TRACTORS INDIA PRIVATE LIMITED CORPORATE SOCIAL RESPONSIBILITY POLICY
The 21st Century world believes that businesses are an integral part of society, and have a critical and active role to play in the sustenance and improvement of healthy ecosystems, in fostering social inclusiveness and equity, and in upholding the essentials of ethical practices and good governance.
Indian entrepreneurs and business enterprises have a long tradition of working within the values that have defined our nation’s character for millennia. India’s ancient wisdom, which is still relevant today, inspires people to work for the larger objective of the well-being of not only its stakeholders but the society at large. With the passage of the Companies Act, 2013 the mandate for Corporate Social Responsibility (CSR) has been formally introduced to the dashboard of the Boards of Indian companies. While there may be no single universally accepted definition of CSR, each definition that currently exists underpins the impact that businesses have on society at large and the societal expectations of them. Quoting the definition from the World Bank Group, “Corporate social responsibility is the commitment of businesses to contribute to sustainable economic development by working with employees, their families, the local community and society at large, to improve their lives in ways that are good for business and for development.”
Tractors India Private Limited (TIPL) is committed to continuous improvement, innovation, out-of-box thinking, finding smart solutions and achieving results. TIPL lives with the idea of “I will make a difference” and so has welcomed the concept of Corporate Social Responsibility with arms open and will strive to implement CSR activities on our own to the extent possible as a contribution towards social, economical & environmental upliftment of the nation.
The objective of this policy is to provide the basic standards and opportunities relating to the conduct of Corporate Social Responsibility (CSR) by TIPL. Our Corporate Social Responsibility policy conforms to the Corporate Social Responsibility Guidelines spelt out by the Ministry of Corporate Affairs, Government of India.
A Sub-Committee of the Board named as “Corporate Social Responsibility Committee” has been constituted by the Board for undertaking various welfare measures as specified under Schedule VII to the Companies Act, 2013.
The terms of reference of the Sub Committee as prescribed under the Act and the Rules made thereunder include the following:
(a) to formulate and recommend to the Board, a Corporate Social Responsibility Policy, which will indicate the activities to be undertaken by the Company as well as the amount of expenditure to be incurred on the activities referred in the said policy
(b) to monitor Corporate Social Responsibility Policy from time to time and
(c) to prepare a transparent monitoring mechanism for ensuring implementation of the projects/programs/activities proposed to be undertaken by the Company.
The CSR Committee shall identify CSR projects in a participatory manner, in consultation with the community and NGOs it works with. Depending upon the project need, TIPL shall form partnerships with the Government, Chambers of Commerce, district authorities, the village panchayats, NGOs and other like-minded stakeholders. This would help widening TIPL’s reach and leverage upon the collective expertise, and experience of such partnerships.
Each project and initiative TIPL undertakes shall be monitored closely by the CSR Committee until completion and report generation. This shall be further evaluated for eligibility and scope for sustaining as on- going project.
According to the provisions of the Companies (Corporate Social Responsibility Policy) Rules, 2014 the Board of a Company may decide to undertake CSR activities approved by the CSR Committee, through a registered trust/society/company established by the Company.
Education is the most significant indicator of social progress, which also plays a decisive role for a society to achieve self‐sustainable and equal development. With an increasing global realization of how business community can (and should) contribute to social objectives, education deserves a higher level of corporate involvement than status quo. In short, educational issues are essential for human progress, societal development, and the creation of a healthy economic environment. TIPL aims to reach out to the underprivileged and backward sections children in the communities we work in as well as partner with NGOs who work in the field of education.
Being a good corporate citizen, TIPL is committed to behave ethically and contribute in improving the quality of life and social well-being of the local community as well as the society at large. TIPL endeavors to render quality health care facilities to people living below poverty line.
TIPL realizes the need for empowerment of Women & Girl child. Women since ages have silently witnessed the significant changes in society whether its country’s freedom, agricultural development, modernization, liberalization, privatization & globalization but one thing which has not changed satisfactorily is gender inequality in Indian society. Women related issues need important attention from government, society and especially from corporate sector. Corporate social responsibility towards women empowerment can become ray of hope in many ways right from changing attitude towards women in the society to making women independent financially, physically and socially and enabling them to stand on their feet.
TIPL endeavors to take a proactive role in minimizing harm to the natural resources it shares, promote products and services that are compliant by environmental standards and propagate safe processes across our operations and processes. Our environment policy steers the whole organization to minimize our ecological footprint and mitigate the impact of our operations.
(a) Every year, the CSR Committee shall place for the Board’s approval, a CSR Policy delineating the CSR Programs to be carried out during the financial year and the specified budgets thereof. The Board shall consider and approve the CSR Policy with any modification that may deem necessary.
(b) The CSR Committee shall assign the task of implementation of the CSR Policy within specified budgets and timeframes to TIPL.
(c) TIPL will carry out such CSR programmes as determined by the Board within specified budgets and timeframes and report back to the CSR Committee on the progress thereon at such frequency as the Committee may direct.
(d) At the end of every financial year, the CSR Committee shall submit its report to the Board.
The Company’s engagement in this domain is disseminated on its website, annual reports, and its house journals and through the media.