesses and communities.

Last Updated on March 15, 2024

national portal logo
consumer affairs logo
relief fund logo
iso
isro logo
iec image
niti ayog logo
digital india logo
swach bharat logo
make in india logo
ghtc
(Hindi) Yogo
75BISLOGO
Skip to contentBIS