HMSI is committed to build a sustainable business with strong social relevance and a commitment to inclusive growth and contribute to the society by supporting causes on various concerns including road safety, healthcare, environmental sustainability, promoting education, promoting sports and other rural development activities.
In pursuance of our vision that HMSI desires to be a ‘Company which society wants to exist’, we are dedicated towards fulfilling the social objectives through various CSR activities. The Company shall make its endeavour to positively impact and influence the Society for its sustainable development.
The Companies Act, 2013 has brought greater emphasis on CSR with rules that provide guidance on minimum CSR spend, focus areas, implementation mechanism and reporting to the shareholders of the company.
HMSI CSR Policy has been designed keeping in view the company’s business vision, its CSR vision and long-term social objectives that the company wants to achieve. HMSI CSR Policy has been created with the purpose to outline its CSR focus areas, review mechanism, execution process and reporting mechanism.
The responsibility of the Board of Directors shall be as under:
5.1. Constitution of CSR Committee
Corporate Social Responsibility Committee (“the CSR Committee”) has been constituted by the Board of Directors to oversee the CSR agenda of the Company. The committee has been formed as per the requirements of Section 135 of the Companies Act, 2013 and Companies (Corporate Social Responsibility Policy) Rules, 2014.
Board of Directors shall be empowered to take decision for making or effecting changes in the constitution of the CSR Committee. The composition of CSR Committee shall be disclosed in the Board of Directors’ Report.
5.2. Responsibilities of the CSR Committee
5.3. Meetings of CSR Committee
The CSR Committee shall meet at least once in six months. The meeting shall be held either at the registered office of the company or any other place, as may be decided by the members.
Physical presence of a minimum of two members of the committee shall constitute the quorum.
5.4. Notice of Meeting
At least three days advance notice of every meeting, specifying the day, place and timing of Meeting and the general nature of the business to be transacted there at shall be given to the members. In urgency, a meeting may be convened by shorter notice.
The Company is hereby devoted to direct its CSR resources, to a reasonable extent, for improving the quality of life of the people by focusing on the social causes, including but not limited to the following areas:
Following activities shall be excluded from the CSR expenditure of HMSI:
HMSI will give preference to the local areas around its operations for spending the amount earmarked for CSR activities. HMSI’s operations are mainly concentrated in the following areas:
The beneficiaries of HMSI’s CSR programs may be the following categories of people:
The company may conduct / implement CSR programs by itself and/or through registered trusts, societies and / or section 8 (previously section 25) companies with an established track record of at least three years in carrying on activities in the related area/s or as suggested by Ministry of Corporate Affairs vide circulars/notifications.
The company may collaborate or pool resources with other companies to undertake CSR activities and any expenditure incurred on such collaborative efforts would qualify for computing the CSR spending.
The progress will be reported to the CSR Committee during the committee meetings. The progress on CSR programs undertaken by the Company will be reported in the Annual Report in the format prescribed by the CSR Rules 2014. Format for Annual Report
The HMSI CSR team shall be responsible for day to day management of CSR related activities of the company. The team shall periodically report to the CSR committee regarding the financial and programmatic progress of CSR projects.
All projects undertaken by HMSI shall be monitored on a regular basis. On-site monitoring would also be undertaken at least once a year to ensure on-track implementation.
The CSR team shall be empowered to appoint an external third party to monitor / review / audit the progress (financial and programmatic) of the CSR projects.
The CSR Policy shall be effective from the date of its approval by the Board of Directors. This Policy document shall supersede the earlier CSR Policy dated 10th July 2014. Provided, however, that all the acts done in pursuance of the earlier CSR Policy shall stand ratified and covered under this policy.
CSR Policy may be updated to align it with the changing requirement or changes in the legal and regulatory framework. Any revision in the Policy shall be approved by the Board of Directors.