SBI maintains robust CSR governance, marked by effective committees and dedicated personnel, to ensure impactful and sustainable initiatives in line with its corporate social responsibility mandate
MUMBAI (India CSR Exclusive): State Bank of India (SBI), India’s leading bank, reaffirms its commitment to corporate social responsibility (CSR) with the restructuring of its CSR governance. With the reconstitution of the Corporate Social Responsibility Committee (CSRC) and the involvement of various key personnel, the bank is geared towards making a more meaningful impact in the communities it serves in the financial year 2022-23.
Constitution of the Corporate Social Responsibility Committee (CSRC)
The CSRC was initially established on 24th September 2014 as a demonstration of good corporate governance. It was last reconstituted on 23rd December 2022, with the Senior Managing Director chairing the committee, which currently comprises six members. During the financial year 2022-23, the committee convened five times.
Also Read: What Is CSR – Corporate Social Responsibility?
Role of Key Personnel and Additional Committees
The Deputy Managing Director (DMD – HR) and Corporate Development Officer (CDO), who also serves as the bank’s designated Chief Sustainability Officer (CSO), oversee the bank’s environmental and social performance. They also guide the bank’s sustainability vision.
The CSRC involves stakeholders, communicates their concerns to the board, and works in conjunction with the Corporate Centre Sustainability Committee (CCSC) to monitor sustainability-related issues.
The CCSC, comprised of members from various verticals, meets quarterly to discuss critical stakeholder concerns identified through respective committees, departments, and channels.
CSR governance: Committee of the Board
SBI has established a strong CSR governance with a CSR Committee of the Board to oversee community development initiatives. The Committee, which comprises two Managing Directors of the bank and four Independent Directors, convenes quarterly to assess the effectiveness of the bank’s CSR activities and propose ways to enhance performance in this area.
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Table of Critical Points:
| Key Point | Detail |
|---|---|
| Constitution of CSRC | 24th September 2014 |
| Last Reconstitution of CSRC | 23rd December 2022 |
| Number of CSRC Members | 6 |
| Number of CSRC Meetings Held in FY 2022-23 | 5 |
| Role of DMD (HR) and CDO | Oversee environmental and social performance, steer sustainability vision |
| CSR Committee of the Board Composition | Two Managing Directors and four Independent Directors |
| Frequency of CSR Committee Meetings | Quarterly |
Composition of the Corporate Social Responsibility Committee (CSRC)
The CSRC is composed of eminent members including Challa Sreenivasulu Setty, MD (IB, GM & T), who serves as the Chairman of the Committee (Ex-Officio), Alok Kumar Choudhary, MD (RB & O) as a Member (Ex-Officio), and four independent directors.
These members bring a wealth of experience and expertise to the committee, ensuring that the bank’s CSR activities are effectively guided and executed.
Also Read: SBI Invests Rs. 316.76 Cr In CSR Initiatives For FY2023, Transforming Lives Across India
