1.1 The policy has been formulated as per the Guidelines on Corporate Social Responsibility (CSR) which is governed by clause 135 of the Companies Act, 2013.
1.2 This policy is aligned with JM Group policies on Sustainability. For example the Johnson Matthey Business Integrity & Ethics Policy
2. Policy Statement:
The CSR Policy of JMCIPL aims to consolidate and strengthen socially and environmentally responsible business practices that balance financial goals with social contribution.
The overall goal is to promote sustainable and inclusive development as a Responsible Corporate Citizen. This goal will be achieved through the following broad Objectives:
3.1 Operate its business in an economically, socially and environmentally sustainable manner in the interest of all its stakeholders.
3.2 Take up programs that benefit the society at a large over a period of time.
CSR projects will be undertaken by various work centers of JMCIPL to the best possible extent within the defined ambit of but not limited to the identified Priority Areas. The time period/duration over which a particular program will be spread, will depend on its nature, extent of coverage and the intended impact of the program. These activities should preferably be focused in geographical areas near work centres.
5. Powers for approval
5.1 CSR projects will be put up by the CSR Committee to the Board of Directors for approval. All CSR projects must be approved by the Board of Directors before they are taken up for implementation.
5.2 For meeting the requirements arising out of immediate & urgent situations, the Board of Directors is authorized to approve amendment proposals put up by the CSR Committee.
6. Monitoring and Feedback
6.1 Appropriate review of the JMCIPL CSR Policy, annual CSR activities, executing partners, and expenditure entailed will be undertaken on a regular basis and the same will be reported by the CSR Committee to the Board of directors. Required information as per the Act will published on Johnson Matthey Website. An “independent” review will be undertaken periodically.
6.2. CSR initiatives of the Company will also be reported in the Annual Report of the Company.
The company will prepare a budget annually for CSR activities across its various work areas in line with the policy. As guidance at a group level the company to spend around 2% of average net profit before tax of the previous three financial years on CSR activities.