The Centre is looking to improve disclosures made by public sector undertakings (PSUs), and has asked such companies to share monthly progress made on capital expenditure targets and corporate social responsibility (CSR) initiatives undertaken by them.
New details such as gender-wise reporting of contractual workers, unused land, and profit share in joint venture companies have also been added in the list of disclosures.
The Department of Public Enterprises (DPE), which publishes the Public Enterprises Survey and collects information for Memorandums of Understanding (MoUs) signed with PSUs, is looking to integrate data collected from government-owned companies.
It is also looking to add more parameters for disclosures, and shorten the frequency with which some of these are shared.
PSUs will have to monthly submit data of capex undertaken by them, the target for which is laid out in the Union Budget.
These targets are in addition to expenditure on plants and equipment.
At present, PSUs have to meet 75 per cent of their capex target by the third quarter of the financial year (December 31).
Monthly or quarterly progress is monitored by the administrative ministry. For large PSUs with high capex targets, the finance ministry and Prime Minister’s Office also monitor the progress.
The monthly progress would now be monitored by DPE, an official said.
In FY21, the capex target for PSUs was set at Rs 2.17 trillion, of which 92.7 per cent, or Rs 2.04 trillion, was achieved.
This was lower than 93.3 per cent of the capex target of Rs 2.12 trillion achieved in FY20, according to the latest Public Enterprises Survey.
For CSR, PSUs will share projects undertaken by them towards social causes based on a framework that will be shared to them by DPE.
CSR activities are not part of MoUs that public sector companies sign with the government, but are mandated by the Companies Act, 2013, which require all companies with a net worth of at least Rs 500 crore, or a minimum turnover of Rs 1,000 crore, or a minimum net profit of Rs 5 crore to spend at least 2 per cent of their net profit on CSR activities.
To enhance accountability, PSUs will also have to share time gaps in actual date of completion versus the estimated project completion timeline for projects costing over Rs 150 crore, on a yearly basis.
They will also have to share reasons for delays or early completion of such projects.
For joint venture entities, certain parameters for disclosures such as sharing of corporate identification number, PAN and the share of PSU in the JV’s profits have been added.
As the Centre is looking to monetise idle land parcels of government department and companies, PSUs have been told to share details of unused land.
Information about their asset monetisation plan and targets achieved during the year will also have to be provided.
Even as PSUs share data of their employees, including those on contract, the Centre has now asked them to provide gender-wise reporting of casual labour, contractual workers or apprentices employed by them.
In FY21, PSUs had about 860,000 regular employees, 29,373 casual or daily wage workers, and 480,000 million contract workers.
Data of employees getting leased accommodation, and any outstanding dues towards employee payment, including statutory dues, have also been sought by PSUs.
Gender-wise reporting of contractual workers
Share of PSU in a JV’s profits, along with CIN, PAN of the JV
Time gaps in actual date of completion as against the estimated project completion timeline for major projects costing over Rs 150 crore
Details of unused PSU land
Source: Read Full Article