Corporate Social Responsibility at ONGC Ltd.
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"ONGC is continuously and consciously involved and focused towards corporate social responsibility in all decisions and activities undertaken in the organization. ONGC is committed to allocate 0.75% of net profit of the year towards socio-economic development programmes."1
- Dr. Madhav Mehra, President, World Council for Corporate Governance, in May 2006.
"If trade and commerce - and by extension, business and industry - is not sensitive to its social and environmental contexts, it will not be sustainable. And if it is not sustainable, it will collapse."2
- Kamal Nath, Union Minister (commerce and industry), in May 2005.
With growing globalization, Corporate Social Responsibility (CSR) had been increasing in importance as it helped organizations to improve their relationships with local communities, increase brand value, and build a good corporate image for themselves. Also, the socio-economic developmental activities undertaken by companies increased the purchasing power of the community, leading to an expansion in their market size.
"We should start putting it in the balance sheet,"5 said Kishore A. Chaukar, managing director, Tata Industries Ltd.
1] "ONGC wins global award for corporate
governance,"www.business-standard.com, May 15, 2006.
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