CSR POLICY OF OKAYA & CO. INDIA PVT LTD
Okaya & Co. India Pvt. Ltd. (‘Okaya India’) is a subsidiary of Okaya & Co., ltd (‘Okaya Japan’) which was founded in Japan in 1669 and have illustrious history. Okaya Japan have contributed to enrich the world through their corporate activities and hope to continue in future.
Being the subsidiary company of Okaya Japan, Okaya India also understands its responsibility towards community and thrive hard to attain its corporate social objective in India and accordingly prepared its Corporate Social Responsibility policy.
The main objective of Corporate Social Responsibility (‘CSR’) policy is to make CSR a key business process for sustainable development of the society and a gesture of returning back to the community. Okaya India will act as a good corporate citizen in enhancing the welfare measures of the society within the framework of its policy.
In the aforesaid backdrop, policy on CSR of Okaya India is broadly framed taking into account the following measures:
The CSR activities shall be undertaken by Okaya India, as stated in this Policy, as projects or programs or activities (either new or ongoing), excluding
- The CSR activities undertaken in pursuance of its normal course of business.
- The CSR activities which are exclusively for the benefit of Okaya India employees or their family members.
- One-off events such as marathons/ awards/ charitable contribution/ advertisement/sponsorships of TV programmes etc.
- Expenses incurred by companies for the fulfillment of any Act/ Statute of regulations (such as Labour Laws, Land Acquisition Act etc.)
- Contribution of any amount directly or indirectly to any political party
Okaya India shall give preference to the local area or areas around it where it operates, for spending the amount earmarked for CSR activities. This shall include regions of Head office with Branch offices.
The Board of Okaya India may decide to undertake its CSR activities as recommended by the CSR Committee pursuant to Section 135 of the Companies Act, 2013 read with Schedule VII and Companies (Corporate Social Responsibility Policy) Rules, 2014 .
The following is the probable list of CSR projects or programs which Okaya India may plan to undertake pursuant to Schedule VII of the Companies Act, 2013:
- Any donation pursuant to the prevention from Covid-19 pandemic to Indian hospitals, schools & education institutions, old age homes, medical and health care system.
- Eradicating poverty and malnutrition, promoting preventive health care and sanitation and making available safe drinking water;
- Promoting education, including special education and employment enhancing vocation skills, educating Japanese language skills especially among children, women and livelihood enhancement projects;
- Promoting empowering women, donations for homes and hostels for women and orphans, 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;
- Any other measures with the approval of Board of Directors on the recommendation of CSR Committee subject to the provisions of Section 135 of Companies Act, 2013 read with Schedule VII and Companies (Corporate Social Responsibility Policy) Rules, 2014
Ministry of Corporate affairs has clarified that the entries in the said Schedule VII must be interpreted liberally so as to capture the essence of the subjects enumerated in the said Schedule. The items enlisted in the Schedule VII of the Act, are broad-based and are intended to cover a wide range of activities.
Organisational mechanism and responsibilities
Constitution of Corporate Social Responsibility Committee
The Board of Directors of the Company shall constitute a Corporate Social Responsibility Committee of the Board (“CSR Committee”) consisting of 3 or more directors. The CSR Committee shall –
- Formulate and recommend to the Board, a CSR policy and activities to be undertaken by the company in areas or subject as per Schedule VII;
- Recommend the amount of expenditure to be incurred on the activities; and
- Monitor the CSR Policy of the company from time to time.
- formulate and recommend to the Board, an annual action plan in pursuance of its CSR policy.
The Board of the company shall after taking into account the recommendations made by the CSR Committee, approve the policy for the company and disclose contents of such Policy in its report and ensure that the activities as are included in the CSR Policy of the company are undertaken by the company.
However, if the CSR obligation of the Company doesn’t exceed fifty lakh rupees, the requirement under Section 135(1) for constitution of the Corporate Social Responsibility Committee shall not be applicable to the Company and the Functions thereof be discharged by the Board of Directors of the Company.
Okaya India provides the vision under the leadership of its Chairman and Managing director.
In the Company, the Managing Director takes on the role of the mentor, while the onus for the successful and time bound implementation of the CSR activities/projects is on the Board
All activities/projects of CSR are assessed under the agreed strategy, and are monitored time to time, measured against targets and budgets. Wherever necessary, midcourse corrections are made.
Collaborative partnerships are formed with the NGOs and other like-minded stakeholders. This helps widen the Company’s reach and leverage upon the collective expertise, wisdom and experience that these partnerships bring to the table.
A specific budget is allocated for CSR activities and spending on CSR activities shall not be less than 2% of the average net profits of the Company made during the three immediately preceding financial years, in pursuance of this policy.
Approving authority for the CSR amount to be spent would be Managing Director of the Company after due recommendation of CSR Committee and approval of the Board of Directors of the Company.
The CSR Policy mandates that the surplus arising out of the CSR projects or programs or activities shall not form part of the business profit of a company.
The CSR projects or programs or activities undertaken in India only shall amount to CSR expenditure.
CSR expenditure shall include all expenditure including contribution to corpus, for projects or programs relating to CSR activities approved by the Board on the recommendation of the CSR Committee, but does not include any expenditure on any item not in conformity or not in line with activities which fall within the purview of Schedule VII of the Companies Act 2013.
Tax treatment of CSR expenditure will be in accordance with the provisions of Income Tax Act, 1961 as amended from time to time.
Our Board of Directors, our Management and all of our employees subscribe to the philosophy of compassionate care. We believe and act on an ethos of generosity and compassion, characterised by a willingness to build a society that works for everyone. This is the cornerstone of our CSR policy.
CSR Committee and Board of Okaya India will review the policy from time to time based on the changing needs and aspirations of the target beneficiaries and make suitable modifications as may be necessary.
Compliance with Companies Act, 2013
Our Corporate Social Responsibility policy conforms to the provisions of Section 135 of the Companies Act, 2013 read with Schedule VII and Companies (Corporate Social Responsibility Policy) Rules, 2014 on Corporate Social Responsibility as mandated by the Ministry of Corporate Affairs, Government of India.