Conclusion

Corporate social responsibility is more than just a business trend or fad. Businesses that want to
stay relevant to new generations and who want to help people in need around the world while
increasing their own revenue and efficiency will benefit from embracing CSR.
Corporate governance is important because it creates a system of rules and practices that
determine how a company operates and how it aligns the interest of all its stakeholders. Good
corporate governance leads to ethical business practices, which leads to financial viability.
Godrej has successfully completed its 113 years; it is reaffirmed from the fact that it is one of
the most famous and reliable brand in the country. With a motto “We Care the Quality of Your
Life”.
In the case of Godrej consumer products, we have seen that company followed the standard
principles in all areas of corporate social responsibility and corporate governance as mentioned
below:
Principle 1: Businesses should conduct and govern themselves with ethics, transparency, and
accountability
Principle 2: Businesses should provide goods and services that are safe and contribute to
sustainability throughout their life cycle
Principle 3: Businesses should promote the well-being of all employees
Principle 4: Businesses should respect the interests of, and be responsive towards, all
stakeholders, especially those who are disadvantaged, vulnerable, and marginalized
Principle 5: Businesses should respect and promote human rights
Principle 6: Businesses should respect, protect, and make efforts to restore the environment
Principle 7: Businesses, when engaged in influencing public and regulatory policy, should do so
in a responsible manner
Principle 8: Businesses should support inclusive growth and equitable development
Principle 9: Businesses should engage with and provide value to their customers in a
responsible manner
Godrej continues its efforts for the betterment of the environment and conservation of scarce
natural resources.
They say “they touch more consumers than any other Indian company- it’s not just with soaps,
locks and cupboards….”. It is because of their determination towards the helping hand to
society and commitment to serve better every time through their corporate governance and
corporate social responsibility.
But there was also latest news of Godrej Consumer Product Ltd (GCPL) has spent Rs 19.49 crore
on the corporate social responsibility (CSR) initiatives in FY 2019-20. It is about 23% lower than
the mandated amount of Rs 25.34 crore. Company spent Rs 21.87 crore in FY 2018-19.
These things might bring a factor of doubt in the stakeholders and will become the question of
company ethics. Therefore, the company must stand still as per the directives and follow the
standard principles.

Recommendations
Corporate governance is critical to an organization's long-term success. It not only boosts overall
performance, but it also builds trust among shareholders and other stakeholders.

Companies and organizations must endeavor to implement excellent corporate governance procedures.

Key components and the standard practices to be followed.

1.Governance Frameworks
Governance frameworks are sometimes disregarded, but they are the foundation of how a company or
organization is run, and they should be developed to ensure that:

 Effective boards
 Transparency in roles and responsibilities
 Accountability and engagement with stakeholders

2. Governance Documentation
Governance documents must be accurate and up to date at all times. These documents provide
out the rules by which the firm is run, as well as the rights and obligations of the
shareholders/owners and evidence of the governance processes/procedures in place for
regulators/stakeholders.
3. Policies that are in accordance with the law and any applicable restrictions
Policies and guidelines are vital because they cover important concerns such as day-to-day
operational norms and principles. They guarantee that laws and regulations are followed, that
the organization's culture is reflected, that decision-making is guided, that risk appetite is
managed, and that internal processes are streamlined.
These rules and guidelines should be current and aligned with the organization's goals and
strategy, as well as applicable laws and regulations. Furthermore, these should be made widely
known to ensure that everyone understands how things should be done and how they should
act.[ CITATION PwC \l 1033 ]
4. Procedures and processes must be documented
It's critical to have well-documented governance processes and procedures. A corporation or
organization may have good corporate governance standards, yet documentation of the actual
processes/procedures in place may be lacking.
5. Effective board reporting
Boards work best when they receive high-quality reports with enough information to make
well-informed choices and build business strategies for the organization's short- and long-term
growth and overall sustainability.
Recommended Improvisations for GCPL
Succession planning should be done in ethical way considering the contribution from the senior
employees instead of selecting the family members to the top positions.
We must ensure that family disputes should not be a blockade in day-to-day business
operations.