Corporate Social Responsibility (CSR) Policy
Tata Metaliks’ vision is “Reaching tomorrow First”. The Company has always endeavored to conduct its business in a responsible manner and be mindful of its social accountability,respecting applicable laws and with regard for human dignity. The Company’s long-term CSR objective is “to improve the quality of life of the communities we serve globally through long term value creation for all stakeholders”, which is in alignment with the Tata Group Core Purpose.The Company shall allocate at least 2% of its average net profits before taxes of the preceding three financial years, towards CSR activities to sustain and improve a healthy and prosperous environment and to improve the quality of life of the communities it serves. The Company may also utilize its products and services as suitable for its CSR activities. Any surpluses arising out of CSR projects or programmes or activities shall not form a part of the business profits of the Company and shall be utilized in the manner specified in the Companies Act, 2013 and Rules there under. The company shall strive to positively impact and influence its employees and partners in fostering a sense of social commitment for their stakeholders.
Tata Metaliks’ focus areas for developmental activities will be the vicinity where the manufacturing unit is located. The Company may also support initiatives in other geographies,as approved by the CSR Committee of the Board, from time to time.
While the Company will ensure that all communities benefit from its CSR activities, the focus will be on those groups that are socially and economically marginalized. These would include women, girl children and scheduled castes and tribes.
Tata Metaliks’ CSR activities will be in alignment with key focus areas of the Tata Group and will focus on education, health, and essential amenities. Tata Metaliks will also under take community centric interventions in areas of sports, disaster relief and environment.
The CSR efforts of Tata Metaliks will be implemented through Sadbhavna Trust and other Societies, Trusts and Section 8 companies promoted by the Company. The Company will also partner, through Sadbhavna Trust, with credible organizations – individually or as a consortium– to design, fund, implement and review projects in line with the Provisions of the Companies Act, 2013 and Rules thereunder. Partner agencies will be selected based on well-defined selection criteria.
Tata Metaliks’ CSR will have a multi-tiered governance mechanism.
At the helm of the governance mechanism is the Board of Directors who shall have the overall responsibility to ensure that the funds disbursed towards CSR activities have been utilized for such purposes and in the manner as approved by the Board.
The Board of Directors shall constitute a CSR Committee of the Board. The CSR Committee of the Board will oversee the CSR activities of the company from time to time. The CSR Committee will recommend the Annual CSR Action Plan to the Board for its approval. The plan will inter alia include resource requirements and allocation across CSR Activities and locations.
An Apex CSR Steering Committee chaired by the Managing Director and comprising the senior management team of Tata Metaliks will carry out a quarterly review of the activities and monitor achievements against targets set at the beginning of the year.
The Company has also set up a CSR Advisory Council, comprising some of the most eminent experts from the academic and developmental domains. It is envisaged that the members of the Advisory Council, with their years of experience and multi-functional expertise, will provide macro policy-level inputs that will not only critique, but also guide and inform Tata Metaliks’ CSR work.
The Chief Financial Officer of the Company shall, on an annual basis, certify to the Board of Directors with respect to the utilization of funds earmarked towards CSR Activities.
This CSR policy document will be reviewed from time to time and any changes, if necessary, will be approved by the CSR Committee and the Board.The CSR Committee of the Board may, from time to time, recommend donating or making grants to the PM’s fund or funds set up the State Governments or to non-profit organizations and other institutions whose activities are aligned with the CSR programmes and activities of the Company.