Hindustan Unilever Limited (HUL), has spent Rs. 142.20 Crore as against its prescribed Corporate Social Responsibility (CSR) expenditure of 2 of Average Net Profit of the Company for last 3 financial years of Rs. 7109.88 Crore during FY 2019-20 towards various schemes of Corporate Social Responsibility (CSR) and Sustainable Development programmes as prescribed under Section 135 of the Act., its Annual Report for the Year 2019-20 revealed.
The company has spent Rs. 126.45 crore as against its prescribed CSR expenditure of Rs 124.19 crore (2.4% of Average Net Profit of the Company for last 3 financial years of Rs. 6209.71 Crore) during FY 2018-19.
CSR and business activities are aligned towards contributing United Nation’s Sustainable Development Goals through its initiatives.
Average Net Profit of the Company for last 3 financial years: Rs. 7109.88 Crore
Prescribed CSR Expenditure: Rs. 142.20 Crore
Total amount to be spent for the financial year: 142.20 (2% of Average Net Profit for the last 3 financial years)
During the year, the Company has spent an amount of Rs. 14.88 Crore on Fair & Lovely Foundation and Rs. 60 lakhs on Rin Shine Academy. However, these spends have not been considered for the purpose of computing prescribed CSR spend of two percent of the Average Profits.
Corporate Social Responsibility Committee
The Corporate Social Responsibility (CSR) Committee comprises O. P. Bhatt as the Chairman and Aditya Narayan, Dr. Sanjiv Misra, Kalpana Morparia, Sanjiv Mehta and Srinivas Phatak as the members of the Committee. The role of CSR Committee includes formulating and recommending to the Board the CSR Policy and activities to be undertaken by the Company, recommending the amount of expenditure to be incurred on CSR activities of the Company, reviewing the performance of Company in the areas of CSR.
During the financial year ended 31st March, 2020, the Committee met twice on 3rd May, 2019 and 31st January, 2020.
New Areas of CSR activity
The Company during the year expanded its CSR policy to include contribution in the area of maintenance and development of road central medians and protection of flora and fauna of the public areas near the Company’s Head Office, its Regional Offices and Factory locations along with contribution to Non Academic Technopark Technology Business Incubator (TBI) not located within an academic Institution but approved and supported by Department of Science and Technology, Government of India.