Hindustan Unilever Limited spent Rs. 143 crore towards Corporate Social Responsibility (CSR) during the financial year 2019-20. 2% of Average Net Profit for the last 3 financial years was Rs 142.20 crore.
During the year, the Company has spent an amount of Rs. 14.88 Crore on Fair & Lovely Foundation and Rs. 60 lakhs on Rin Shine Academy. However, these spends have not been considered for the purpose of computing prescribed CSR spend of two percent of the Average Profits, the company annual report said.
The Company has a clear purpose – to make sustainable living commonplace. The Company believes this is the best way to deliver long-term sustainable growth, while reducing its environmental footprint and increasing its positive social impact.
Unilever Sustainable Living Plan (USLP) is at the heart of Company’s business model, the company said. The USLP has three global goals, namely: (i) help more than a billion people take action to improve their health and well-being; (ii) halve the environmental footprint in the making and use of products; and (iii) enhance the livelihoods of millions of people while growing the business.
The CSR Committee of the Company comprising a majority of Independent Directors is responsible for formulating, implementing and monitoring the CSR Policy of the Company.
The Committee meets at least twice a year to review progress on various sustainability initiatives, including progress under the USLP. The Corporate Social Responsibility (CSR) Committee comprises O. P. Bhatt as the Chairman and Aditya Narayan, Dr. Sanjiv Misra, Kalpana Morparia, Sanjiv Mehta and Srinivas Phatak as the members of the Committee.
The role of CSR Committee includes formulating and recommending to the Board the CSR Policy and activities to be undertaken by the Company, recommending the amount of expenditure to be incurred on CSR activities of the Company, reviewing the performance of Company in the areas of CSR.
During the financial year ended 31st March, 2020, the Committee had recommended to the Board to approve the amendments to its CSR Policy to include the initiatives as per Schedule VII of the Act. During the financial year ended 31st March, 2020, the Committee met twice on 3rd May, 2019 and 31st January, 2020.