This report delves into the financial specifics of Nestlé India’s CSR activities, underscoring its proactive approach and unwavering dedication to creating shared value across diverse community initiatives.
NEW DELHI (India CSR): Nestlé India Limited, under the visionary leadership of Suresh Narayanan, Chairman and Managing Director, has significantly enhanced its corporate social responsibility (CSR) efforts in the extended financial year of 2023-24. The company has not only fulfilled but exceeded the statutory requirements, underscoring its commitment to fostering sustainable and inclusive growth.
Detailed Report on CSR Expenditures and Initiatives:
Strategic Leadership Changes and Oversight
The financial year 2023-24 witnessed pivotal changes in the CSR committee’s composition, enhancing strategic oversight and alignment with global sustainability goals. Following the reconstitution, Ms. Svetlana Boldina assumed her new role on March 1, 2023, replacing David Steven McDaniel.
The CSR committee, led by Dr. Swati Ajay Piramal until March 31, 2024, and subsequently chaired by Suneeta Reddy, focused on steering the company’s CSR initiatives towards impactful outcomes.
Financial Overview of CSR Investments
Nestlé India adopted an extended financial year from January 2023 to March 2024, spending ₹68.58 crore on CSR activities, surpassing the prescribed threshold of ₹59.76 crore. This expenditure reflects a robust increase from the previous year’s spend of ₹56.32 crore, highlighting a proactive approach to community engagement and development.
Breakdown of Expenditure
- Project Implementation: A major portion, ₹64.37 crore, was allocated to ongoing and new projects focusing on nutrition, water, sanitation, and rural development.
- Administrative Overheads: ₹3.43 crore was directed towards administrative costs associated with these projects.
- Impact Assessment: To ensure effectiveness and transparency, ₹0.78 crore was spent on assessing the impact of various initiatives.
Excess Spend and Future Set-offs
The company’s CSR spend exceeded the mandatory requirement by ₹8.82 crore. This excess amount is approved to be carried forward and set off against the CSR expenditure for the succeeding three financial years, ensuring sustained impact without financial overflow.
Creating Shared Value (CSV) Initiatives
Nestlé’s long-standing commitment to Creating Shared Value is evident through diverse initiatives such as:
- Project Jagriti: Enhancing community health through nutrition awareness programs.
- Nestlé Healthy Kids Programme: Focused on empowering youth for a healthier future.
- Project Hilldaari: Addressing environmental sustainability with a focus on waste management.
These projects are part of a broader strategy to integrate business practices with social progress, going beyond mere compliance to genuinely enriching lives and environments.
Corporate Governance and Transparency:
Nestlé India’s adherence to rigorous governance standards is reflected in its transparent disclosure practices.
Key Facts Summary: Nestlé India CSR Expenditures 2023-24
| Fact | Detail |
|---|---|
| Financial Year Duration | Fifteen months (January 2023 – March 2024) |
| CSR Committee Chairperson | Dr. Swati Ajay Piramal (until March 2024), Suneeta Reddy (from April 2024) |
| Total CSR Expenditure | ₹68.58 crore |
| Prescribed CSR Expenditure | ₹59.76 crore |
| Excess Spend | ₹8.82 crore |
| Carry Forward Provision | Excess amount set off for the next three financial years |
| Major Projects | Project Jagriti, Nestlé Healthy Kids, Project Hilldaari |
| Governance and Transparency | Detailed CSR information available at Nestlé India CSR |
| Impact Assessment Budget | ₹0.78 crore |
| Administrative Overheads | ₹3.43 crore |
| Previous Year’s CSR Expenditure | ₹56.32 crore |
(India CSR)
