By TIOL News Service

NEW DELHI, APRIL 16, 2018: IN yet another comprehensive analysis of corporate disclosures, CII’s Annual CSR Tracker 2017 reports that 1,522 BSE-listed companies spent Rs 8,897 crore, or 92% of budgeted Rs 9,680 crore. This is an increase of about nine per cent in CSR spends in FY17 as compared to FY16. The number of BSE-listed companies required to fulfil the mandate has also increased to 1,522 in FY17 from 1,270 in FY16 and 1,181 in FY15.

Key findings of FY17 suggest a substantial increase in CSR spends as against FY16 in the areas of environment & ecology (66%), gender equality (115%), national heritage (153%) and sports development (192%). There was a noteworthy increase in the CSR spends with respect to armed forces veterans in FY17 amounting to Rs 33 crore in comparison to FY16, where less than Rs 1 crore was spent.

FY17 registered a huge drop in the contribution made to the PM’s Relief Fund as compared to 2016 where 79 companies contributed to Rs 80.55 crore and 120 companies contributed to Rs 107.43 crore in 2015. This year, only 45 companies reported to have invested about Rs 23 crore. This is a positive indication towards the effort made by companies to introspect their nature of spends and comply with the CSR legislation.

The purpose of Annual CSR Tracker is to put in perspective industry trends in terms of spends vis-à-vis the mandate. Companies have begun to mature in their intent, nature, and quality of disclosures in FY17. This report also examines the neglected areas of spends which is a motivation and opportunity for the companies to revisit their areas of spends every year and come up with more informed planning, every financial year.