COMPANY’S PHILOSOPHY
The Company is well aware of the impact of its operations on the society in which it operates. Hence while adopting business strategies which maximize its stakeholders return the Organization tries to minimize its adverse impact on the Environment and society by ensuring the social well being of all the stakeholders in alignment with the Company’s CSR Policies.
The company endeavors to make CSR a key business process for sustainable development.
MSP SPONGE IRON LIMITED is responsible to continuously enhance stakeholder’s wealth; and to conduct its business in an accountable manner that creates a sustained positive impact on society. Our company is committed towards aligning with nature; and has adopted eco-friendly practices.
FORMATION OF CSR COMMITTEE
Pursuant to Section 135 read with Schedule VII of the Companies Act, 2013 and the rules made there under, The Board of Directors constituted a Corporate Social Responsibility Committee to:
- • formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the company as specified in Schedule VII,
- • recommend the amount of expenditure to be incurred on the activities for Corporate Social Responsibility,
- • monitor the Corporate Social Responsibility Policy of the company from time to time.
CSR ACTIVITIES
The Company will strive to bring social well being of the weaker section of the society in the vicinity of its plant and business operational area. In line with the Sec 135 and Schedule VII of the Companies Act, 2013 the Company hasidentified the following thrust areas for its CSR activities:
- • Promoting preventive healthcare, sanitation & hygienic practices & making available safe drinking water.
- • Improvement in education which includes special education and employment strengthening vocation skills among children, women, elderly and the differently-abled and livelihood enhancement projects.
- • Promoting gender equality, conduct studies/ research with a special focus on women from vulnerable sections, economically backward & those with disabilities, self help groups etc.
- • Conservation of natural resources and to promote clean environment by undertaking projects such as protection of fauna and flora, new plantation drives, rejuvenation of existing plantation etc.
- • 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 SC, ST, OBCs, minorities and women.
- • Sponsoring and supporting rural development projects.
- • Employee participation is an important part of developing responsible citizenship. Our company encourages and motivates employees to spend time volunteering on issues of social interest.
- • To bring about Social Change, we advocate and support Dowry less marriage, Widow Remarriage, Awareness programmes on anti socialissues De-addiction campaigns and programmesespousing basic moral values, Gender equality, etc.
- • Adopting social business projects such as setting up schools for the underprivileged, running ambulance services, primary health facilities, etc.
- • India is a country where 70% of its population is of employable age but almost 60% of those are not employable because of lack of skill. The Company will also try and improve their skill set to make them employable.
- • Slum area development.
Other Activities
- - Promotion of Sports with special focus on training for rural sports, nationally recognized sports, Paralympic sports, Olympic sports.
- - Welfare for differently abled persons
- - Setting up public libraries
- - Reducing inequalities faced by the socially and economically backward groups
- - Welfare of armed forces personnel, war widows and their dependants
CSR FUNDS
The total budget of the CSR activities/ projects will be decided by the CSR Committee but it shall not be less than:
2% of the average net profits of the company made during the three immediately preceding financial years;
- • Any surplus arising from the projects undertaken under this policy;
- • Any such source as the Board of Directors may propose based on the recommendation of CSR Committee.
MONITORING
THE CSR Committee will monitor the implementation of the CSR policy and report to the Board:
- • Actual year-to-date spends compared to the budget and reasons for variance.
- • A short progress report on a quarterly basis.
- • At the end of every financial year, the CSR and Sustainability Committee will submit its report to the Board.