INTRODUCTION
Right from inception Geojit Financial Services
Ltd. has
been carrying out its business in a socially responsible manner. From carrying out
extensive
campaigns on financial literacy on savings and investments to giving contributions
to philanthropic
and charitable causes such as support for pursuing higher education, for treatment
of chronic
diseases etc, the Company has been doing its bit to promote the welfare of the
society. In
2005, a more focused approach was adopted in supporting social causes and since then
the
emphasis shifted to undertaking more long term and sustainable projects.These
policies and
procedures are framed to streamline the CSR activities of Geojit Financial Services
Ltd and
its subsidiaries (if any of the subsidiaries satisfy the criteria defined by the
Companies
Act 2013)tobe in line with the Companies Act 2013 and the Companies (Corporate
Social Responsibility)
Rules 2014.
APPLICABILITY
As a Company that has a net profit of Rs. 5
crores or
more consistently for the last many years, the CSR Policy as envisaged under the Act
is currently
applicable to Geojit Financial Services Ltd (GFSL) and its subsidiary, Geojit
Technologies
(P) Ltd. (GTPL).
OBJECTIVE
To convey to all the stakeholders of the Company
the
CSR focus areas adopted by the Company and how it propose to utilize its funds to
achieve
results in those areas.
THE COMPANY SHALL BE COMMITTED TO:
Comply with the statutory CSR obligations.
Strive to carry out CSR activities that will bring direct benefits to the
marginalized, disadvantaged, poor and deprived
sections of the community.
Identify CSR activities that will bring about sustainable development
Encourage employees to be active participants in the CSR initiatives of the
Company.
Reach out to the larger public.
Support/Complement Government programs/initiatives ensuring that there is no
duplication.
Carry out its business in a socially responsible manner and not resort to
any unfair business practices.
Not carry over surplus from CSR activities or treat it as part of the
business profits of the Company.
CSR COMMITTEE COMPOSITION
The CSR committee shall consist of minimum 3
(Three)
Directors of which at least 1 (one) director would be an independent director as per
the
requirements of Companies Act,2013 and the rules framed thereunder.
RESPONSIBILITIES OF THE CSR COMMITTEE:
Formulate and recommend to the Board, a Corporate Social Responsibility
Policy which shall indicate the broad activities
to be undertaken by the company as specified in Schedule VII of the Act but
not limited
to the Projects and Programs specified therein.
Recommend the specific CSR initiatives to be adopted by the Company and the
amount of expenditure to be budgeted for the
activities.
Monitor the CSR Policy of the company, its implementation and expenditures
periodically.
Report to the Board the reasons for not spending the amount budgeted for
CSR.
Provide to the Board a responsibility statement that the implementation and
monitoring of CSR Policy, is in compliance with
the CSR Objectives and Policy of the company.
CSR ACTIVITIES:
The Company shall undertake such CSR activities
as stated
in this CSR policy. In compliance with Rule 4(1) of the Companies Corporate Social
Responsibility)
Rules 2014, these activities shall be undertaken by the Company as projects or
programs or
activities (either new or ongoing) and will exclude activities undertaken in the
normal course
of its business. The activities undertaken shall be in line with the activities
specified
in Schedule VII of the Companies Act 2013.The Company intends to focus upon
education, health,
environment and social inclusion. The CSR activities to be undertaken shall be
approved by
the respective CSR Committees :
Education : Education is considered to
be the
backbone of any society. It brings about powerful social change and is the
key to
building a society that can develop in a sustainable manner. In our society,
education
is still unaffordable for many families and children miss out on this
crucial developmental
tool due to this. It is to bridge this gap, even in a small way, that the
Company
wants to focus on Education while implementing its CSR activities. Geojit
will work
along with registered NGOs as well as Educational Institutions in this
regard. While
on the one side the Company will look towards facilitating basic education
for children
who can’t afford it, it would also focus on other educational activities
that help
develop special skill sets that enable individuals to be equipped to take up
employment
in specialized fields. In this respect the long term goal would be to enable
development
/training of individuals in being equipped to be productively employed in
the financial
services sector. Education also includes imparting training to individuals
in civic
sense, personality development, humanitarian values etc. which result in the
all
round development of the individual and create resourceful and responsible
citizens.
Projects that focus on such areas will also be considered eligible to be
included
under CSR of the Company.
Health :
The Company aims at focusing part of its CSR activities to providing health
care to those living in and around the location
of its offices and are affected by chronic diseases. A chronic condition is
a human
health condition or disease that is persistent or otherwise long-lasting in
its effects.
Common chronic diseases include cancer, Alzheimer’s, heart disease, HIV/AIDS
etc.
Changing lifestyles and food habits have increased the prevalence of these
diseases.
