During the year 2019-20, Marico Limited, a leading consumer products groups, has spent Rs. 19 Crore on Corporate Social Responsibility (CSR), company’s annual report 2020 said. CSR focus area includes – Community Sustenance, healthcare, education, national emergency and disaster relief.
During the year 2018-19, the company spent over Rs. 18 crore in various Corporate Social Responsibility (CSR) programmes.
The Company’s Corporate Social Responsibility Committee comprises two Independent Directors, two Non-Executive Directors and the Managing Director & CEO of the Company. Udayraj Prabhu, Executive Vice President and Head – Business Process Transformation and IT, acts as the Secretary to this Committee.
The CSR Committee met thrice during the year i.e. on May 6, 2019, October 25, 2019 and January 30, 2020. In India the company has eight factories located at Pondicherry, Perundurai, Kanjikode, Jalgaon, Paldhi, Dehradun, Baddi and Paonta Sahib.
As per Section 135 of the Indian Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit computed as mandated by the Act for the immediately preceding three financial years on CSR activities. The Act prescribes that every company having a net worth of Rs. 500 crore or more, or turnover of Rs. 1,000 crore or more, or a net profit of Rs. 5 crore or more during any financial year shall ensure that it spends, in every financial year, at least 2% of the average net profits computed as mandated by the Act, in pursuance of its CSR Policy.
