Corporate Social Responsibility

Overview

Witmans Industries Private Limited (hereinafter referred to as ‘the Witmans’) believes that the true and full measure of growth, success and progress lies beyond balance sheets or conventional economic indices. It is best reflected in the difference that business and industry make to the lives of people.

Through its social investments, the Witmans addresses the needs of communities residing in the vicinity of its facilities, taking sustainable initiatives in the areas of health, education, environment conservation, infrastructure and community development, and response to natural calamities.

 

Corporate Social Responsibility Policy (CSR POLICY)

Executive Summary:

Corporate Social Responsibility (hereinafter referred to as ‘the CSR) is the process by which an organization thinks about and evolves its relationships with stakeholders for the common good and demonstrates its commitment in this regard by adoption of appropriate business processes and strategies. Thus, CSR is not charity or mere donations corporate initiatives falling under the CSR umbrella encompass a broad scope, including corporate funding of community activities, grants for non-profits/NGOs, environmental sustainability programs to reduce energy and resource use, and comprehensive efforts to remake a business’s entire value chain. The CSR is inherently organic, as companies both respond to societal expectations and define the CSR in terms of their own organizational and social motives for philanthropic giving and civic engagement. Many initiatives originate in the field or from the staff in a bottom up approach, while some are top down initiatives from executive management. The CSR is a way of conducting business, by which corporate entities visibly contribute to the social good. Socially responsible companies do not limit themselves to using resources to engage in activities that increase only their profits. They use the CSR to integrate economic, environmental and social objectives with the company’s operations and growth. The CSR is an integral part of our culture and constantly seeks opportunities to give back to the society and hope to make a difference to the lives of people by sharing our business success with them.

Background:

The passage of the Companies Act, 2013 (hereinafter referred to as ‘the Act’) mandates for the CSR and has formally introduced the CSR to the dashboard of the Boards of Indian Companies. Though, the industry has responded positively to the reform measures undertaken by the Government in the larger interests across the public and private sector, Indian and Multinational Companies.

Witmans, since its inception in 2011, has been working towards betterment of society and environment in which it operates. While being socially sensitive and responsible, the Witmans has undertaken several activities in Education, Community Development, Environment Sustainability & Rural Development Projects/Preventive Healthcare, besides supporting the Governments efforts and initiatives to rehabilitate victims of natural calamities.

Objective:

The main objective of this CSR Policy is to lay down guidelines and also make the CSR as one of the key business drivers for sustainable development of the environment and the society in which Witmans Industries operates in particular and the overall development of the global community at large.

The Witmans CSR Vision:

The Witmans to be a socially responsible corporate by fulfilling our responsibilities as a member of the society and community, thereby creating a positive impact to the stakeholders with a concern towards the environment.

Scope of Activities:

The Scope of Activities are taken into accounts as per the Schedule VII of the Act. Preference to be given to the local areas of the offices of the Company. The Witmans will extend its CSR activities at all locations. The CSR programs and activities are broadly classified under four major areas as:

 

 

Constitution of Committee of Directors:

Pursuant to Section 135 of the Act, the Board of Directors of the Witmans constituted a Corporate Social Responsibility Committee (hereinafter referred to as ‘the CSR Committee’) to oversee the CSR activities of the Company. The Members of the CSR Committee is the Directors of the Company.

Budget Allocation:

The total budget for the CSR projects will be recommended by the CSR Committee and approved by the Board as per the applicable rules, regulations of the Act as may be amended from time to time.

Volunteering:

Volunteering is any activity that involves spending time, unpaid, doing something that aims to benefit the environment or someone (individuals or groups). Central to this definition is the fact that volunteering must be a choice freely made by each individual. People choose to volunteer for a variety of reasons. For some it offers the chance to give something back to the community or make a difference to the people around them. For others it provides an opportunity to develop new skills or build on existing experience and knowledge. Regardless of the motivation, what unites them all is that they find it both challenging and rewarding.

The Witmans encourages its employees to actively participate in activities that are conducted across the country on a regular basis.

Implementation Strategy:

A CSR strategy is a road map for moving ahead on the CSR issues. It sets the organization direction and scope over the long term, allowing the firm to be successful by using it resources within its unique environment to meet societal needs and fulfil stakeholder expectations.

Collaborative Working:

Collaborative working - also known as joint or partnership working - covers a variety of ways that two or more organisations can work together. Options range from informal networks and alliances, through joint delivery of social projects.

Collaborative working can last for a fixed length of time or can form a permanent arrangement. What these options have in common is that they involve some sort of exchange, for mutual advantage, that ultimately benefits end users.

The Witmans would strive for collaborative working with corporates, NGO's and Trust's for any unique social projects which will have an impact to the society at large.

Monitoring & Feedback:

The fundamental goal is to see that all the programs and activities are positive and running successfully. Monitoring is the only mechanism which will be done at regular intervals for its effectiveness. The feedback from various stakeholders should be addressed in the CSR committee, who will discuss how and to what extent they can be resolved.

Reporting:

Reporting is communicating with stakeholders about the organization economic, environmental, and social management and performance. It will demonstrate the company’s motivation and willingness to position itself and plan for new programs.

 

 

Activities Related to CSR

SCHEDULE VII

(In relevance with Section 135 of the Act)

Activities which may be included by companies in their Corporate Social Responsibility Policies Activities relating to (which may amend time to time by the Government): -

(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 art 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 govt. for socio economic development and relief and welfare of the schedule caste, 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 govt.

(x) Rural development projects

(xi) Slum area development.

(xii) Disaster management, including relief, rehabilitation and reconstruction activities.