Sonowal launches new CSR guidelines for ports

Guwahati: Union Minister Sarbananda Sonowal launched ‘Sagar Samajik Sahayyog’, the new guidelines of Corporate Social Responsibility (CSR) by the Ministry of Ports, Shipping and Waterways on June 28.

The new guidelines empower ports to undertake CSR activities directly. Speaking on the occasion, the Union Minister of Ports, Shipping and Waterways and Ayush said the ports remain firmly committed to the idea of minimum government, maximum governance.

“The renewed guidelines for CSR activities allow our ports to initiate, undertake and expedite projects for community welfare through a framework where local communities can also become partners of development and change,” he added.

The new CSR guidelines unveiled will impact projects and programmes relating to activities specified in Section 70 of the Major Port Authorities Act, 2021. For planning and implementing CSR projects, a Corporate Social Responsibility Committee will be constituted in each major port. The committee will be headed by the Deputy Chairperson of the Major Port and have two other members.

Each major port will prepare a CSR Plan for every financial year and integrate its CSR in Business Plan with the social and environmental concerns related to the business of the entity.

A CSR budget will be mandatorily created through a Board Resolution as a percentage of net profit. A port with an annual net profit of Rs 100 crores or less can fix between 3-5% for CSR expenses. Similarly, ports with a net profit between Rs 100-500 crore annually can fix its CSR expenses between 2-3% of its net profit, subject to a minimum of Rs 3 crore.

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