It is a comprehensive process of assessing the impact created by the company in the lives of the beneficiaries. Assessing the impact of a CSR project helps to understand the impact outcome of the project.
The CSR for companies has been controlled by the Companies Amendment Act under the Ministry of Corporate Affairs (MCA). From 22 January 2021, the provisions for impact assessment have come into effect. According to the rules declared on 22 January 2021, the companies with an average CSR obligation of INR 10 Crore or more in the preceding three financial years will have to undertake an impact assessment with the help of an independent agency. The Ministry of Corporate Affairs (MCA) has estimated the CSR expenditure to have increased approximately over INR 70,000 Crores.
So, in accordance with the new rules, it is mandatory for all the companies fulfilling the mentioned criteria, undertaking CSR activities to register themselves with the Central Government by filling the electronic CSR- 1 form for all the CSR projects effective from April 1, 2021. After registering, a unique CSR number will be generated. The Ministry of Corporate Affairs will have an account of the registration numbers of all the companies enrolled. In this way, the execution of the CSR activities can be monitored and assists in timely execution of the proposed activities.
Objective of CSR Impact Assessment
Objective of CSR Impact Assessment is to evaluate and disclose the societal outcome of a CSR project. The impact assessment is conducted to understand the limitations of the current impact, and the future impact vision when the project is extended. It helps to verify data and update the stakeholders of the company, and the CSR project heads for data verification and accountability. In this way, it helps to identify the pitfalls in the project.
Do you want to learn more about the CSR impact assessment? A CSR impact evaluation aims to measure the delta change produced by CSR activities and to decide how to allocate a company's CSR budget most effectively. SoulAce helps determine whether the company's CSR actions align with its CSR policy objectives. Contact us for more Info!
https://www.soulace.in/what-is-csr-impact-assessment.php
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IntroductionEven though it is the year 2020, the concept of corporate social responsibility remains a rather vague one.
Corporates social responsibility, or simply CSR, is a concept that encourages companies to integrate social and environmental concerns in their business operations.
The private sector of industry invests a lot in CSR these days, thanks to the high importance placed upon it by the customers.Speaking from social and economic perspectives, Corporate Social Responsibility activities in Pakistan are pivotal to the turnaround that the country needs badly.
The role of the corporate sector in alleviating the issues in Pakistan holds key importance.
This is the prime reason why we have seen a recent surge in CSR activities in Pakistan.Companies which lead CSR activities in PakistanSome of the local and international enterprises have realized their roles concerning CSR activities in Pakistan.
Let’s have a look at how they are contributing to the cause, here in Pakistan.1- Unilever’s role in CSR activities in PakistanOne has to appreciate the efforts of Unilever Pakistan in this regard.
