Csr at Ongc
"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.
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Introduction In May 2006, ONGC Ltd. (ONGC), a major Indian public sector company in the petroleum industry, received the 'Golden Jubilee Award for Corporate Social Responsibility in Emerging Economies - 2006', at the 7th International Conference on Corporate Governance organized by the World Council for Corporate Governance3.
Since its inception, ONGC had regularly contributed to various CSR initiatives in the areas of health, education, infrastructure, and culture. In 2003, it decided to allocate 0.75% of its net profit each year for various socio-economic developmental programs undertaken by the company. In 2004, it drafted a Corporate Citizenship Policy - a written guideline which was to provide a direction to the company's CSR initiatives. | |
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. | In India, CSR began as a philanthropic activity where organizations contributed to social causes, but it was gaining in
- 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.
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Introduction In May 2006, ONGC Ltd. (ONGC), a major Indian public sector company in the petroleum industry, received the 'Golden Jubilee Award for Corporate Social Responsibility in Emerging Economies - 2006', at the 7th International Conference on Corporate Governance organized by the World Council for Corporate Governance3.
Since its inception, ONGC had regularly contributed to various CSR initiatives in the areas of health, education, infrastructure, and culture. In 2003, it decided to allocate 0.75% of its net profit each year for various socio-economic developmental programs undertaken by the company. In 2004, it drafted a Corporate Citizenship Policy - a written guideline which was to provide a direction to the company's CSR initiatives. | |
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. | In India, CSR began as a philanthropic activity where organizations contributed to social causes, but it was gaining in