The Corporate Social Responsibility (CSR) Policy of CorpBank Securities Limited has been developed in accordance with section 135 of the Companies Act 2013 on CSR and in accordance with the CSR rules notified by the Ministry of Corporate Affairs, GOI on 27th February 2014.
The Policy shall apply to all CSR projects/ programs undertaken by the Company in India as per Schedule VII and applicable rules and regulations of the Act.
The CSR Policy of the Company aims to achieve, consolidate and strengthen Good Corporate Governance including socially and environmentally responsible business practices that balance financial profit with social well being.
The Company Board of Directors shall ensure that in each financial year the Company spends at least 2% of the average Net Profit made during the three immediate preceding financial years. “Net profit” means the net profit as per the financial statement of the company prepared in accordance with the applicable provisions of the Act, but shall not include the following:
As per section 135 of the Companies Act, the Company will report reasons for under spending of the allocated CSR budget of the current financial year in the template provided by the Ministry of Corporate Affairs. This reporting will be done in the Annual Report of the Company and signed by the Board of Directors.
In case of any surplus arising out of CSR projects the same shall not form part of business profits of the Company.
The Company may collaborate or pool resources with other companies and its group companies to undertake CSR activities or any other non-profit organization, if required.
The Company will endeavor to undertake and implement CSR programmes / projects and focus CSR spends on specific pre-determined causes and areas of intervention within the gamut of CSR activities specified broadly in Schedule VII of the Companies Act, 2013.
A robust Company mechanism for evaluation will be put in place. The purpose of the evaluation will be clearly identified with the objective to understand the difference between the achieved outcome and the expected outcome and the reasons behind the difference and corrective steps and any identify any good practices. There shall be clarity about the scope of the program and the need before evaluations are undertaken.
The Company shall report the CSR activities undertaken by the Company, the amount spent thereon and related details as and when the meeting of the CSR Committee takes place.