- Definition and Applicability:
This CSR policy outlines the intent of CORPORATE SOLUTIONS REDEFINED INDIA PRIVATE LIMITED (herein after called as ‘CSR Company’) to promote education to the children through various developmental programs and eradicating of hunger and poverty. This policy applies to all major areas of Telangana, initially. This may be extended to other parts of India in the near future, for the benefit of society at large.
The main objective of this policy is giving back to the urban and rural society, which has helped our business growth and sustenance so far. Promotion of education to children and enhancing vocation skills especially among women, elderly and the differently disabled and livelihood enhancement projects. Also the Company committed to strive to the betterment of society through eradication of hunger and poverty
- CSR Committee Formation & Purpose:
‘CSR Company’shall extend its services through its CSR committee for fulfilment of its role as a socially responsible corporate. Board of Directors (BOD) will form the committee with not less than three (3) members. BOD will authorize CSR committee to approve a sub-committee with not less than two (2) members in various locations as per need. The committee shall work in areas specified on various social welfare programs and take active part to resolve issues. Also, employees of ‘CSR Company’ are encouraged to participate in welfare programs conducted in areas nearby their operational location/unit.
The purpose and responsibilities of the committee shall include items/matters prescribed under applicable law or prescribed by the BOD, in compliance with applicable law, from time to time.
- CSR Committee Responsibilities:
- Review the CSR policy and associated frameworks, processes and practices of the company annually and make appropriate recommendations to the BOD
- Ensure that the Company is taking appropriate measures to undertake and implement CSR projects successfully and monitor the CSR Policy from time to time
- Identify areas of CSR activities and recommend the amount of expenditure to be incurred on such activities
- Coordinate with outside agency for implementing programs and executing initiatives as per CSR policy and shall review the performance of agency periodically
- May form and delegate authority to sub-committees when appropriate
- Regularly report to the BOD about the progress of various initiatives and make appropriate disclosures on a periodic basis
- Review and reassess the adequacy of this charter annually and recommend proposed changes to the BOD for approval
Have access to internal information necessary to fulfill its role. Have authority to obtain advice and assistance from internal or external legal, accounting or other advisors
The committee shall meet at least two times a year. Minimum two members present shall form a quorum for the meeting.
- Scope of Activities:
The Committee has overall responsibility for: (i). identifying the areas of CSR activities; (ii). recommending the amount of expenditure to be incurred on the identified CSR activities; (iii). implementing and monitoring the CSR policy from time to time; and (iv). Co-ordinating with voluntary agencies in implementing programs and executing initiatives as per CSR policy
The purpose and responsibilities of the committee shall include such other items/matters prescribed under applicable law or prescribed by the BOD in compliance with applicable law, from time to time.
- Fund Allocation:
For achieving CSR objectives through implementation of meaningful and sustainable programs, ‘CSR Company’ shall allocate not less than 2% of its average Net Profit calculated as per Sec-198 of the Companies Act, 2013, as its annual CSR budget for the next three immediately preceding financial years i.e., 2015-16, 2016-17, 2017-18.
From the annual CSR Budget allocation, a provision will be made towards the expenditure to be incurred on identified areas, for undertaking CSR activities on a year-on-year basis. Allocation of the annual budget for CSR activities in any given year shall be as per provisions of the Companies Act 2013 and rules made thereof as amended from time to time. Any unspent/unutilized CSR allocation of a particular year, will be carried forward to the next year, i.e., the CSR budget will be non-lapsable in nature.
CSR programmes shall be undertaken by ‘CSR Company’ to the best possible extent, within the defined ambit of the identified ’trust areas‘. Activities identified under CSR are to be implemented by specialized agencies, which could include Voluntary Organizations (NGO’s), Recognized Institutes/Academic Institutions, Trusts, Self Help Groups, Mahila Mandals, and Professional Consultancies etc.
The time period over which a particular program will be spread, will depend on its nature, extent of coverage and intended impact of the given program.
For CSR projects, the time-frame and periodic milestones should be finalized at the time of approval of a project.
- Implementation Process:
Identification of programs at corporate and unit level will be done as per the following procedure:-
- Need identification studies by a committee constituted by the CSR committee of the company on a broader level
- Internal need assessment by a team at the unit level
- Receipt of proposals/requests from Units
- Requisitions from the Citizen’s/Village forums for various needs
Project-Based Approach: The ‘CSR Company’ shall follow a project-based accountability approach for long-term sustainability of CSR projects. Its plans will be distinguished as ‘short-term’, ‘medium-term’ and ‘long-term’ programs
- Short-term – 6 months to 1 year
- Medium-term – 1 year to 2 years
- Long-term – 2 years and above
While identifying long-term programs, all efforts shall be made to define the following:
- Program objectives
- Metrics of measurement – Give the basis on which the outcome of the program would be measured.
- Implementation schedule?Timelines for milestones of the program will be prescribed.
- Responsibilities and authorities of the team members (R & A Matrix).
- Approval process:
CSR programs as identified by unit/corporate office will be required to be put up to the CSR Committee of the Board along with recommendations of the CSR Committee.
- Executing Agencies /Partners:
After identifying suitable programs/projects, implementation would be done through the following agencies
- The company at its unit level
- Community-based organizations
- Voluntary agencies (NGOs)
- Trusts/missions/foundations etc.
- Criteria for Identifying Executing Agency:
In case of program execution by NGO/voluntary organization/trust, as mentioned under Sec 181 of the Companies Act 2013, the amount to be spent by agencies shall not exceed 5% of the total CSR expenditure of the company, in one financial year and the following minimum criteria need to be ensured:-
- Any NGO/agency/trust/company registered under Sec-8 of Companies Act 2013 has a permanent office/address in India;
- Any NGO/trust/corporation/companies/societies registered under Societies Registration Act/Trust Act/Sec-8 of the Companies Act, 2013.
- Should possess a valid Income tax Exemption Certificate.
- The antecedents of the NGO/agency/trust/companies registered under Sec-8 of the Companies Act, 2013 are verifiable/subject to confirmation.
- such organizations have an established track record of at least three years in undertaking similar programs or projects
- Monitoring and Feedback
To ensure effective implementation of CSR programs undertaken at each unit, a monitoring mechanism will be put in place by the corporate, using internal team (Branch Office located at Bangalore). The progress of CSR programs under implementation at unit level will be reported to CSR Committee on a monthly basis. The CSR Committee of BOD shall review the progress of activities on a quarterly basis.
CSR Committee shall conduct impact studies on a periodic basis, through independent professionals, third parties/professional institutions, especially on strategic and high value programs. Units and regional offices shall obtain feedback from beneficiaries on a quarterly basis.
CSR initiatives of the Company will also be reported in the Annual Report of the Company.
In case of any query/suggestions with regard to any provision(s) of the policy, a reference can be made to CSR Committee of Board of Directors. In all such matters, the interpretation and decision of the CSR committee of the Board of Directors shall be final.
Any or all provisions of the CSR policy would be subject to revision/amendment in accordance with the guidelines, as may be issued by Central Government, from time to time.
The board will review the policy from time to time based on changing needs and aspirations of beneficiaries and make suitable modifications, as may be necessary.
– Corporate Solutions Redefined India Private Limited