Corporate Accountability and Formalised Corporate Social Responsibility: Insights from India’s Energy Public Sector Undertakings

Focusing on corporate accountability, this article offers conceptual and practical insights into the implementation of formalised corporate social responsibility (CSR) by large Indian public sector undertakings (PSUs) in the energy sector. Using a cross-case study approach, it examines how legislative and policy interventions, particularly the Companies Act 2013 and its subsidiary rules, supplanted earlier self-regulatory practices, shaping how PSUs – entities balancing profit motives with state ownership – approach CSR. Findings show that while stakeholder accountability is formally embedded, in practice disguised voluntarism persists, creating gaps in accountability and leading to suboptimal allocation of resources. CSR spending often remains concentrated in specific geographies and sectors, limiting wider social impact. The article argues that CSR in PSUs must evolve beyond compliance-driven spending toward transparent, accountable, and stakeholder-responsive practices. By unpacking tensions between state directives, corporate discretion, and community needs, it contributes to debates on strengthening CSR governance and ensuring socially impactful implementation.