NEW DELHI: During the year 2020-21, Sterlite Technologies Limited (STL) has spent Rs. 11.60 crores on Corporate Social Responsibility (CSR) activities.
As part of its initiatives under Corporate Social Responsibility (CSR), the Company has undertaken projects in the areas of Education, Health, Women Empowerment and Community Development during FY21.
CSR activities have been carried out either through Sterlite Tech Foundation (Public Charitable Trust with 3 years track record) or directly by the Company through administrative support of several Implementing Agencies as mentioned above and other Non-Governmental Organisations or Charitable Institutions.
The CSR activities, following Section 135 of the Act, the Companies (Corporate Social Responsibility Policy) Rules, 2014.
Average net profit of the Company as per section 135(5) was Rs. 579.50 crores. Accordingly, two percent of Average net profit of the Company as per section 135(5) was Rs. 11.60 crores. Surplus arising out of the CSR projects/programmes or activities for the financial year was 0.04 crores.
The total CSR obligation for the financial year stood at Rs. 11.64 crores (Rs. 9.15 crores in 2020). There are no projects undertaken or completed after January 22, 2021, for which the impact assessment report is applicable in FY 2020-21, pursuant to sub-rule (3) of rule 8 of the Companies (CSR Policy) Rules 2014, the report added.
STL, through a collaborative approach envisions ‘Transforming Everyday Living by Delivering Smarter Networks’ for its communities. Connectivity, Innovation and Sustainability are thus pivotal not only to how STL operates as a business, but even for its community outreach programmes, the company’s annual report said. This approach helps STL ‘Create Shared Value’ for each of its stakeholders as well as enable a connected future for the nation that is inclusive for all.
Each of STL’s CSR and Sustainability focus areas – Education, Women Empowerment, Health and Environment are interconnected and power each other through their alignment with the UN Sustainable Development Goals and Ten Principles of the UN Global Compact Network. This, in addition to strategic partnerships with the Government of India, NGOs, technical institutions and other development players allows STL to create holistic solutions that positively impact and contribute to the realisation of integrated development for rural, semi-urban and urban areas in India, the company said.
STL’s CSR Policy encapsulates each of these aspects as well as how the Company’s programs are implemented and monitored as well as governance aspects, the report revealed.
The Sustainability and Corporate Social Responsibility Committee was reconstituted effective April 1, 2021, with the Composition of B. J. Arun, Chairman, Non-Executive & Independent Director; Sandip Das, Non-Executive & Independent Director; Pravin Agarwal, Vice Chairman & Whole-time Director and Dr. Anand Agarwal, Vice Chairman & Whole-time Director.
The Company’s Board of Directors meet every quarter. CSR and Sustainability form a part of the CEO’s presentation to the Board. In addition to this, the Sustainability Council which is responsible for reviewing the BR performance meets monthly, the report added.
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