Legal and Regulatory Framework of Corporate Social Responsibility in Pakistan

Abstract

This research paper explores whether any remedies are existing to the stakeholders in case if companies do not observe the implementation of CSR regulations. All the citizens of a state have some obligations as well as legal and moral rights. The world “citizens” include not only natural persons that is human beings but also the Legal entities like corporations etc.it is obligation of companies to perform functions effectively as responsible corporate citizens. In recent era, corporations cannot escape from their legal duties because their business activities having extra tri-dimensional effect on the society at large. The CSR (Corporate Social Responsibility)is the assurance by the corporations to act justly and contributes to economic growth while refining, improving and humanizing the quality of life of workers and as well as their dependents/ legal heirs and also the society. This research aims to disclose the level of CSR in the Pakistan. The idea of CSR is not compulsory activity has been highlighted. When we talk about Pakistan, enormous companies have basically been supporting CSR practices by choice in different forms such as charities and such like practices. According to the supporters, compulsory form of CSR can be properly carried out by legislation. In this research we shall try to analyze relevant provisions of statutes, laws, SOPs, rules, regulations and guidelines both at domestic as well as international level. Further the research will explore and highlight the significance of CSR, its proper implementation and reformation of laws.