Corporate Social Responsibility

Objectives of the Policy:

This Policy shall provide guidelines for the expenditure to be incurred by Indian School of Business (ISB) on its CSR activities to be read in line with Section 135 of the Companies Act 2013, Companies (Corporate Social Responsibility Policy) Rules, 2014 and such other rules, regulations, circulars, and notifications (collectively referred hereinafter as Regulations‘) as may be applicable and as amended from time to time. The guidelines shall, inter-alia, provide for the following

• Establishing a guideline for compliance with the provisions of Regulations to apply the required percentage of ISB’s annual surplus for approved social projects.
• Ensuring the implementation of CSR initiatives in letter and spirit through appropriate procedures and reporting.

Definitions

In this Policy unless the context otherwise requires:

• “Act" means the Companies Act, 2013;
• "Anne    xure" means the Annexure appended to these rules;
• "Corporate Social Responsibility (CSR)" means and includes but is not limited to (i) Projects or programs relating to activities specified in Schedule VII to the Act or (ii) Projects or programs relating to activities undertaken by the board of directors of ISB in pursuance of recommendations of the CSR Committee of the Board as Per declared CSR Policy of ISB subject to the condition that such policy will cover subjects enumerated in Schedule Vll of the Act.
• "CSR Committee" means the Corporate Social Responsibility Committee of the Board referred to in section 135 of the Act. "CSR Policy" relates to the activities to be undertaken by ISB as specified in Schedule VII to the Act and the expenditure thereon, excluding activities undertaken in pursuance of normal course of business of a company.
• "Surplus" means the net surplus of ISB as per its financial statement prepared in accordance with the applicable provisions of the Act, provided that net surplus in respect of a financial year for which the relevant financial words and expressions used and not defined in these rules but defined in the Act shall have the same meanings respectively assigned to them in the Act.

CSR Activities

• Promoting education, including special education & employment enhancing vocation skills especially among children, women, elderly & the differently unable & livelihood enhancement projects;
• Ensuring environmental sustainability, ecological balance, protection of flora & fauna, animal welfare, agro forestry, conservation of natural resources & maintaining quality of soil, air & water;
  
• Employment enhancing vocational skills
• Contributions of funds provided to technology incubators located within aContribution to technology incubators include activities undertaken by DLabs Incubation Association and AIC ISB Incubation Association set up by ISB under collaboration with Department of Science & Technology and NITI Aayog respectively.

The Geographic reach

Annual spends/Allocation of Funds Annual spends/Allocation of Funds

Scope And functions of CSR Committee

The CSR committee will recommend a formal CSR Policy, this document and will recommend particular CSR activities, set forth a budget, describe how ISB will implement the project, and establish a transparent means to monitor progress.

Administration of CSR Projects

ISB can meet its CSR obligations by funneling its activities on its own or through a third party, such as a society, trust, foundation or Section 8 company (i.e., a company with charitable purposes) that has an established record of at least five years in CSR-like activities. ISB may also collaborate and pool their resources, with other Companies for the achievement of objectives under the regulations. Dean of ISB will have the power to sanction any project for CSR up to a limit of Rs. 25 lakhs, which shall be placed before the CSR committee in the subsequent meeting for ratification and approval.

Implementation

The investment in CSR should be project based and for every project time framed periodic mile stones should be finalized at the outset. Project activities identified under CSR are to be implemented by a taskforce constituted by the Dean of ISB and the progress shall be monitored by Dean every quarter and reported to the CSR committee at the meetings.

Funding

As per the regulations the ISB shall set aside, for annual CSR activities, an amount equal to 2% of the average Surpluses during the three immediately preceding financial years. Any unutilized CSR allocation fund of a particular year, shall be carried forward to the next financial year. The tax treatment of CSR spent will be in accordance with the Income Tax Act, 1961 as may be notified by the central board of Direct taxes.

Budget

The Dean shall submit to the CSR committee budget for CSR activities based on the amount available for spending. The CSR Committee shall review the same and accord approval with or without modification. The CSR committee is at liberty to instruct the Dean to revise and resubmit the plans as may be required. The details of budget and actual expenditure shall be reported to the Board and the same shall be included in the Directors’ report every year.

Amendments to the policy

The CSR committee can amend the CSR policy as and when required deemed fit. Any or all provisions of CSR Policy would be subjected to revision/amendment in accordance with the regulations on the subject as may be issued from relevant statutory authorities, from time to time. Any amendment to the policy shall be placed before the Board for ratification.