Corporate Social Responsibility Policy

Transcription

1 Corporate Social Responsibility Policy The Clearing Corporation of India Ltd. (CCIL) plays an important role in Indian Financial System by operating some of the critical payment systems in the country. The objective of the Company is to put in place a sound framework of Corporate Governance, with an emphasis on Social Responsibility. The Company focuses on the following core elements as part of its Social responsibility while conducting its business. Stakeholder s value CCIL is committed to the interests of all its stakeholders. CCIL, as part of its role as CCP, keeps initiating many steps towards improving the quality of its operations with an added thrust on mitigation of various risks in the financial markets. The Company believes in creating a transparent operational environment under which stakeholders are informed of its various functions/activities through reports, circulars, magazines, website etc. The Company has a very robust Risk Management Process which is reviewed at regular intervals by the Committee of Directors on Risk Management. The Risk Management Systems are constantly benchmarked against the international standards viz Principles for Financial Market Infrastructure (PFMIs). Ethical Functioning The Company has put in place a Code of Conduct and ethics for Employees as well as Directors as it believes in practice of good business ethics, transparency and accountability. Employees welfare The Company has in place Staff Rules which provide for Rights and Duties of Employees with respect to Appointment, Retirement, Resignation, Leave, Allowances etc for employees information and reference. To encourage the employees to pursue professional courses relevant to their official duties, the Company has framed a Policy on Reimbursement of fees of Professional Courses. Further, the Company has also framed recruitment and training policy to provide employees equality of opportunities with access to training and development of necessary skills for career advancement. The Public Page 1 of 7

2 Company has also framed Whistle Blower policy which encourages disclosures by its employees, incidents that reveal violation of law, questionable business practices or grave misconduct by its employees, which could lead to financial loss or reputation risks to the Company through appropriate communications. The Company believes in human rights for all and shall take steps towards human rights development and awareness especially protection of dignity of Women employees at the work place.. Accordingly, the Company has framed a policy and constituted a committee for prevention of sexual harassment of women at workplace in line with the requirements of The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, Environment Though the Company s working does not directly contribute to environment pollution, still the Company is committed, as a good corporate citizen, to take adequate precautions relating to environment, health and safety in its business. The Company shall take adequate measures to ensure environment protection from pollution, contamination etc, by proper utilization of resources, using environment friendly technologies, re-cycling of waste materials etc. Social Development activities I. Objective The Company under its CSR policy, affirms its commitment of seamless integration of marketplace, workplace, environment and community concerns with business operations by undertaking following activities / initiatives that are not taken in its normal course of business and/or confined to only the employees and their relatives and which are in line with the broad-based list of activities that are set out under schedule VII of the Companies Act 2013 and Rules. (These are enclosed as Annexure I) :- Public Page 2 of 7

3 1. To Organise or help organize through business association/ social worker/ educational institution, health camps/ awareness, literacy or education programmes / sponsorships or such other awareness/initiative in the locality, villages etc that are deprived of such facilities. 2. To take measures for optimum utilization of resources, pollution control and adopting cleaner environment/ environment friendly technologies and spread awareness of the same amongst employees and others. 3. To create fund over a period of time for the purpose of helping or giving grants or donation either directly or through agency to the underprivileged or to those distressed in the event of natural calamity or major mishaps. 4. To undertake such initiatives/ projects or participate in any events as the CSR Committee / Board may consider appropriate.. 5. To contribute 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. II. Constitution of CSR Committee: The Board of Directors shall constitute a CSR committee of Board consisting of three or more directors, out of which at least one director shall be an independent director. The CSR committee shall be responsible for the following: 1. To formulate, review and update CSR policy in line with the requirements of the Companies Act, 2013 and Rules thereunder as amended from time to time and recommend the same to the Board of the Company. 2. Approve and recommend to the Board types of activities to be undertaken on annual basis or on a long term basis taking into account the local area conditions in line with CSR policy, Board s guidance, etc. 3. Determine and recommend to the Board, the expenditures to be incurred on various types of activities and ensure that the Company spends, in every financial Public Page 3 of 7

4 year, at least two per cent of the average net profits of the company made during the three immediately preceding financial years. 4. Determine the implementation process and modalities of utilization of funds for undertaking CSR initiatives whether on annual basis or long term basis either by self-execution through Social Development cell consisting of senior officials of the Company appointed by the Managing Director for CSR implementation or otherwise as prescribed under the Companies (Corporate Social Responsibilty Policy) Rules, Establish methods of monitoring and reporting of CSR activities in line with the requirements of the Companies Act The Committee shall ensure that any surplus generated from CSR projects undertaken by the Company will be tracked and channelized into CSR corpus of the Company. This surplus would also be used in development of the Company s CSR projects. 7. The Committee shall undertake such other activities as advised by the Board or as may be required under the Companies Act 2013 or Rules thereunder as amended from time to time. III. Social Development Cell: A Social Development Cell of the senior officials of the Company, appointed by the Managing Director, may be created which shall be responsible for: 1.Proposing various CSR initiatives as per the CSR policy including the budget in respect of each activity to the Committee. 2.To implement and/or monitor CSR projects or programme, approved by the Board, as may be directed by the Committee. 3. To report to the committee the status of CSR projects or programme undertaken by the Company at such intervals as Committee may deem fit. Public Page 4 of 7

5 IV. Other Aspects : CSR capacities The Company may build CSR capacities of their own personnel as well as those of their Implementing agencies through Institutions with established track records of at least three financial years but such expenditure including expenditure on administrative overheads shall not exceed five percent of total CSR expenditure of the Company in one financial year. Apart from Company s CSR, the employees of the Company may be encouraged/ motivated to take initiatives on the projects or voluntarily contribute to the fund for CSR activities. Disclosure This CSR policy shall be communicated to employees and other associates and shall be put in the intranet of the Company. The annual report on CSR activities in the format as prescribed under the CSR Rules shall be included in the Directors Report which shall also cover the reasons for not spending the amount as prescribed under the Companies Act, 2013 and Rules thereunder. The Company shall disclose the contents of its CSR policy on the website of the Company as per the particulars specified under the Companies Act, 2013 and Rules thereunder. The Board shall review the progress of the activities / projects being implemented and ensure their compliances with CSR objective and policy. Public Page 5 of 7

6 Annexure I SCHEDULE VII (See sections 135) Activities which may be included by companies in their Corporate Social Responsibility Policies (As included and amended by way of MCA Notification from time to time) Activities relating to: i) eradicating hunger, poverty and malnutrition, promoting health care including preventive health care and sanitation including contribution to the Swach Bharat Kosh set-up by the Central Government for the promotion of sanitation and making available safe drinking water; ii) promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly, and the differently abled and livelihood enhancement projects; iii) 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; iv) 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 including contribution to the Clean Ganga Fund set-up by the Central Government for rejuvenation of river Ganga; v) 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: vi) measures for the benefit of armed forces veterans, war widows and their dependents; vii) training to promote rural sports, nationally recognised sports, paralympic sports and Olympic sports; viii) 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 Public Page 6 of 7

7 and welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women; ix) contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government; x) rural development projects; xi) 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. Public Page 7 of 7