MUMBAI: During fiscal 2021, Infosys Limited has spent Rs. 325.32 crore on various projects and transferred Rs. 49.52 crore to the Unspent Corporate Social Responsibility (CSR) Account. Gross amount required to be spent by the Company during the year is Rs. 372 crores.
The unspent amount will be transferred to the Unspent CSR account within 30 days from the end of the financial year, in accordance with the CSR Amendment Rules, the company’s annual report revealed.
The Company has allocated Rs. 50 crores for Infosys Headstart, a digital literacy initiative, which is an ongoing project, and spent Rs. 0.48 crore in fiscal 2021 towards this initiative.
Infosys, an early adopter of CSR initiatives, works primarily through the Infosys Foundation, towards supporting projects in the areas of protection of national heritage, restoration of historical sites, and promotion of art and culture; destitute care and rehabilitation; environmental sustainability and ecological balance; promoting education, and enhancing vocational skills; promoting healthcare including preventive healthcare, and rural development.
Infosys also undertakes CSR initiatives outside of India, in Australia and the US. The initiatives in the US are carried out through Infosys Foundation USA. The said initiatives are over and above the statutory requirement.
The CSR committee comprised two independent directors and a whole-time director as on March 31, 2021:
1. Kiran Mazumdar-Shaw, Chairperson
2. U.B. Pravin Rao
3. Chitra Nayak
The CSR committee met four times during fiscal 2021.
The Committee, on a periodic basis, reviewed and approved the budget and disbursement for Infosys Foundation and Infosys Foundation USA.
The Committee ensures that at least 2% of the average net profits of the Company made during the three immediately preceding financial years is spent for CSR activities in India during the year and the CSR amount spent in the US and Australia is over and above the statutory requirement in India.
Consequent to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, the Company intends to transfer its CSR capital assets created prior to January 2021 to a controlled subsidiary to be established in accordance with Section 8 of the Companies Act, 2013 for charitable objects. The transfer will be undertaken upon obtaining the required approvals from regulatory authorities.
The carrying amount of the capital asset amounting to Rs. 283 crores has been impaired and included as CSR expense in the Standalone financial statements because the Company will not be able to recover the carrying amount of the asset from the Subsidiary on account of prohibition on payment of dividend by this Subsidiary.
Its CSR Policy aims to provide a dedicated approach to community development in the areas of improving healthcare infrastructure, supporting primary education, rehabilitating the destitute, abandoned women and children, preserving Indian art and culture, removing malnutrition, rural development, and contribute to the sustainable development of society and environment, and to make the planet a better place for future generations.
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