Corporate Social Responsibility at ONGC Ltd.
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Case Details:
Case Code : BECG066
Case Length : 22 Pages
Period : 1996-2006
Organization : ONGC Ltd.
Pub Date : 2006
Teaching Note :Not Available
Countries : India
Industry : Oil and Natural Gas
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"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.
Introduction
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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.
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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.
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In India,
CSR began as a philanthropic activity where organizations contributed to
social causes, but it was gaining in importance and becoming an
essential activity for business (Refer Exhibit I to know more about CSR
and Exhibit II for development of CSR in India).
Also it appeared that in the future, CSR in India would become more than
a voluntary exercise. In a conference 'Implementing CSR as a Business
Strategy - A Roadmap for Effective and Sustainable Penetration'
organized by the Confederation of Indian Industry (CII)4
in December 2005, the possibility of a company reporting its CSR
activities along with its financial reports was discussed. |
"We should start putting it in the balance sheet,"5
said Kishore A. Chaukar, managing director, Tata Industries Ltd.
Corporate Social Responsibility at ONGC Ltd.
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