Ireo - Corporate Social Responsibility (CSR) Policy
(In terms of Section 135 of the Companies Act, 2013 read with Companies (Corporate Social Responsibility Policy) Rules, 2014
(“Ireo” or “the Company”) believes in trusteeship concept and is committed to reach out to under served communities.
- Our CSR Vision
It is our endeavor through sustainable measures, actively contribute to the Social, Economic and Environmental Development of the communities where we operate by ensuring participation from the community and make our nation a better place for future generation. Our company is committed towards aligning with nature; and has adopted eco-friendly practices.
- Scope of CSR Activities in Ireo
As a practice, we classify only those projects that are over and above our normal course of business as CSR.
- Focus Area
In accordance with the requirements of the Companies Act, 2013 and rules made thereunder, Ireo’s CSR activities/programs shall be focused not just around our projects and offices, but also in other geographies based on the needs of the communities. Amongst others Ireo will focus on:
- Hunger, Poverty, Malnutrition and Health: Eradicating hunger, poverty and malnutrition, promoting healthcare and sanitation, making available safe drinking water.
- Environmental Sustainability and Ecological Balance: Ensuring environment sustainability, ecological balance, plantation drives in schools, villages, our project sites & offices/business premises, protection of flora & fauna, conservation of natural resources, maintaining quality of soil, air & water and adoption of wastelands to cultivate plants.
- Education: Promoting education, employment and livelihood enhancing vocational skills especially among children, women, elderly and the differently abled, non-formal education programs, monetary support to academic institutions, supporting schools with infrastructure like benches, toilets, potable water, fans etc.
- Gender Equality and Empowering Women: Promoting gender equality and empowering women, promoting and providing credit support to women's self-help and joint liability groups, setting up homes for women & orphans, setting up old-age homes & other facilities for senior citizens.
- Infrastructure Development: Developing basic infrastructure facilities, housing facilities, safe drinking water, sanitation & hygiene and renewable sources of energy.
- National Heritage, Art and Culture: Protecting national heritage, art and culture including restoring of buildings and sites of historical importance and works of art; setting-up public libraries; promoting and developing traditional arts and handicrafts.
- Other Activities: Promoting Sports with special focus on training for rural sports, nationally recognized sports, reducing inequalities faced by the socially and economically backward groups, welfare of armed forces personnel, war widows and their dependents.
The CSR Committee will be entitled to include other projects/ activities/ programs or any social development initiatives as may be approved by CSR Committee/Board which is in conformity with Section 135 of the Companies Act, 2013 read with Schedule VII.
- Our Approach to Implementation
We will implement the CSR activities on our own to the extent possible. At the same time, we recognize need to work in partnership with others also, which includes:
- Collaborating with various organization, which are registered as a Trust or a Section 8 Company under the Companies Act, 2013 or Society or NGO or any other form of entity incorporated in India that specialize in the CSR activities.
- Contribution to various funds which are aligned with our Vision viz.
- Prime Minister's National Relief Fund
- Any other fund set up by the Central Government for:
- Socio-economic development and relief.
- The welfare of Scheduled Castes, the Scheduled Tribes, other Backward classes, minorities and women.
- Collaborating or pooling resources with other companies to undertake aforesaid CSR activities.
- CSR Committee
In compliance with the requirements of Section 135 (1) of the Companies Act, 2013 read with Rules made thereunder, a CSR Committee has been constituted by the Board of Directors of the Company.
- The Committee may invite such other executive(s)/employees of the Company, professionals, experts and outsiders with relevant experience, as it may consider appropriate in its sole discretion, to advise Committee on various CSR activities/programs being undertaken / to be undertaken by the Company
- CSR Budget
- The Company shall ensure that it spends, in every financial year, at least 2% of its average net profits made during the 3 immediately preceding financial years, in pursuance of its Corporate Social Responsibility and subject to Section 135 of the Companies Act, 2013 and the Rules made there under.
- Net profits mentioned herein above means, Net profit of the Company as defined under the provisions of the Companies Act, 2013 and Companies (Corporate Social Responsibility Policy) Rules, 2014.
- For the purpose of this Policy, the first CSR spending financial year would be 2014-15 and the Net Profit shall mean average of the annual net profits as defined aforesaid for the financial years 2011-12, 2012-13 and 2013-14.
- Treatment of Surplus
Any surplus generated from CSR projects undertaken by us will be tracked and channelized into our CSR corpus. These funds will be further used in development of the CSR projects and will not be added to the normal business profits.
- Monitoring Mechanism
The CSR Committee of the Board shall institute a transparent monitoring mechanism for implementation of CSR projects or programs or activities undertaken by Ireo. A time frame shall be fixed for all CSR projects/ activities for their timely completion with suitable milestones. Ireo shall monitor the project’s progress (including impact assessment/ evaluation) either directly or through professional institutions/ independent research institutions / other outside agencies.
- Reporting of CSR Initiatives
CSR Committee of the Board will periodically consider the progress report on the various CSR initiatives taken up by Ireo. Details of the CSR activities undertaken by Ireo and amounts spent along with reasons for spends below budgeted levels, if any, shall also be reported in Ireo’s Annual Report under Directors’ Report.