MCA Limiting Information sharing in Annual Reports of CSR
The Ministry of Corporate Affairs (MCA) has limited details that companies must give about their Corporate Social Responsibility (CSR) projects in their annual reports.
The Companies (Corporate Social Responsibility Policy) Amendment Rules, 2022, issued on September 20, has revised Annexure II – the format in which CSR activities are disclosed in the Annual Report.
Companies can now limit the information disclosed by them on CSR spending in their annual reports. The revised Annexure II excludes details concerning the companies’ expenditure towards ongoing and other CSR projects.
The details omitted include the name, the location and duration of the company’s CSR project, the amount allocated for the project, the amount spent in the current financial year on the project, mode of implementation, the name of the implementing agency along with their CSR registration number and amount transferred to the unspent CSR account.
But these omitted details must still be disclosed by the company while filing their CSR-2 form with MCA