CSR Policy

CORPORATE SOCIAL RESPONSIBILITY (‘CSR’) POLICY

While maintaining the excellence in all business activities, Bose India (‘The Company’) is committed to work in socially and environmentally sustainable manner to add value to the society.  

Our objective:

To support and encourage vibrant communities by being part of the social fabric of such communities. To enhance the well-being of the communities where we operate – encouraging growth and vitality through positive engagement.

The Company will endeavor to make a positive contribution to the local communities towards improving their living conditions by the use of resources towards development of a sustainable society that is in harmony with the environment and local customs
 

Our Approach

The Company is driven with the commitment to focus on sustainable development and make efforts to improve quality of life around us in accordance with our Essence and Values.

The Company shall participate and promote social activities for a better and sustainable growth of society and also encourage its employees and stakeholders to serve communities by volunteering and sharing their skills and expertise. The Company shall also strive to maintain and develop a relationship of trust with the local communities and act responsibly towards them through available means of communication.

The Company shall allocate at least 2% of its average net profits of preceding three financial years, towards achieving its CSR objectives. Any surplus of CSR amount shall not form part of the business profits of the Company and shall be re-used for CSR activities only.

The Company may identify and implement, in partnership with public/ private / local communities, social projects where it can make a positive contribution and implement sustainable Community Development Programmes to improve quality of life.
 

Governance

The CSR activities of the Company shall be governed by the CSR Committee of the Board. The CSR Committee shall identify the CSR activities which are in conformity or in line with activities fall within the purview of Schedule VII of the Companies Act, 2013 and recommend to the Board an amount of not less than 2% of Company’s average net profits of preceding three financial years, towards doing such CSR activities.

The CSR Committee may from time to time review the CSR activities undertaken and the funds allocated or utilized for those activities by the Company.

This policy, including any future amendment/ updating shall be approved by the Board on the recommendation of CSR Committee.
 

CSR Fund

The Company shall, every financial year, utilize such amount as recommended by the CSR Committee and approved by the Board, being not less than 2% of its average net profits made during the three immediately preceding financial years, for CSR activities under this policy.

The Average Net Profit for this purpose shall be such as calculated in accordance with the provisions of Section 198 of Companies Act, 2013 or Rules made thereunder in this regard.
 

CSR Initiatives

the company is committed towards undertaking any (one or more, as may be decided by the csr committee of board) of the following activities:

(i) promoting education, and enhancing employability :

(a) to extend financial or other support to trusts, societies, schools, research centers, itis, non-profit making companies/ organization etc., setup for the purpose of providing any kind of education/vocational training to the masses (hereinafter referred to as ‘educational institutions’), in order to promote the quality of education/trainings and enhancing employability.

(b) supporting educational institutions by way of conservation and renovation of their buildings and classrooms or providing any other infrastructure facility.

(c) supporting educational institutions, vocational training centers/ research centers or any other organization by way of providing company’s products, furniture, fixtures, education material or equipment which may be useful for them.

(d) supporting drop-out children and mainstreaming them to formal schools, provide education for mainstreaming disabled children through outside school extra classes, offering scholarships and financial assistance to students, and supporting and promoting co-curricular activities.

(e) setting up/ running/ supporting skill development centers, industrial training centers, diploma and polytechnic institutes, community colleges, etc

(f) sponsoring candidates for skill development and vocational training programmes offered at identified institutions.

(g) any other activity which directly or indirectly contributes in promoting the education or enhancing the employability among people

(ii) poverty, malnutrition and preventive healthcare

(a) promoting activities for eradicating hunger, poverty and malnutrition, promoting preventive health care and sanitation and making safe drinking water available.

(b) to provide medical/ legal aid or treatment to road accident victims or support any such activity undertaken by other organization.

(c) to contribute in running healthcare centers including mobile clinics/ vans for providing preventive healthcare by way of necessary medical services, medication and knowledge in slum/ remote areas.

(d) providing medical aid, food supply or extending any other help in disaster relief work and rehabilitation measures.

(e) providing aids and appliances to the differently- able persons for promoting better public health system.

(f) to provide facilities like mid-day meal to children in schools/ education centres.

(iii) gender equality

(a) promoting activities related to gender equality & empowering women.

(b) setting up/ homes and hostels for women and orphans.

(c) setting up/ supporting old age homes, day care centers and providing other infrastructure facilities for senior citizens.

(d) to participate in the measures for reducing inequalities faced by socially and economically backward groups.


(iv) environmental sustainability

promoting activities related to environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources and maintaining quality of soil, air and water by undertaking following activities:

(a) planting trees on the road side or other places.

(b) disposing of e-waste or other waste through government approved vendors in such manner that it does not harm in any way to the community.

(c) taking measures for conservation of trees, forests, wildlife etc.

(d) undertaking projects for conservation of endangered species in the country.

(e) to participate actively / take measures for improving the quality of air, water or soil in the country.


(v) other activities

in addition to the above, company may also undertake other activities as listed under schedule vii of the companies act, 2013 or rules made thereunder including any amendment/ revision thereof. some of such activities are highlighted herein below:

(a) protection of national heritage, art and culture including restoration of buildings and sites of historical importance and works of art; setting up public libraries; promotion and development of traditional arts and handicrafts:

(b) measures for the benefit of armed forces veterans, war widows and their dependents;

(c) training to promote rural sports, nationally recognized sports, paralympic sports and olympic sports;

(d) contributions or funds provided to technology incubators located within academic institutions which are approved by the central government.

(e) rural development projects.

(f) activities for promoting slum area development.
 

Implementation and modalities of execution

The Company may undertake any of the CSR activities as highlighted under the head ‘CSR Initiatives’ by its own or through a registered Trust, registered society or a Company incorporated under Section 8 of the Companies Act, 2013 (Section 25 of Companies Act, 1956), with a proven track record of at least 3 years in undertaking similar programs.

The Company may also collaborate with other Companies for undertaking projects or programs or CSR activities in such a manner that the CSR committees of respective Companies are in a position to report separately on such projects or programs.

CSR Committee may appoint a team of employees (‘CSR Internal Team’) to administer the progress of the projects identified.

Monitoring

The CSR Committee may from time to time monitor the implementation schedule of each of the CSR project/ programme and in this regard formulate and/or evaluate and thereafter recommend for discussion by the Board any new proposals of CSR activities, prepare the roadmap for CSR activities to be carried out by the company in any relevant financial year, recommend CSR Partners, monitor the CSR activities, update the Board from time to time the progress of the CSR activities, sharing of details of expenditure along with the status of the amount allocated, utilized, unspent (if any) or any additional funds required.

Review

This CSR Policy shall be reviewed from time to time and any amendment/ updating if required, shall be approved by the CSR Committee and Board of Directors.