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
In this Policy unless the context otherwise requires:
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.
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.
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.
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.
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.
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.