The philosophy of all CSR initiatives of the Escorts is to make CSR a business process for the sustainable development of society.
The CSR initiatives are aimed at enhancing the welfare measures of society. The programs are designed for the immediate and long-term social and environmental impact.
The Company intends to undertake other need-based initiatives in compliance with Schedule VII of the Act.
Escorts has an immense legacy of 7 decades of contribution to the growth and development of local communities. Escorts touch the lives of the people by providing quality healthcare facilities to the surrounding communities at Faridabad. Escorts has accounted for a total CSR spend of Rs. 11.82 crores during the FY2020-21.
“We are contributing to building a resilient food system that is of utmost importance amidst the pandemic. We are attempting to evolve ourselves as a complete solutions provider for the farming community. We are ensuring profitability of the most technologically advanced farm machinery using the disruptive pay per use model.”, the company said.
The CSR Policy
The company CSR Policy was first published in 2015, is a comprehensive document that guides the
Company to undertake welfare activities for society and communities.
In the reporting period, Escorts has revised its CSR Policy following the recent amendments in the Companies Act, 2013 (the CSR Law). The CSR Committee at Escorts monitors and reviews CSR implementation every year. The committee approves the CSR expenditure and calls for project appraisals if required. The CSR committee was reconstituted during the reporting year.
Break-up of CSR expenditure during the reporting period (in Rs. crores)
Road Safety: Rs. 0.24 Cr
COVID-19 Support: Rs. 1.25 Cr
Other Medical Support: Rs. 0.5 Cr
Contribution to state and central government: Rs 1.1 Cr
Escorts has taken several initiatives to reach out and support the government and provide care for its employees and communities.
Escorts have supported both central and state governments to the extent possible in the implementation of the COVID-19 response actions. To further strengthen its contribution to the movement, the company has donated Rs. 1 crore to the PM Cares Fund, the Prime Minister’s National Relief Fund, and Rs. 0.1 crore to the Haryana Disaster Management Authority. It has also contributed to the government’s efforts in kind by donating COVID-19 testing kits, complete with masks and oximeters.
During the financial year ended on March 31, 2021, the Corporate Social Responsibility (CSR) Committee had been reconstituted by the Board of Directors of the Company in their meeting held on November 2, 2020, which took effect from January 1, 2021.
The CSR Committee comprises of following persons:
1. Nikhil Nanda – Chairman
2. Hardeep Singh – Member
3. Vibha Paul Rishi – Member
The said committee has been entrusted with the responsibility of formulating and recommending to the Board, CSR Policy indicating the activities to be undertaken by the Company, monitoring the implementation of the framework of CSR Policy, and recommending the amount to be spent on CSR activities.
