Millennium Post

'Eight Indian cos in Fortune 500 spend $81 mn/year on CSR'

According to a report published by the Varkey Foundation in partnership with UNESCO, while, the eight Indian companies in the Fortune Global 500 spent $81 million a year on Corporate Social Responsibility activities. In comparison, 132 US companies in the Global Fortune 500 spend over $10 billion on Corporate Social Responsibility.

In UK, 26 companies spend more than USD 2 billion on CSR, eight Australian firms spend $980 million and eight Spanish firms spend $648 million. The report, however, said average CSR spend per year of the eight Indian companies in the Fortune Global 500 stood at $10 million, which is higher than their counterparts in China $5 million and Japan $8 million.

The average annual Corporate Social Responsibility spend was worked out by taking the average of the years 2011-13. Globally, Australia has the highest average CSR spend per company at $123 million, followed by the UK $102 million, the US $78 million and Brazil $55 million. On the other hand, China and Japan have amongst the lowest average Corporate Social Responsibility spend by company. Meanwhile, the eight Indian companies in the Fortune Global 500 spend $15 million a year, or 18 per cent of their total Corporate Social Responsibility expenditure on education CSR activities.
"The promotion of education and employment-enhancing vocational skills were two key focus areas for Indian companies, especially at primary and secondary levels," the report said.

As per the report, a vast majority of education related CSR spend went to primary education 39 per cent, followed by secondary education 29 per cent, vocational education 14 per cent and spending on infrastructure 14 per cent.

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