Introduction
Our CSR policy has been framed in conformity with the stipulations specified by the Ministry of Corporate Affairs, Companies Act, 2013 including rules made thereunder and subsequent amendments from time to time to date.
For us , reaching out to underserved communities is part of our DNA. We believe in the trusteeship concept. This entails transcending business interests and grappling with the “quality of life” challenges that underserved communities face and working towards making a meaningful difference to them..
Scope
Planning and conceptualization, formulation, collaboration, implementation, monitoring, evaluation, documentation, and reporting constitutes its key planks.
Guiding Principles
Implementation process: Identification of projects
All projects are identified in consultation with the community in a participatory manner, literally sitting with them and gauging their basic needs. We recourse to the participatory rural appraisal mapping process. Subsequently, based on a consensus and in discussion with the village panchayats, and other stakeholders, projects are prioritized.
Arising from this the focus areas that have emerged are education, healthcare, sustainable livelihood, sports, infrastructure development, and espousing social causes. All of our community projects/programmes are carried out for Community Initiatives and Rural Development. The activities are in line with Schedule VII of the companies Act, 2013 as indicated:
Our focus will on:
Activities, setting measurable targets with timeframes and performance management.
Prior to the commencement of projects, we carry out a baseline study of the projects.
The study encompasses various parameters such as – health indicators, literacy levels, sustainable livelihood processes, and population data – below the poverty line and above the poverty line, state of infrastructure, among others, wherever appliable.
All projects/programmes are assessed by a reputed external agency. Alongside projects are monitored every quarter, measured against targets and budgets. Wherever necessary, midcourse corrections are affected. The surplus, if at all, arising out of the projects/programmes do not form part of the business profit of the Company and are ploughed back into the CSR activities.
Organizational mechanism responsibilities
The CSR committee of Directors at the Board level comprises of:
Members:
Permanent Invitees:
The Chief Financial Officer shall be the interface of the Company for execution of the CSR project identified by the Board. All projects/programmes are placed before the CSR committee. The modalities of execution and the implementation schedules are presented to the Board. The Board reviews the annual action plan, which includes resource requirements and allocation across interventions and locations. Importantly, the impact assessment study is also reviewed by the Board. The decision regarding taking up CSR activities shall vest with the Board of Directors of Edme Insurance Brokers Limited (Formerly known as Aditya Birla Insurance Brokers Limited) within the ambit of Schedule VII, Section 135 of the Companies Act 2013 (‘ACT’) read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 (‘CSR Rules’) as amended and / or such other rules made thereafter.
A robust implementation structure, monitoring process and a team of professionals is in place at the Company.
To measure the impact of the work done, a social satisfaction social audit / impact assessment study is carried out by a third party, as may be deemed fit.
Partnerships
Collaborative partnerships are formed with the Government, the District Authorities, the village panchayats, NGOs, funding agencies, community-based organizations (CBOs) and other like-minded stakeholders. All NGOs / collaborating organisations have to be 80G and 12A companies. The company may collaborate with societies, trust and companies that qualify as per Rule 4 of the Companies (Corporate Social Responsibility) Rule 2014 other companies with similar developmental objectives for undertaking CSR projects or programmes in such a manner that the CSR committees of respective companies are in position to report separately on such projects or programmes in accordance with these rules. This helps widen the Company’s CSR reach and leverage upon the collective expertise, wisdom and experience that these partnerships bring to the table..
Budgets
A specific budget is allocated for CSR activities. The budget is project driven.
The Budget provision towards CSR initiatives shall be at least 2% (two percent) of the average net profit of the Company (PBT) made during the 3 immediately preceding financial years calculated in terms of Section 198 of the Companies Act 2013.
If the budget allocated in a year remains un-utilized, the Board shall in its report explain the reasons for the unspent amount. The surplus arising out of CSR shall not form part of business profit and shall be ploughed back into the same project.
Based on the emerging needs, every year, a specific budget is allocated for CSR activities. List of activities to be undertaken by the Company along with financial allocation against each activity will be recommended by the CSR Committee and approved by the Board of Directors of Edme Insurance Brokers Limited.
CSR Expenditure
CSR expenditure shall include all expenditure including contribution to corpus, or on projects or programs relating to CSR activities approved by the Board on the recommendation of its CSR Committee.
All CSR expenditure shall be made in accordance with Section 135 of the Companies Act, 2013 (‘ACT’) and Companies (Corporate Social Responsibility Policy) Rules, 2014 (‘CSR Rules’), as amended, either directly with the NGOs as permitted under the Act and the CSR rules.
CSR Reporting
The Board of Directors takes into account the recommendations of the CSR Committee. The CSR Policy is approved by the Board, and it is posted on the Company’s website.
Furthermore, the annual CSR report shall form a part of Board’s Report. It will include the impact assessment study. All CSR projects with an outlay of Rs.1 crore or more will be assessed for impact. These projects have to span a year of work before the impact study is taken.
Information dissemination
The Company’s engagement in this domain may be disseminated in its Annual Reports, in- house journals and through the media. The Company shall disclose the composition of CSR Committee, CSR Policy and projects approved by the Board on their website for public access.
Review of Policy
The Board of Directors based on the recommendation of CSR committee may alter or amend this policy, which nevertheless will be reviewed after a one-year interval.
Management Commitment
Our Board of Directors, our Management and all of our employees subscribe to the philosophy of compassionate care. We believe and act on an ethos of generosity and compassion, characterized by a willingness to build a society that works for everyone. This is the cornerstone of our CSR policy.
CSR Projects approved by the Board of Edme Insurance Brokers Limited for last 3 years.
Name of NGO and CSR Project | CSR Contribution (In Crore) | ||
FY 2021-22 | FY 2022-23 | FY 2023-24 | |
Pride India – (Hospital Infrastructure Support for setting up paediatric ward: NGO) | 0.9375 | – | – |
Pilani Innovation and Entrepreneurship Development Society (PIEDS) – (Livelihood Enhancement Projects) | – | 1.32 | – |
Triumph Foundation – “EmpowHer” (aimed at preventing cervical cancer through HPV vaccination in young girls) classified as an Ongoing Project for two years | – | – | 1.70 |