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CSR

Corporate Social Responsibilty Policy

Philosophy

Recognizing that businesses are economic organs of society that draw on societal resources, Shikhar believes that a company’s success should be calculated by its Triple Bottom Line contribution to enhancing societal sustainability by building economic, social, and environmental capital. Shikhar assumes that in the strategic sense of industry, companies have the transformational potential to build game-changing growth models by unleashing their entrepreneurial vitality, innovation, and imagination, in addition to financial capital. Shikhar will continue to create unique models to produce livelihoods and environmental capital in line with this conviction. Such Corporate Social Responsibility (“CSR”) programs are much more replicable, scalable, and long-term, with a major multiplier effect on creating sustainable livelihoods and replenishing the ecosystem. These programs are separate from Shikhar’s usual business operations. This Policy covers the programs, initiatives, and events (collectively “CSR Programs”) that are carried out in this regard.

 

CSR Policy

It is Shikhar’s Policy:

  • To guide Shikhar’s CSR Programs, among other things, toward enhancing environmental and natural capital; supporting rural development; promoting education; providing preventive healthcare, sanitation, and drinking water; creating livelihoods for people in rural and urban India, especially those from disadvantaged sections of society; preserving and protecting the environment
  • To pursue CSR Programs primarily in areas that fall within the economic proximity of the Company’s operations to allow close supervision and ensure maximum development impact;
  • To engage in affirmative action initiatives such as skill-building and vocational training to enhance employability and generate livelihoods for persons from disadvantaged sections of society;
  • Every year, the CSR and Sustainability Committee will submit a CSR Plan to the Board for approval, outlining the CSR Programs to be implemented during the fiscal year and the associated budgets. The Board will review and approve the CSR Plan, as well as any changes that may be required.
  • The Corporate Management Committee (CMC) will delegate the task of putting the CSR Plan into action within defined budgets and timeframes to whoever or whatever it sees fit.
  • The persons/bodies in charge of implementation will carry out the CSR Programs decided by the CMC within the budgets and timeframes prescribed by the CMC, and report back to the CMC on their progress at such intervals as the CMC may guide.

 

Implementation

Company staff, external implementation agencies, or Shikhar Education Trust, Shikhar Rural Development Trust, ITC Sangeet Research Academy, Shikhar Bhadrachalam Education Trust, Tribeni Tissues Education Society to carry out the Company’s CSR Programs (and other Trusts, Foundations and Section 8 companies that may be established by the Company from time to time). In such cases, the Company will define the CSR Programs that such Trusts can conduct in compliance with their respective Trust Deeds/ Memoranda and Articles of Association, as well as their Objects and administrative and accounting processes.

 

Governance

  • Every year, the CSR and Sustainability Committee will submit a CSR Plan to the Board for approval, outlining the CSR Programs to be implemented during the fiscal year and the associated budgets. The Board will review and approve the CSR Plan, as well as any changes that may be required.
  • The Corporate Management Committee (CMC) will delegate the task of putting the CSR Plan into action within defined budgets and timeframes to whoever or whatever it sees fit.
  • The persons/bodies in charge of implementation will carry out the CSR Programs decided by the CMC within the budgets and timeframes prescribed by the CMC, and report back to the CMC on their progress at such intervals as the CMC may guide.
  • The CMC shall review the implementation of the CSR Programs once a quarter and issue appropriate instructions as needed to ensure that the CSR Programs are carried out in an orderly and productive manner in accordance with this Policy. The CMC will provide a status report to the CSR and Sustainability Committee once every six months on the progress of the approved CSR Programs carried out during that time span. The CSR and Sustainability Committee will be responsible for reviewing such reports and informing the Board of Directors on the status of their implementation.
  • The CSR and Sustainability Committee will send a report to the Board at the end of each financial year.

 

CSR Expenditure

CSR expenses will include both direct and indirect expenses incurred by the Organization on CSR projects carried out in compliance with the approved CSR Plan. Furthermore, any surplus produced by any CSR programs will be used for CSR. As a result, any income generated by CSR programs will be deducted from CSR expenditure, and the resulting net sum will be reported as CSR expenditure.