CSR Policy

Edme Insurance Brokers Limited Corporate Social Responsibility Policy

Introduction

Our CSR policy has been framed in conformity with the stipulations specified by the Ministry of Corporate Affairs, Companies Act, 2013 including rules made thereunder and subsequent amendments from time to time to date. For us , reaching out to underserved communities is part of our DNA. We believe in the trusteeship concept. This entails transcending business interests and grappling with the “quality of life” challenges that underserved communities face and working towards making a meaningful difference to them.

Scope

Planning and conceptualization, formulation, collaboration, implementation, monitoring, evaluation, documentation, and reporting constitutes its key planks.

Guiding Principles

All projects are identified in consultation with the community in a participatory manner, literally sitting with them and gauging their basic needs. We recourse to the participatory rural appraisal mapping process. Subsequently, based on a consensus and in discussion with the village panchayats, and other stakeholders, projects are prioritized.

Arising from this the focus areas that have emerged are education, healthcare, sustainable livelihood, sports, infrastructure development, and espousing social causes. All of our community projects/programmes are carried out for Community Initiatives and Rural Development. The activities are in line with Schedule VII of the companies Act, 2013 as indicated:

Our focus will on:

• 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.
• promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly and the differently abled and livelihood enhancement projects.
• 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.
• 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.
• 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;
• measures for the benefit of armed forces veterans, war widows and their dependents, Central Armed Police Forces (CAPF) and Central Para Military Forces (CPMF) veterans, and their dependents including widows];
• training to promote rural sports, nationally recognised sports, paralympic sports and olympic sports;
• contribution to the prime minister’s national relief fund or Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES 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;
• Contribution to incubators or research and development projects in the field of science, technology, engineering and medicine, funded by the Central Government or State Government or Public Sector Undertaking or any agency of the Central Government or State Government; and
• Contributions to public funded Universities; Indian Institute of Technology (IITs); National Laboratories and autonomous bodies established under Department of Atomic Energy (DAE); Department of Biotechnology (DBT); Department of Science and Technology (DST); Department of Pharmaceuticals; Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH); Ministry of Electronics and Information Technology and other bodies, namely Defense Research and Development Organisation (DRDO); Indian Council of Agricultural Research (ICAR); Indian Council of Medical Research (ICMR) and Council of Scientific and Industrial Research (CSIR), engaged in conducting research in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs).
• rural development projects
• slum area development where `slum area' shall mean any area declared as such by the Central Government or any State Government or any other competent authority under any law for the time being in force.
• disaster management, including relief, rehabilitation and reconstruction activities.

Prior to the commencement of projects, we carry out a baseline study of the projects.

The study encompasses various parameters such as – health indicators, literacy levels, sustainable livelihood processes, and population data - below the poverty line and above the poverty line, state of infrastructure, among others, wherever appliable.

All projects/programmes are assessed by a reputed external agency. Alongside projects are monitored every quarter, measured against targets and budgets. Wherever necessary, midcourse corrections are affected. The surplus, if at all, arising out of the projects/programmes do not form part of the business profit of the Company and are ploughed back into the CSR activities.

Organizational mechanism responsibilities

The CSR committee of Directors at the Board level comprises of:

Members:
1. Mr. Manish Mehta
2. Mr. Vikram Ranjan Agarwal
3. Mr. Nilay Pratik

Permanent Invitees:
1. Mr. Sanjay Radhakrishnan (Chief Executive Officer)
2. Mr. Praveen Ladia (Chief Financial Officer)
3. Mr. Anurag Dharnidharka (Chief Risk & Compliance Officer)

The Chief Financial Officer shall be the interface of the Company for execution of the CSR project identified by the Board. All projects/programmes are placed before the CSR committee. The modalities of execution and the implementation schedules are presented to the Board. The Board reviews the annual action plan, which includes resource requirements and allocation across interventions and locations. Importantly, the impact assessment study is also reviewed by the Board. The decision regarding taking up CSR activities shall vest with the Board of Directors of Edme Insurance Brokers Limited (Formerly known as Aditya Birla Insurance Brokers Limited) within the ambit of Schedule VII, Section 135 of the Companies Act 2013 (‘ACT’) read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 (‘CSR Rules’) as amended and / or such other rules made thereafter.

A robust implementation structure, monitoring process and a team of professionals is in place at the Company.

To measure the impact of the work done, a social satisfaction social audit / impact assessment study is carried out by a third party, as may be deemed fit.

Partnerships

Collaborative partnerships are formed with the Government, the District Authorities, the village panchayats, NGOs, funding agencies, community-based organizations (CBOs) and other like-minded stakeholders. All NGOs / collaborating organisations have to be 80G and 12A companies. The company may collaborate with societies, trust and companies that qualify as per Rule 4 of the Companies (Corporate Social Responsibility) Rule 2014 other companies with similar developmental objectives for undertaking CSR projects or programmes in such a manner that the CSR committees of respective companies are in position to report separately on such projects or programmes in accordance with these rules. This helps widen the Company’s CSR reach and leverage upon the collective expertise, wisdom and experience that these partnerships bring to the table.

Budgets

A specific budget is allocated for CSR activities. The budget is project driven.
The Budget provision towards CSR initiatives shall be at least 2% (two percent) of the average net profit of the Company (PBT) made during the 3 immediately preceding financial years calculated in terms of Section 198 of the Companies Act 2013.

If the budget allocated in a year remains un-utilized, the Board shall in its report explain the reasons for the unspent amount. The surplus arising out of CSR shall not form part of business profit and shall be ploughed back into the same project.

Based on the emerging needs, every year, a specific budget is allocated for CSR activities. List of activities to be undertaken by the Company along with financial allocation against each activity will be recommended by the CSR Committee and approved by the Board of Directors of Edme Insurance Brokers Limited.

CSR Expenditure

CSR expenditure shall include all expenditure including contribution to corpus, or on projects or programs relating to CSR activities approved by the Board on the recommendation of its CSR Committee.

All CSR expenditure shall be made in accordance with Section 135 of the Companies Act, 2013 (‘ACT’) and Companies (Corporate Social Responsibility Policy) Rules, 2014 (‘CSR Rules’), as amended, either directly with the NGOs as permitted under the Act and the CSR rules.

CSR Reporting

The Board of Directors takes into account the recommendations of the CSR Committee. The CSR Policy is approved by the Board, and it is posted on the Company’s website.

Furthermore, the annual CSR report shall form a part of Board’s Report. It will include the impact assessment study. All CSR projects with an outlay of Rs.1 crore or more will be assessed for impact. These projects have to span a year of work before the impact study is taken.

Information dissemination

The Company’s engagement in this domain may be disseminated in its Annual Reports, in- house journals and through the media. The Company shall disclose the composition of CSR Committee, CSR Policy and projects approved by the Board on their website for public access.

Review of Policy

The Board of Directors based on the recommendation of CSR committee may alter or amend this policy, which nevertheless will be reviewed after a one-year interval.

Management Commitment

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 Projects approved by the Board of Edme Insurance Brokers Limited for last 3 years.