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Cibersites India Pvt Ltd: Corporate Social Responsibility (CSR) Policy
At the outset, CSR activities at Cibersites India Pvt Ltd(Ciber) is already in existence for the benefit of the employees and their immediate family members in the areas of extending loan to employees, employee welfare programs, and supporting the voluntary efforts of the employees in this regard etc.
It is recognized that integrating social, environmental and ethical responsibilities into the governance of businesses ensures the long term success, competitiveness and sustainability.
This CSR policy is subject to and pursuant to the Section 135 of the Companies Act 2013(Act) and the Rules made thereunder and the Schedule VII to the Act.
The main objective of CSR policy is to make CSR a key business process for sustainable development of the society. Ciber aims at supplementing the role of Government in enhancing the welfare measures of the society within the framework of its policy.
In the aforesaid backdrop, policy on CSR of Ciber is broadly framed taking into account the following measures:
The Board of Directors of Ciber may decide to undertake its CSR activities as recommended by the CSR Committee, through a registered trust or a registered society pursuant to Section 135 of the Companies Act, 2013 and rules made there-under.
The following are the total indicative of list of activities as per Schedule VII of the Companies Act, 2013 and Ciber may undertake any or all of them in its pursuit for better Corporate Social Responsibility:
Organizational mechanism and responsibilities
Constitution of Corporate Social Responsibility Committee:
The Board of Directors of the Company shall constitute a Corporate Social Responsibility Committee of the Board (“CSR Committee”) consisting of three or more directors, as per the provisions as applicable to a private company.
The CSR Committee shall –
The Board of the company shall after taking into account the recommendations made by the CSR Committee, approve the policy for the company and disclose contents of such Policy in its report and also place it on the company’s website and ensure that the activities as are included in the CSR Policy of the company are undertaken by the company.
Activities, setting measurable targets with timeframes and performance management:
All activities/projects of CSR will be assessed under the agreed strategy, and monitored every quarter/year, measured against targets and budgets. Wherever necessary, midcourse corrections will be made.
Collaborative partnerships may be formed with the Government, the District Authorities, the village panchayats, NGOs and other like-minded stakeholders. This could help widen the Company’s reach and leverage upon the collective expertise, wisdom and experience that these partnerships bring to the table.
A specific budget is allocated for CSR activities and spending on CSR activities shall not be less than 2% of the average net profits of the Company made during the three immediately preceding financial years, in pursuance of this policy.In case Company fails to spend such amount, the Board shall specify the reasons for not spending the amount.
Approving authority for the CSR amount to be spent would be any one Director or VP (F)/Chief Financial Officer of the Company after due recommendation of CSR Committee and approval of the Board of Directors of the Company.
The CSR Policy mandates that the surplus arising out of the CSR projects or programs or activities shall not form part of the business profit of a company. The CSR projects or programs or activities undertaken in India only shall amount to CSR expenditure.
CSR expenditure shall include all expenditure including contribution to corpus, for projects or programs relating to CSR activities approved by the Board on the recommendation of the CSR Committee, but does not include any expenditure on any item not in conformity or not in line with activities which fall within the purview of Schedule VII of the Companies Act 2013.
The Company’s engagement in this domain is disseminated on its website, annual reports and its house journals as and when deem fit.
Our Board of Directors, our Management and all of our employees subscribe to the philosophy of compassionate care. We believe and act on an ethos of generosity and compassion, characterized by a willingness to build a society that works for everyone. This is the cornerstone of our CSR policy.
CSR Committee of Board of Cibersites India Pvt Ltd will review the policy from time to time based on the changing needs and aspirations of the target beneficiaries and make suitable modifications as may be necessary.