Marico’s stated purpose is to “Make a Difference” and Company’s CSR philosophy is anchored on this core purpose of making a difference to the lives of all its stakeholders to help them achieve their full potential
NEW DELHI: Marico has spent overall Rs 22.32 Crores for community development activities during the FY 2021-22. CSR initiatives are rolled out directly or in partnership with NGOs, government agencies and other partners. This helps in widening outreach as well as ensuring the successful adoption by beneficiaries. The projects are constantly evaluated to ensure maximum impact and socially inclusive development. Project teams regularly monitor progress and implement measures to enhance performance.
During the year the two percent of average net profit of the company as per section 135(5) amounted Rs. 21.70 crores. Nature of CSR activities include promoting education, health care including preventive health care, economic empowerment, farmer livlihood enhancement, water steward program and other commuinity initiatives.
It includes Rs. 7 Crs (FY 2020-21 Rs. 6 Crs): Contribution amounting to Rs 0.5 Crs (FY 2020-21 Rs. 0.3 Crs) made to Marico Innovation Foundation (MIF), a subsidiary
of the Company, which is a Section 25 registered Company under Companies Act, 1956, with the main objectives of fuelling innovation in India. The focus of the foundation is to work with people who have scalable ideas and help them scale it to benefit India in a direct way. MIF has already done work in the areas of renewable energy, waste management, employability, livelihoods and healthcare.
Contribution amounting to Rs. 6.7 Crs (FY 2020-21 Rs. 5.5 Crs), made to Parachute Kalpavriksha Foundation (PKF), a subsidiary of the Company, which is also Section 8 registered Company under Companies Act, 2013, with the main objectives of undertaking/channelizing the CSR activities of the Company towards community and ecological sustenance.
Marico’s stated purpose is to “Make a Difference” and Company’s CSR philosophy is anchored on this core purpose of making a difference to the lives of all its stakeholders to help them achieve their full potential. The Company believes that economic value and social value are inter-linked and it has a commitment towards the inter-dependent ecosystem consisting of various stakeholders.
The Company also continued to drive social value creation through education, skilling and livelihood sustenance initiatives.
Marico’s flagship CSR programme, Nihar Shanti Pathshala Funwala touched lives of over 3 Lakh teachers and 4 Lakh students through an amalgamation of digitally
powered and workbook-led English literacy courses. A vocational skill empowerment academy, specifically designed to create livelihood generation opportunities for women and youth, was launched in FY22. Till date, over 8,000 beneficiaries have been successfully enrolled into the programme, of which over 5,800 have already received placement opportunities.
Marico Innovation Foundation (MIF), a not-for-profit institution and a subsidiary of Marico, has strived to fuel and nurture innovation in India. It has enabled
innovators across sectors such as agriculture, clean energy, education, consumer goods and med-tech, among others and has helped solve business challenges across functions like sales, distribution, marketing, finance, among others. So far, MIF has engaged with over 100 mentors and has been associated with 100+ indigenous innovations
CSR governance
The scope of existing and new social value creation initiatives is worked out every year upon consultation with community representatives, and CSR committee. The goals and objectives along with the annual budgets for CSR are discussed and signed off at the beginning of the year. The CSR team implements the activities, and ensures timely progress.
Community Sustenance
Community sustenance initiatives are an opportunity to give back to the society we operate in, by addressing the needs of the local people. The program has its footprint in the areas located around our facilities, and comprises multiple activities, the company said.
The Company has in place a CSR Committee, which functions in accordance with the applicable provisions of the Act and such other matters as prescribed by the
Board from time to time. The detailed terms of reference of the CSR Committee, attendance at its meetings and other details have been provided in the
Corporate Governance Report. As on the date of this Report, the CSR Committee consists of six Directors, Ananth Sankaranarayanan, Harsh Mariwala, Saugata Gupta, Rajendra Mariwala, Milind Barve and Ms. Nayantara Bali. Ananth Sankaranarayanan is the Chairman of the CSR Committee. The CSR Committee met thrice during the year i.e. on April 30, 2021, October 28, 2021 and January 28, 2022.
CSR of Marico Bangladesh (MBL): MBL commits 1% of its profits towards social responsibility (CSR) and corporate citizenship programs and in FY22 invested BDT 320 Mn in CSR initiatives.
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