Kotak Mahindra Life Insurance Company is dedicated to sustainable development through its CSR initiatives. With a strong governance structure and dedicated committee, the company exceeds its CSR expenditure, setting a commendable example of responsible corporate citizenship
Introduction
Kotak Mahindra Life Insurance Company Ltd. is one of the fastest growing insurance companies in India, covering over 34.8 million lives nationwide. The Company Limited has a strong commitment towards the economic, environmental, and social growth of India. To fulfil this commitment, the company has charted out a comprehensive CSR policy that sets out its vision, mission, governance, and CSR focus areas. This policy not only reflects the organization’s inclusive growth agenda but also contributes towards the United Nation’s (UN) Sustainable Development Goals (SDGs).
Corporate Social Responsibility Committee
In accordance with the provisions of Section 135 of the Companies Act, 2013, Kotak Mahindra Life Insurance Company Limited has constituted a Board Corporate Social Responsibility Committee (CSR Committee). The committee is responsible for identifying, executing and monitoring CSR projects, ensuring compliance of CSR regulations, and overseeing reporting and disclosure of CSR activity.
Responsibilities of CSR Committee
Kotak Mahindra Life Insurance Company Limited’s CSR Committee comprises of Non-Executive Director and Chairman of the CSR Committee Dipak Gupta, Independent Director Prakash Apte, and Non-Executive Director Gaurang Shah. The CSR Committee is responsible for assisting the Board in fulfilling its CSR objectives and making recommendations to the Board to review and approve the CSR Policy, Annual Action Plan, CSR Projects including its budget, design, scope, expenditure payments and related matters.
Focus areas and CSR policy
The CSR policy of Kotak Mahindra Life Insurance Company Limited focuses on sustainable, scalable and perceptible CSR Projects that align with SDGs and the national narrative. The company’s CSR Projects and CSR Project Expenditure are compliant with the CSR mandate as specified under Section 134, Section 135 read with schedule VII of the Act, and the Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended from time to time. The policy sets out the organization’s intent to contribute towards the economic, environmental and social growth of the nation.
Compliance of CSR Projects
The company’s CSR Projects and CSR Project Expenditure are compliant with the CSR mandate as specified under Section 135 of the Act along with the Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended from time-to-time, and in line with the Government of India’s notifications.
Prescribed and actual CSR expenditure for FY 2021-22
The average net profit of Kotak Mahindra Life Insurance Company Limited for the last three financial years preceding 31st March 2021 is Rs. 596.96 crore. The prescribed CSR expenditure for FY 2021-22 required under Section 135, of the Act and the Companies (Corporate Social Responsibility Policy) Rules 2014, as amended from time to time for FY 2021-22 is Rs. 11.94 crore. The actual CSR Expenditure for the period 1st April 2021 to 31st March 2022 as required under Section 135 of the Act and the Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended from time-to-time, is Rs. 11.94 crore.
Unspent CSR Account
Kotak Mahindra Life Insurance Company Limited has transferred Rs. 4.88 crore of unutilized CSR Project Expenditure of Ongoing CSR Projects of FY 2021-22 to the Unspent CSR Account. The company is committed to utilizing the unutilized CSR Project Expenditure of Ongoing CSR Projects Expenditure FY 2021-22 of Rs. 4.88 crore within the stipulated three years, i.e., from 1st April 2022 to 31st March 2025.
Conclusion
With a robust governance structure and a dedicated CSR committee, the company has been successful in identifying, executing, and monitoring CSR projects that align with its vision and mission. The company’s efforts towards ensuring compliance with CSR regulations and disclosing its CSR activities are noteworthy. By exceeding its prescribed CSR expenditure for FY 2021-22 and transferring the unutilized amount to the unspent CSR account for future use, the company has set a commendable example of responsible and sustainable corporate citizenship. Overall, the company’s CSR initiatives showcase its commitment to inclusive growth and creating a positive impact on society.
(Copy Right @ India CSR)
