Incorporating Amendments: REC aligns its CSR policy with recent changes in the Companies Act.
NEW DELHI (India CSR Correspondent): Rural Electrification Corporation Limited (REC Limited), adhering to its Corporate Social Responsibility (CSR) policy, continues to ensure compliance with Section 135 of the Companies Act, 2013, and associated rules. The company’s CSR policy has seen amendments in line with the Companies (Corporate Social Responsibility Policy) Amendment Rules. REC Limited is dedicated to making significant contributions to the community, environment, and society through well-planned CSR activities.
Annual CSR Contributions
For the year under consideration, REC Limited approved 24 CSR projects, with a cumulative aid of Rs. 190.20 crore. With an additional carryover amount of Rs. 0.40 crore from the previous year, the total expenditure on CSR initiatives amounted to Rs. 210.35 crore. Key projects undertaken include:
- Health Initiatives: Launch of mobile medical units in Gadchiroli, Maharashtra, and mobile health clinics in Bhojpur, Bihar.
- Infrastructure Development: Toilet block construction for BSF troops in Punjab and construction of the ‘REC Vishram Sadan’ in Ujjain.
- Support for Differently-Abled: Distribution of aids and appliances across multiple states.
- Cancer Care: Installation of Radiotherapy equipment at Virat Hospice, Jabalpur.
- Environmental Commitments: Initiatives to promote recyclable waste and climate change awareness in schools.
- Community Welfare: Development of community halls and solar street lighting systems.
- Educational Infrastructure: Establishing the “REC Girls Hostel” in Nagaland and providing ultrasound scanning machines in Manipur.
Alignment with Legal Mandates
Ensuring due diligence, REC Limited abides by Section 135 of the Companies Act, 2013, which mandates that at least 2% of the average net profits accrued over the past three financial years be invested in CSR initiatives. All the undertaken projects strictly align with activities detailed under Schedule VII of the Act.
Taking a strategic and focused approach, REC Limited emphasizes projects promoting inclusive societal growth. A significant priority is the upliftment of the weaker sections and the development of the country’s backward districts. The selection criterion ensures the most significant positive impact on these focus areas.
Governing CSR at REC Limited
A Corporate Social Responsibility Committee of the Board (‘the CSR Committee’) has been constituted, comprising a minimum of three Directors, with at least one Independent Director. This committee plays a pivotal role in framing, recommending, and monitoring the CSR policy, periodically submitting detailed reports to the Board of Directors. Execution of these CSR activities is carried out through the ‘REC Foundation’, a society steered by nominated officials of REC Limited.
REC Limited’s sustained dedication to CSR showcases its commitment to holistic and inclusive growth, setting a benchmark for other corporate entities.
Empowering Sustainable Initiatives
Beyond the projects mentioned, REC Limited’s devotion to sustainable and impactful CSR initiatives runs deep. Their ethos embodies not just compliance with statutory provisions but a genuine drive to enrich communities, promote education, and support environmental conservation.
Tailored Projects for Regional Needs
Each project undertaken by REC is not a one-size-fits-all initiative. By delving deep into regional requirements and understanding the unique needs of every community, REC designs projects that resonate with local aspirations. For instance:
Solar Empowerment: In Himachal Pradesh, recognizing the region’s solar potential, REC has installed solar street lighting systems with advanced Remote Monitoring Systems. This initiative not only promotes green energy but also ensures safety in remote and mountainous regions.
Education in the Northeast: Understanding the challenges faced by students in the northeastern parts of India, REC has heavily invested in educational infrastructure. The establishment of the “REC Girls Hostel” at Kohima Science College is a testament to REC’s commitment to empowering young women in the region.
Collaborative CSR for Enhanced Impact
While REC takes pride in its CSR initiatives, it also acknowledges the strength of collaborative efforts. By partnering with local NGOs, governments, and other corporate entities, REC amplifies its impact. Such collaborations enable the pooling of resources, expertise, and local insights, ensuring that every project is optimized for maximum community benefit.
Looking Ahead
As REC Limited marches into another year, it remains steadfast in its commitment to CSR. With a strategic plan in place, the company aims to expand its reach, diversify its project portfolio, and integrate the latest technological advancements into its initiatives. The end goal remains clear: to create lasting positive change in communities across the country.
Copy Right @ India CSR