Asian Paints has formulated a CSR 2025 Vision with a year-on-year implementation roadmap. The programme is poised to achieve breakthroughs and is embedded in the tenets of trust, care and fairness, the company annual report 2019-20 said.
An amount of Rs 74.64 crores, which is 2.8 % of PAT was spent towards various CSR projects during the financial year 2019-20 and people of more than 50 villages in the states of Uttar Pradesh, Haryana, Gujarat, Andhra Pradesh, Maharashtra, Karnataka and Tamil Nadu were benefitted. The CSR initiatives of the Company were under the thrust area of health & hygiene, education, water management and vocational training.
CSR programmes aim to promote education, create employability, enable access to quality, primary health care services, ensure environmental sustainability by conserving natural resources with a focus on water conservation, replenishment and recharge.
The Company has committed Rs 35 crores towards COVID-19 pandemic related relief activities, out of which Rs. 15 crores was spent as CSR in the FY 2019-20. The contribution was made to the Central as well as other Disaster Relief State funds to combat COVID-19 pandemic.
As on 31st March, 2020, the CSR Committee comprised of Malav Dani, (Chairman), Vibha Paul Rishi, Amrita Vakil and K.B.S. Anand. K.B.S. Anand ceased to be a member of the Committee w.e.f. 31st March, 2020 and Amit Syngle was appointed as a Member of the Committee w.e.f. 1st April, 2020. R J Jeyamurugan acts as Secretary to the CSR Committee.
The CSR Committee meets every quarter to review implementation of the projects, programmes, activities to be undertaken in the field of CSR. Other supporting functions/groups like Sustainability, meet on a periodic basis to assess the BR performance.
CSR Spending for the last 4 years:
- 2019-20: Rs. 74.64 cr
- 2018-19: Rs. 52.70 cr
- 2017-18: Rs. 46.51 Cr
- 2016-17: Rs 47.84 Cr
Average Net Profit of the Company for last 3 financial years: Rs. 2,875.26 Crores
Prescribed CSR Expenditure (2% of Net Profit): Rs. 57.51 Crores
Total amount spent for the financial year: Rs. 74.64 Crores
Asian Paints’ is committed to playing a larger role to bring tangible difference in the lives of communities it work with. The Company has structured interventions in the areas of (i) promoting education, including special education, & livelihood projects to reduce drop-out rates & enhance livelihood (ii) creating employability & enhance dignity of the painter community (iii) enabling access to quality, primary health care services (iv) ensuring environmental sustainability by conserving natural resources with a focus on water conservation, replenishment and recharge.
As per Section 135 of the Indian Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit computed as mandated by the Act for the immediately preceding three financial years on CSR activities. The Act prescribes that every company having a net worth of Rs. 500 crore or more, or turnover of Rs. 1,000 crore or more, or a net profit of Rs. 5 crore or more during any financial year shall ensure that it spends, in every financial year, at least 2% of the average net profits computed as mandated by the Act, in pursuance of its CSR Policy.
Details of the Implementing agencies
Aarambh, Ace Education Trust, ActionAid Association, Aga Khan Rural Support Programme, Akash Ganga Trust, Ambuja Cement Foundation, Ankleshwar Industrial Development Society (AIDS), Bosconet, Child Survival India, Deepalaya, DHAN (DEVELOPMENT OF HUMAN ACTION) FOUNDATION, Empower Foundation, Enable advisory – Pahal, Forum for Organised Resource Conservation and Enhancement (FORCE), Hand in Hand India, Head Held High Foundation, HelpAge India, Isha Foundation, Janseva Charitable Trust, JSS Mahavidyapitha Polytechnic, K.M. SANTHANAM EDUCATIONAL TRUST, Kaka-Ba and Kala Budh Public Charitable Trust, Ladli Foundation Trust, Learning Links Foundation, National Agro Foundation (NAF), NIIT Foundation, Piramal Swasthya Management and Research Institute, PM CARES Fund, Pratham Education Foundation, Sevalaya, Smart Andhra Pradesh Foundation, Sri Lakshmi Hayagriva Trust, Subedar Mulla Reddy Association for Needy (SMARAN), Vanarai Foundation, World Vision India, Grassroots research and advocacy movement (GRAAM), Karnataka State Disaster Management Authority, Telangana State Disaster Management Authority, Tamil Nadu State Disaster Management Authority.
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