India passes world's first corporate responsibility law | GreenBiz.com - 0 views
-
aw requiring larger companies to spend 2 percent of each year's profit on those kinds of initiatives. The law kicks in for companies with a profit of at least $80 million over the past three years.
-
t outlines nine "pillars" that can fulfill the requirement, one of which is "ensuring environmental sustainability," under which installing solar systems falls. This likely will incentivize more solar development because it's an area that provides businesses with a return in investment.
-
Companies must use a new auditor every five years and any given auditor can't serve more than two five-year terms; an auditor can't serve more than 20 companies; and auditors can be criminally liable if they knowingly or recklessly omit information in their reports.
