“Corporate Social Responsibility”(CSR) is a way of conducting business, by which corporate entities visibly contribute to the social good. The essence of CSR is to integrate economic, environmental and social objectives with the company’s operations and growth. CSR is the process by which an organization thinks about and evolves its relationships with society for the common good and demonstrates its commitment by giving back to the society for the resources it used to flourish by the adoption of appropriate business processes and strategies. The main objective of CSR policy is to make CSR a key business process for sustainable development of society. In its endeavours to mutually achieve the said objective, the Act stipulates the provisions regarding mandatory adherence to the Corporate Social Responsibility practices by the prescribed classes of companies.
2. Corporate Sustainability
At Qwikcilver Solutions Private Limited (Qwikcilver), we aim to treat the Corporate Sustainability function (that covers CSR, Climate Change and Affirmative Action) as an intrinsic and essential part of being in business.
Qwikcilver will leverage the skills and competencies, financial and people resources as well as the infrastructure and relationships of the Company in order to excel and maximize societal impact. This will ensure that Corporate Social Responsibility (CSR) will benefit from the business activity of the Company even as it serves the communities that interface with such business activity.
The Policy recognises that Corporate Social Responsibility is not merely compliance; it is a commitment to work for social good through such activities as would enhance the social good in accordance with one or more of the following focus areas as notified under Section 135 of the Companies Act 2013, Companies (Corporate Social Responsibility Policy) Rules, 2014 and Schedule VII of the Companies Act, 2013:
- 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, daycare 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 arts and handicrafts;
- measure for the benefit of armed force veterans, war widows and their dependents;
- training to promote rural sports, nationally recognized sports, Paralympic sports and Olympics sports;
- contribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government for socio-economic development and relief and welfare of the Scheduled Castes, the Schedule Tribes, other backward classes, minorities and women;
- contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government;
- rural development projects.
- slum area development.
- disaster management, including relief, rehabilitation and reconstruction activities
- Such other activities within the purview of Schedule VII of the Act as the CSR Committee deems fit
CSR activities shall be undertaken as projects, programs of activities (either new or ongoing) excluding activities undertaken in pursuance of the normal course of business of the Company.
4. Geographical focus
Apart from having a significant geographical focus in the state of Karnataka, Qwikcilver would also dispassionately look into other geographies as and when such a need arises keeping in mind its CSR policy framework for reach and support.
5. Aligning to Companies Act, 2013
The CSR policy of the Company is aligned to the following guidelines:
- The requirements of Section 135 of the Companies Act 2013 and the corresponding Rules
- Schedule VII of the Companies Act, 2013
Company will spend at least 2% of its average net profits of the previous three financial years for its CSR activities that shall not include investment in any projects considered as business as usual related activities.
Any surplus arising out of CSR projects or programs or activities shall not form a part of the business profits of the company.
7. Implementing mechanism
Company will implement its CSR initiatives through a combination of its own in-house teams/volunteering, partnering with Non-Governmental Organisations (NGOs) and institutes of repute and other partner organisations who have competencies in the field under consideration.
8. Monitoring mechanism
Each of the CSR projects and programs will have clearly defined output, progress of which will be reviewed and reported on regular basis or as per schedules defined under various projects as appropriate by the CSR Committee.