Concept PR has announced the launch of a CSR division Concept Community Relations, to handle projects in the space from ideation to analysing impact on brand image.
Vivek Suchanti, chairman and MD, Concept Group, said, “With the new Companies Act making it mandatory for corporates to make CSR spend of at least 2 per cent of their net profits, we expect that the community and social development landscape to witness a sea change. This also offers a huge opportunity for corporates to give back to the society.”
The new Companies Bill stipulates that companies with net worth of Rs 500 crore, turnover of Rs 1000 crore or net profit of Rs 5 crore in a financial year must spend at least 2 per cent of its net profit (average of last three financial years) on CSR.
B N Kumar, executive director, Concept PR, will head the division. He added, “We have been advising companies on the need to concentrate on CSR as part of their social obligation rather than looking at it as a tax saver. We are now initiating an entire new division, which will advise clients with a 360-degree approach on CSR.”
“Since the boards of directors are accountable for every rupee that is spent, CSR activities may have to form part of the annual reports, much like the section on corporate governance. In the new, emerging transparency regime CSR spend will be most visible investment and the impact will therefore play a major role in a company’s image,” explained Suchanti.