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Fostering socially responsible stewards: CSR and investment funds in India.
- Source :
-
Journal of Corporate Law Studies . Oct2023, Vol. 23 Issue 2, p567-599. 33p. - Publication Year :
- 2023
-
Abstract
- In 2013, the Indian government mandated all companies to spend a portion of their profits on Corporate Social Responsibility ('CSR') activities but did not require companies to incorporate sustainability into their business, leading the statutory provision mandating CSR to become a box-ticking exercise. This approach of tick-box compliance with the CSR mandate is now being questioned by various investment funds that are actively pushing for the incorporation of Environmental, Social and Governance ('ESG') concerns into the business practices of their portfolio companies. While the Stewardship Codes promulgated by the various Indian regulators expressly mandate investment funds to monitor the ESG risks of their portfolio companies, there are no sanctions for non-compliance. This paper suggests the introduction of a market-based enforcement mechanism for the Stewardship Codes to enhance their effectiveness and practical relevance in the Indian legal framework. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 14735970
- Volume :
- 23
- Issue :
- 2
- Database :
- Academic Search Index
- Journal :
- Journal of Corporate Law Studies
- Publication Type :
- Academic Journal
- Accession number :
- 176862380
- Full Text :
- https://doi.org/10.1080/14735970.2023.2299200