CORPORATE SOCIAL RESPONSIBILITY POLICY
Whilst we run our business in line with the expectations of the stakeholders, we also see corporate responsibility as a discipline that helps us to stand up to the expectations of the society and contribute to its welfare.
Organizations have realized that the Government alone will not be able to get success in its endeavor to uplift the downtrodden of society. With the rapidly changing corporate environment, more functional autonomy, operational freedom etc, the concept of Corporate Social Responsibility (CSR) has gained prominence from all the avenues.
Fabtech is committed to supporting the Government’s vision, understanding, monitoring and managing our social, environmental and economic impact to enable us to contribute to society’s wider goal of sustainable development. The Company has adopted CSR as a strategic tool for sustainable growth. For the Company in the present context, CSR means not only investment of funds for social activities but also integration of Business Processes with Social Processes.
This Policy is built on the following areas that reflect existing and emerging standards of Corporate Social Responsibility
- Promoting business activity that brings simultaneous economic, social and environmental benefits
- Encouraging innovative approaches and continuing development and application of best practices
- Ensuring best minimum levels of performance in areas such as health & safety, the environment and equal opportunities
- Creating a framework that facilitates business practices that balance profit and success with achievement of social and sustainability goals
- Taking an active part in supporting the local community and social causes
In implementing this policy we aim to:
- Be responsible; Be an exemplar of good practice.
- Be Eco-friendly and ensure safe processes in production.
- Adopt best ecological practices & encouraging conservation and judicious use of natural resources.
- Promote an inclusive work culture.
- Promote well being and development of employees and their families through an inspiring corporate culture that engenders good values.
The Managing Director is responsible for the implementation of this policy and will make the necessary resources available to realise our corporate responsibilities. The responsibility for our performance on this policy rests with all employees throughout the Company.
This policy will be reviewed regularly and may be altered from time to time in light of legislative changes or other prevailing circumstances.
Education, Health Care & safety, Sustainable livelihood, Social Change, Environment
Committed to provide a safe and healthy working environment, and will not compromise the health & safety of all individuals.
- We recognise that our social, economic and environmental responsibilities to these stakeholders are integral to our business. We aim to demonstrate these responsibilities through our actions and within our corporate policies.
- We will assess which social issues are of most relevance to the Company and decide at what stage in the procurement lifecycle this social policy could most effectively and legally be included.
- We will ensure that paper products used come from forests independently certified as well managed according to the requisite standards or from recycled materials.
- We look forward to give hands to activities viz; Eradicating hunger, poverty and malnutrition, promoting preventive health care including sanitation and contribution to Swach Bharat Kosh set-up by the Central Government for the promotion of sanitation and making available safe drinking water.
- We believe in Promoting gender equality and empowering women, setting up homes and hostels for women and orphans; setting up old age homes, day care centres and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups.
- Measures for the benefit of armed forces veterans, war widows and their dependents.
Employee relations & Human Rights
Committed to provide equal opportunity in all aspects of employment and will not tolerate unlawful workplace conduct, including discrimination, intimidation, or harassment. Ensure that employees are treated fairly and with dignity and consideration for their goals and aspirations and that diversity in the workplace is embraced
- We shall support and encourage our employees to help local community organisations and activities in our region, particularly our employee chosen charities.
- We shall work with local schools, colleges and universities to assist young people in choosing their future careers, being an advocate for our industry.
- We shall operate equal opportunities for all present and potential future employees and will offer our employees clear and fair terms of employment and provide resources to enable their continual development.
- We shall provide safeguards to ensure that all employees of whatever nationality, color, race or religious belief are treated with respect and without sexual, physical or mental harassment.
- We shall develop the required capability and self-reliance of beneficiaries at the grass roots, especially of women, in the belief that these are prerequisites for social and economic development.
- We shall provide, and strive to maintain, a clean, healthy and safe working environment in line with our Health and Safety policy and safe systems of work.
- We shall develop Environmental policies and objectives as part of the business planning cycle.
Organisational mechanism & responsibilities
Conduct business in an open, ethical and honest manner
- We shall be open and honest in communicating our strategies, targets, performance and governance to our stakeholders in our continual commitment to sustainable development.
- We will ensure clear visibility through our supply chains, so we know where all our products are made.
- Training will be provided to relevant people on environmental and social issues affecting our supply chains.
- We will ensure that vendors uphold the workplace standards and behaviours consistent with the Company’s requirements.
- Contribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government for socio-economic development and welfare of the Schedule Castes, the Schedule Tribes, other backward classes, monitories and women.
- Contribution or funds provided to technology incubators located within academic institutions which are approved by the Central Government.
Budgets for CSR activities
An ensured amount of at least 2% of average net profit of last 3 preceding years will be spent on the CSR activities by the Company.
The term ‘Net Profit’ shall mean, net profit before tax as per books of accounts and shall not include profits arising from branches outside India.
Information Dissemination – Annual Report & Company Site
The set Policy shall be disclosed on the website of the Company www.fabtechnologies.com
The report of the Board of Directors attached with the Annual Report of the Company shall include:
- Annual report on the CSR activities
- A brief outline of the CSR policy
- The composition of the CSR Committee
- The average net profit for the last three financial years
- The prescribed CSR expenditure
- If the company has been unable to spend the minimum required on its CSR initiatives, the reasons for not doing so are to be specified in the Board Report
The CSR Committee of the Company consists of the 3 or more Directors out of which at least one is an Independent Director.
The Committee shall meet at least twice in a year to discuss the activities of CSR, functioning of the committee or any other matter as required from time to time.
The functions of the Committee will be to:
- Formulate & recommend the set Corporate Social Responsibility Policy to the Board & indicate the activities to be undertaken by the company
- Recommend the amount of expenditure to be incurred according to the set Budget of the Policy
- Monitor the Corporate Social Responsibility Policy of the Company from time to time
- Prepare a transparent monitoring mechanism for ensuring implementation of the activities proposed to be undertaken
- Every year, the CSR Committee will place for the Board’s approval, a CSR Plan delineating the CSR Programmes to be carried out during the financial year and the specified budgets thereof. The Board will consider and approve the CSR Plan with any modification that may be deemed necessary.
- The CSR Committee shall review the implementation of the CSR Programmes once a quarter and issue necessary directions from time to time to ensure orderly and efficient execution of the CSR Programmes in accordance with this Policy.
- At the end of every financial year, the CSR Committee will submit its Annual report to the Board.