UK-based Good Values, which provides consultancy services on corporate responsibility aspects, plans to soon open an office in India.
Good Values' proposal also comes at a time when most Indian companies are preparing to shell out at least 2 per cent of their three-year annual net profit towards social welfare spending activities under the new companies law.
The founders of Good Values - Paul Gillespie and Jacquie Irvine - are excited about the "huge potential" in India to help companies with their corporate social responsibility (CSR) activities.
Looking to establish itself as a long term player in the country, Good Values would soon be setting up an office here.
"We are planning to open an office in India soon, mostly this year (itself)... We are looking to build a consultancy team in India," Mr Gillespie said.
In a recent interaction with PTI, they said the new CSR law would help in galvanising companies to carry out work for communities.
Under the Companies Act, 2013, a certain class of companies is required to spend on CSR work within India. It would be applicable to corporates having at least Rs 5 crore net profit, Rs 1,000 crore turnover or Rs 500 crore net worth.
Such companies would need to spend two per cent of their three-year average annual net profit on CSR activities in each financial year, beginning fiscal year 2014-15. In case, they are unable to spend the required amount, reasons for the same have to be given to the Corporate Affairs Ministry.
For successful implementation of CSR activities, Ms Irvine said there should be a change in mindset which can brought in through an education process.
"Engaging the employees (of a company) is also key," she added.
With regard to India, she said that the focus would be to work with local people and involve local communities in carrying out social welfare activities.
Good Values is already working with many multinational companies as well as non-governmental organisations, among others, in different parts of the world.
Its clients include HSBC, Barclays, Lloyds Group, Vodafone and Deutsche Bank, among others.
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