Corporate Social Responsibility Bill

A bill to enforce Corporate Social Responsibility upon monopolistic firms.

BE IT ENACTED by The Queen's most Excellent Majesty, by and with the advice and consent of the Commons in this present Parliament assembled, in accordance with the provisions of the Parliament Acts 1911 and 1949, and by the authority of the same, as follows:-

1: Definitions

1) Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large.

2) For the purpose of this bill, the phrase "monopolistic firm" shall be used to describe a firm with a market share of 25% or above in a market.

2: Enforcement of Corporate Social Responsibility

1) Any monopolistic firm with a revenue of between £100,000 and £250,000 are legally required to spend 1% of profit on acts of Corporate Social Responsibility.

2) Any monopolistic firm with a revenue of between £250,000 and £1,000,000 are legally required to spend 2% of profit on acts of Corporate Social Responsibility.

3) Any monopolistic firm with a revenue of between £1,000,000 and £10,000,000 are legally required to spend 3% of profit on acts of Corporate Social Responsibility.

4) Any monopolistic firm with a revenue of between £10,000,000 and £100,000,000 are legally required to spend 5% of profit on acts of Corporate Social Responsibility.

5) Any monopolistic firm with a revenue larger than £100,000,000 are legally required to spend 10% of profit on acts of Corporate Social Responsibility.

6) This is to be performed in the subsequent year, and must be documented as such in financial documentation.

7) Companies in the first year of their existence are not required to spend money on Corporate Social Responsibility.

3: Administration

1) HM Revenue and Customs hold responsibility for ensuring companies have spent their due amount on CSR.

4: Priority of Distribution

1) Payment to debtors is to take priority over acts of Corporate Social Responsibility.

2) Acts of Corporate Social Responsibility are to take priority over the distribution of profits to shareholders.

5: Punishment for Non-Compliance

1) In cases where companies are unwilling to fulfill their obligations in respect to CSR, they are liable to a fine, beginning at twice the amount they were expected to spend, and ending at the entirety of that years profits.

2) In cases where companies are unable to fulfill their obligations in respect to CSR due to lack of funds, no fine is liable.

3) In cases where CSR spending is willfully made with the objective to return the money to the parent organisation, or any subsidiary of the parent organisation, the act will be treated as tax evasion.

6: Commencement, Short Title and Extent

1) This Act comes into effect 1st January 2016.

2) It may be referred to as the ‘Corporate Social Responsibility Act’.

3) This Act extends to the whole United Kingdom.

This bill was written and submitted by the Rt Hon. /u/AlmightyWibble on behalf of the Labour Party.

The voting period for this bill will end at 10PM BST on the 9th of October.

Vote Aye, No or Abstain. Comments with anything else will be deleted. Comments that are edited will be void and not counted.

If a member is voting by proxy, they must have gained permission from the speaker prior to this vote. If no permission was sought and granted, their vote will not be counted.

For full clarifications on the voting system see this post.