Corporate Social Responsibility
Realizing that Governments alone cannot shoulder all necessary social welfare measures, there has been a global trend of business houses adopting Corporate Social Responsibility (CSR) as a measure of inclusive and sustainable growth.
While CSR has been a voluntary initiative of businesses in many countries and though few countries have made CSR reporting a legal requirement, India became the first country to have made CSR activities mandatory through the provisions of Companies Act, 2013.
Premier wholeheartedly accepts the new responsibility in spirit and letter.
Company shall undertake the CSR activities that help the surrounding communities, possible in its means and meeting regulatory requirements.
- Company shall constitute a CSR Committee with at least 3 directors of whom at least one is an independent director.
- CSR Committee’s responsibilities include
- formulation of CSR Policy and recommend to the Board
- recommendation of annual CSR spending amount to the Board
- monitoring the CSR Policy from time to time
- Board is entrusted with the responsibilities that include
- approval of CSR Policy upon recommendation by the CSR Committee
- arrange to place the CSR Policy in the company’s website
- ensure the implementation of activities as per the policy
- disclose the contents of CSR Policy and activities implemented during the year, reasons for under-spending, if any, in the annual report
- CSR activities shall be undertaken preferably in the local areas around the company’s business operating sites.
- CSR annual spending amount shall be in compliance with the provisions of Companies Act, 2013, which currently is at least 2% of the average net profits during the three immediately preceding financial years.
- 6. Taking into account the amount of annual budget and assessment of requirements in its local areas, the company shall focus on following CSR activities and may take up others as specified in the Schedule VII read with Section 135 of the Companies Act, 2013 -
i) eradicating hunger, poverty and malnutrition, promoting preventive health care and 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