BACKGROUND
Fibre Foils Ltd Corporate Social Responsibility Policy has been framed as per Section 135 of the Companies Act, 2013 on CSR and in accordance with the Companies (Corporate Social Responsibility Policy) Rules, 2014. It represents the continuing commitment and actions of the Company to contribute towards economic and social development and growth.
The Policy shall apply to all CSR projects / programmes undertaken by the Company in India as per Schedule VII of the Companies Act, 2013.
OBJECTIVES
The main objective of the CSR Policy is to implement, monitor, review and evaluate CSR activities to achieve the desired outcomes in a transparent manner.
Company will act as a good corporate citizen and aims at supplementing the role for Government in enhancing the welfare measures of the society within the framework of its policy and ensure that surplus arising out of CSR initiatives is utilized to further augment CSR agenda and does not form part of Company’s profits.
CSR COMMITTEE
CSR Committee constituted by the Board of Directors of the Company will assist the Board in discharging its social responsibilities by way of formulating, monitoring and implementation of the framework of Corporate Social responsibility Policy and to provide guidance on various CSR activities to be undertaken by the Company and monitoring CSR activities from time to time. The Committee shall make recommendation to the Board of the project/programme to be undertaken within the long term vision and strategy of the Company in respect of CSR activities, amount of expenditure to be incurred, type of activities, roles and responsibilities of various stakeholders etc. Committee will also assist the Board in formulation of a monitoring mechanism for ensuring implementation of the projects/ programmes undertaken or the end use of the amount spent by it towards CSR activities. Committee will meet at-least once a year to review the progress made.
REPORTING
The CSR Committee will review the CSR activities of the Company and will provide progress update to the Board of Directors every six months/such other intervals as deemed fit.
The Company will report, in the prescribed format, the details of CSR initiatives and activities of the Company in the Directors' Report and on the website of the Company, as required under the Regulations. Such reporting will be done, pertaining to financial year(s) commencing on or after the 1st day of April 2019.
SOURCE OF FUNDING
The corpus to be spent on CSR shall include at least 2% of the average net profits of Company’s India operations for preceding three financial years. “Net profit” means the net profit as per the financial statement of the company and calculated as per the provisions of section 135 of the Companies Act, 2013 and Rules made there-under and Schedule VII of the Act. Any surplus arising out of the CSR projects or programmes or activities shall not form part of business profits of the Company.
CSR EXPENDITURE
The CSR Committee will decide on the budget allocation for CSR projects and programmes and the instalments for disbursement of amount. CSR expenditure will include all expenditure, direct and indirect, incurred by the Company on CSR programmes undertaken in accordance with the approved CSR plan. Moreover, any surplus arising from any CSR programmes shall be used for CSR. Accordingly, any income arising from CSR programmes will be netted off from the CSR expenditure and such net amount will be reported as CSR expenditure.
MONITORING
Appropriate documentation and amendments of the CSR Policy, annual CSR activities, reports on execution by CSR Partner(s) and expenditures will be undertaken on a regular basis and same will be available to the Board of Directors of the Company.
Initiatives undertaken on the CSR front will be reported in the Annual Report of the Company.
The CSR Committee and team authorised by it, will conduct due diligence checks on the current projects/partners on a quarterly basis and report irregularity, if any, immediately.
LIST OF ACTIVITIES FOR CSR WORK
The following is the list of CSR projects or programmes which Fibre Foils Ltd on selective basis plans to undertake in the phased manner as project or one time activities pursuant to provisions of Section 135 and Schedule VII of the Companies Act, 2013 and Rules made there-under :
- eradicating hunger, poverty and malnutrition, promoting preventive health care and sanitation including contribution to the Swachh Bharat Kosh set up by the Central Government for the promotion of sanitation and making available safe drinking water;
- promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly and the differently abled and livelihood enhancement projects;
- 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;
- ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agro-forestry, conservation of natural resources and maintaining quality of soil, air and water including contribution to the Clean Ganga Fund set up by the Central Government for rejuvenation of river Ganga;
- 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;
- measures for the benefit of armed forces, veterans, war widows and their dependents;
- training to promote rural sports, nationally recognized sports, Paralympic 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 Caste, the Scheduled Tribes, other backward classes, minorities and women;
- contributions and funds provided to technology incubators located within academic institutions which are approved by the Central Government;
- rural development projects;
- slum area development (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).
- disaster management, including relief, rehabilitation and reconstruction activities.
- Any other activities which cover under the provisions of Section 135 of the Companies Act, 2013 and the Rules, regulations and clarifications as may be issued by the Central Government from time to time.
Any other measures with the approval of Board of Directors on the recommendation of CSR Committee subject to the provisions of Section 135 of Companies Act, 2013 and Rules made there-under.
GENERAL
Any or all provisions of this CSR Policy would be subjected to revision / amendment as per any guidelines issues by the Government from time to time and / or recommended by the CSR Committee and approved by the Board of Directors.
Company reserves the right to modify cancel, add or amend the rules / provisions specified in the CSR Policy.
EEFECTIVE DATE AND APPROVAL OF THE CSR POLICY
The CSR Policy has been approved by the CSR Committee and Board of Directors which shall be effective from 15th November, 2019.