A report by Price Waterhouse Coopers predicts that the proportion of deaths
from
such maladies nationwide (in India) will skyrocket from 53% in 2005 to
nearly 67%
in 2020. For obtaining medical care in such cases people have to often shell
out
vast amounts towards cost of medicines, hospitalization/surgeries etc. and
this may
be way beyond the means of the poor and deprived strata of our society. To
make matters
worse, a large segment of people are not covered by medical insurance. Many
times
such expenses drive families to revert to distress financing which
impoverishes them
and ultimately drives them to poverty. To make a difference in this context,
at least
to the society in its neighborhood, the Company will provide health care
support
to such persons. The Company believes in the adage that a healthy society is
a happier
and more productive society and a key driver of economic growth.
Environment :
When economy prospers and cash flow increases, the pace of urbanization,
industrialization and use of resources, too, witness
a steady rise and India is no exception. This has been evident as issues
like environmental
pollution, water scarcity and rising temperatures have caught national
attention,
calling for immediate action to adopt a more sustainable economic model. It
is therefore
a critical need to protect our flora and fauna and reduce the harm that are
done
to our ecosystem. In the last few decades we are witnessing a steady
extinction of
natural resources. Conservation of biological diversity is of paramount
importance
for the survival of mankind, plants and animals. Though it is everyone’s
responsibility
to take care of the environment, Corporates with the resources available to
them
can undertake this responsibility in a highly organized manner. The Company
has felt
this as an acute need and plans to support environmental protection
activities such
as maintenance of public parks. Open Parks with recreational facilities that
are
accessible to persons of all ages and for those with disabilities provide
health,
enjoyment and well-being and provide a sense of public pride and cohesion.
Parks
are proven to improve water quality, improve the quality of the air we
breathe, provide
vegetative buffers to development, produce habitat for wildlife, and provide
a place
for children and families to connect with nature and recreate outdoors
together.
It will serve as a place for games, special events such as arts, music, and
holiday
festivals.
Social Inclusion :
Social Inclusion has become a bit of a buzz-phrase in society today. It is
defined as the process of improving the ability,
opportunity and dignity of the marginalized and disadvantaged such as the
differently
abled people and senior citizens. As per the Ministry of Statistics, 8.6% of
the
population in India are senior citizens above the age of 60 and 2.21 % are
differently
abled. Even though there are various social welfare schemes and programs,
still most
of population are not integrated into the society. In this context,
Corporates can
play a significant role for the upliftment of this population either
directly or
indirectly. Considering this, the Company intends to support the
institutions engaged
in their upliftment and also through NGOs, so that they can lead a better
quality
of life.
TERRITORY FOR CSR ACTIVITIES:
The Company shall utilize the amount earmarked
for CSR
activities only in India and the Company shall give preference to the local areas in
and
around its Head Office and also in States where it has large operations.
IMPLEMENTATION:
The Company shall utilize the amount earmarked
for CSR
activities only in India and the Company shall give preference to the local areas in
and
around its Head Office and also in States where it has large operations.
Mode of Implementation :
The Company shall execute its CSR activities directly, through registered
NGO’s (with at least 3 years track record), through
Government agencies and/or in collaboration with its subsidiary companies.
CSR Management Committee :
The Managing Director shall constitute a CSR
Management Committee for identifying CSR projects
and coordinating the CSR activities approved by the Board level CSR
Committee. The
Committee shall be headed by the Managing Director and shall meet once a
month to
review and plan the activities. The CSR Management Committee shall be mainly
responsible
for :
- Identifying projects within the broad themes of promoting
education,
supporting health, protecting environment and Social Inclusion.
- Monitoring all CSR activities closely.
- Liaising with NGO’s and Government.
- Reporting the outcomes transparently and authentically to the
CSR Committee.
- Plan for long term, sustainable CSR initiatives.
- Support the CSR audit process.
AUDIT OF EXPENDITURE:
The Company shall audit the CSR expenditure in
line with
the activities or programs specified in this Policy on a quarterly basis and the
report shall
be presented to the CSR Committee.
MONITORING AND REPORTING:
The CSR Committee shall monitor the CSR
expenditure on
a half yearly basis and report to the Board of Directors on half yearly basis.
Additionally,
the Directors’ Report of the Company shall include an annual report on CSR
containing the
particulars in the prescribed format.
DISPLAY OF THE CSR POLICY IN THE WEBSITE OF THE
COMPANY
The Board of Directors shall approve the CSR
policy,
after taking recommendations of the CSR committee. The contents of the policy shall
then
be displayed on the Company’s website.
VALIDITY AND AUTHORITY FOR MODIFICATIONS /
AMENDMENTS
This CSR Policy approved by the Board of the Company
is valid
from 1stApril, 2014 and will be in force till such time it is modified or amended by
the
Board of Directors on recommendation of the CSR Committee.
Revised in May 2018