During the FY 2019-20, a global pharmaceutical company Cipla Limited, headquartered in India (Mumbai) has invested Rs. 36.31 Crore (2019: Rs 33.42 Cr) Corporate Social Responsibility (CSR) funds on various community development projects in the area of health, skilling, education and disaster response have positively impacted thousands lives across India, the company’s Annual Report 2019-20 said.
During the year 2019-20, the Company spent Rs. 36.31 crore on various CSR initiatives, which is more than the statutory expenditure of 2% of average net profit of the last three financial years required under Section 135 of the Companies Act, 2013, and Rules, the report said.
Established in 1935, focused on responsible and sustainable growth of complex generics and deepening portfolio in home markets of India, South Africa and North America, as well as key regulated and emerging markets.
Cipla Foundation which is a trust, with the main objective of working in the areas of social, economic and environmental issues is official implementing organisation for the CSR projects.
Cipla Foundation works across four key CSR focus areas – health, skilling, education and disaster response – in India and South Africa.
Cipla’s Corporate Responsibility Policy is based on the National Voluntary Guidelines on Social, Environmental and Economical Responsibilities of Business as issued by Ministry of Corporate Affairs, Government of India, in July 2011. Cipla’s Environment Policy is as per the requirements of ISO 14001, Environment Management System.
The CSR policy of the Cipla encompasses its philosophy towards Corporate Social Responsibility and lays down the guidelines and mechanism for undertaking socially useful programs for welfare and sustainable development of the community at large.
At Cipla, we understand the potential as well as the responsibility of our business activities to drive positive change in society. Our CSR initiatives are implemented through Cipla Foundation. We also have an established governance structure and mechanisms that are aligned to our CSR policy.
The Foundation works with credible institutions, nongovernmental organisations (NGOs), government agencies, domain experts and visionaries and other philanthropic foundations to enhance the outreach of CSR initiatives in line with the CSR policy.
Additionally, the Foundation maintains the highest standards of diligence, and audit and monitoring mechanisms for the partners and stakeholders it engages with.
“We consistently aim to maximise our CSR outreach, and contribute to our identified CSR priorities while remaining flexible in responding to unprecedented disasters like the Covid-19 pandemic.”, the report said.
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