CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY OF CORPORATE WARRANTIES INDIA PRIVATE LIMITED
Corporate Social Responsibility is strongly connected with the principles of Sustainability. CSR is recognition on the part of management of an obligation to the society. It serves not only for maximum economic performance, but also for humane and constructive social policies as well. The concept involves two phases. On one side, it means avoiding acts that are detrimental for the development of society and on the other, it may be expressed as the voluntary assumption of the obligation to help and resolve social problems.
Therefore, it is the core corporate responsibility of Corporate Warranties India Private Limited to practice its corporate values through its commitment to grow in a socially and environmentally responsible way, while meeting the interests of its stakeholders.
1. Guiding Principles
Corporate Warranties India Private Limited recognizes that its business activities have wide impact on the society in which it operates. Our aim is to deliver superior and sustainable values to all our customers, business partners, shareholders, employees and host communities. Our CSR initiatives focus on holistic development of local communities and to create social, environmental and economic values for the society.
To pursue these objectives, we will continue to –
uphold and promote the principles on inclusive growth and equitable development.
extend support to community development plans based on needs and priorities of host communities.
extend active support in areas of preventive health and sanitation, education skills for employability, livelihoods and income generation, waste resource management and water conservation for host communities for enhancing Human Development Index.
collaborate with likeminded bodies like governments, voluntary organizations and academic institutes in pursuit of our goals.
ensure environmental sustainability by adopting best ecological practices and encouraging conservation/judicious use of natural resources.
create positive awareness towards the need to adopt measures that lead to reducing carbon footprints, dependence on fossil fuels and promote alternate energy approaches.
work towards mainstreaming the marginalized segments of the society by making meaningful difference in their lives.
interact regularly with stakeholders and review our CSR initiatives.
2. Constitution of CSR Committee
The Board has constituted CSR Committee of 3 members, the Board has the power to reconstitute the Committee consistent with the Company’s policy and applicable statutory requirements.
The CSR Committee shall –
a) formulate and recommend CSR Policy to the Board of Directors as per the provisions of Companies Act, 2013 and rules made thereunder.
b) recommend the amount of expenditure to be incurred on the activities referred to in Schedule VII of the Companies Act, 2013; and
c) monitor the Corporate Social Responsibility Policy of the Company, from time to time.
d) appraise to the Board the CSR expenditure done during the year.
3. Policy for CSR Activities
The donations / contributions and community development activities may be undertaken by the Company in the following fields –
• Promoting education, including special education and employment enhancing vocational skills especially among children, women, elderly, and the differently abled and livelihood enhancement projects.
• Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources and maintaining quality of soil, air, and water.
• Protection of national heritage, art and culture including restoration of buildings and sites of historical importance and works of art; setting up public libraries; promotion and development of traditional arts and handicrafts.
Medical and other Welfare:
• Providing medical relief and rehabilitation to communities who either don’t have access to quality health care or cannot afford it;
• Eradicating hunger, poverty and malnutrition, promoting preventive health care and sanitation and making safe drinking water available;
• Promoting gender equality, empowering women, setting up homes and hostels for women and orphans, setting up old age homes, day care centres and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups;
• Measures for the benefit of armed forces veterans, war widows and their dependents;
• Training to promote rural sports, nationally recognized sports, Paralympics sports and Olympic sports;
• Contribution to the Prime Minister's National Relief Fund or any other fund set up by the Central Government for socio-economic development and relief and welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women;
• Contribution towards funds provided to technology incubators located within academic institutions which are approved by the Central Government;
• Rural development projects;
• Slum area development. Explanation – for the purposes of this item, the term ‘slum area’ shall mean any area declared as such by the Central Government or any State Government or any other competent authority under any law for the time being in force.
Emergencies and Natural Calamities:
• The company under CSR shall provide relief, support, rehabilitation etc. in case of natural calamities or emergencies.
Provided that CSR activities shall not include:
- contribution of any amount directly or indirectly to any political party under Section 182 of the Companies Act, 2013.
- activities undertaken in pursuance of normal course of business of the company.
- programs or activities undertaken for the benefit of only employees of the Company and their families.
- CSR activities or programs undertaken out of India.
The Company may take up the projects directly or through –
- any of the reputed Non Government Organisations (NGOs), or
- a registered trust or a registered society or a company established by the company or its holding or subsidiary or associate company under Section 8 of the Companies Act, 2013, having a track record of three years in undertaking similar project, or
- collaboration with other companies, in such a manner that CSR committees of respective companies are in a position to report separately on such projects, or
- building CSR capacities of its own personnel as well as of its implementing agencies through institutions with established track records of at least three financial years but such expenditure shall not exceed 5% (five percent) of total CSR expenditure of the Company in one financial year,
The surplus arising out of the CSR projects or programs or activities shall not form part of the business profit of the Company.
The allocation of funds for CSR projects & activities will not be less than the limits prescribed under the Companies Act, 2013 and the rules made there under.
All CSR activities and expenses made thereon will be subject to audit by the Company’s Auditors.
a) All administrative expenses including expenditure on wages & salaries, tours and travels, training & development of personnel deputed on CSR activities would be borne from CSR funds.
b) The Board shall take decision based on the recommendations of CSR Committee, on sanctioning works/allocation of funds for CSR and appointing authorized agencies for implementing Projects/Activities.
c) If observed that any CSR activity taken up for implementation, is not found properly implemented, the Board, on the recommendations of the CSR Committee, may discontinue funding the project at any time during the course of implementation.
d) The Board may amend or modify this policy on the recommendations of CSR Committee
The Board’s Report shall give an annual report on CSR activities as per The Companies (Corporate Social Responsibility Policy) Rules 2014 giving details required thereunder.
This CSR policy shall be displayed on the website of the Company.