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WORKING TOWARDS A BETTER TOMORROW
With effect from April 1, 2014, every company, private limited or public limited, which either has a net worth of Rs 500 crore or a turnover of Rs.1,000 crore or net profit of Rs 5 crore, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility activities. The CSR activities should not be undertaken in the normal course of business and must be with respect to any of the activities mentioned in Schedule VII of the 2013 Act.
BPCL’s CSR Policy as approved by the Board as per the new Companies Act 2013 (in brief) is:-
In every financial year, at least 2% of average net profits of the company made during the three immediately preceding financial years will be earmarked for undertaking CSR activities. The CSR Committee of the Board consists of three directors and is headed by an external director, which is the approving committee for all CSR projects.
Constitution of the CSR Committee of the Board:-
Schedule VII of the new Companies Act 2013 has given a list of ten activities under which CSR activities may be taken up. Within these ten activities, BPCL takes up CSR projects largely in the 5 core thrust areas of:
BPCL has the following three tier system in place for executing CSR projects:
Earmark up to 5% of total CSR budget each year for capacity building of employees as well as CSR implementation partners through institutions with well-established track record of at least three financial years.
The CSR expenditure shall include contribution to corpus (as the case may be), subject to approvals.
Execution of CSR Projects:
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