Organisation : The New India Assurance Co. Ltd
Facility : CSR Policy Corporate Social Responsibility
Website : http://www.newindia.co.in/index.aspx#play
Terms & Conditions : https://www.statusin.in/uploads/23048-CSR.pdf
CSR Policy :
Every Company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more OR
Related : New India Assurance House Holder Policy : www.statusin.in/23136.html
A net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more directors, out of which at least one director shall be an Independent Director.
Corporate Social Responsibility Committee :
Functions :
i. Formulate and recommend to the Board a Corporate Social Responsibility Policy which shall indicate the activity or activities to be undertaken by the Company as specified in Schedule VII;
ii. Recommend the amount of expenditure to be incurred on the activities related to CSR; and
iii. Monitor the Corporate Social Responsibility Policy of the company from time to time.
Thrust Areas :
The thrust of CSR activities is on capacity building, empowerment of communities, inclusive socio-economic growth, environment protection, promotion of green and energy efficient technologies, development of backward regions and upliftment of the marginalized and under-privileged sections of the society.
Procedure :
Internal Structure :
Board level committee – The Committee shall consist of at least 3 members. The Committee shall also have an Independent Director.
Management level committee – The Company shall have a Committee consisting of at least 3 General Managers.
Functions of the Committees :
Management level Committee – The General Manager heading the Committee shall be assigned a team of officials to assist him/her.
The Committee shall
** Identify the projects for CSR activities
** Estimate the amount of expenditure needed on each of the activities.
** Oversee the implementation of CSR and Sustainability agenda of the company within the organization and also outside i.e. covering internal as well as external stakeholders.
** Submit reports regarding the progress in the implementation of CSR and Sustainability activities to the Board level Committee on quarterly basis.
** Monitor the CSR Policy of the company and review it annually.
** Implement projects which fall within its delegated authority.
Documents required :
** NGO Registration certificate
** Form 12AA registration under IT Act for Charitable purposes.
** Trust Deed
** 80 G of I.Tax Act
** Registration certificate under FCRA (if availing) (Foreign Contribution (Regulation)Act 1976)
** Should submit last three years audited financial reports.
Other criteria :
** Should be a registered organization.
** The organization should have been in existence at least a minimum of three years.
** It should be working in any one or more of the CSR thrust areas of the Company.
** It should not have any religious or political affiliation.
** The trustees or the board members should not have any religious or political affiliation.
** Other funding sources have to be declared.
** Social credibility of the NGO should be above par.