CSR

CSR Activities & CSR Policy

CSR Policy

CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY

This CSR Policy is formulated in compliance with Section 135 (3) (a) of the Companies Act, 2013 read with Companies (Corporate Social responsibility Policy) Rules, 2014 and has been approved by the Board of Directors of ITQ Technologies Pvt. Ltd.

CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY

PHILOSOPHY

ITQ has been inspired by the vision to serve a larger national purpose. ITQ identifies its core values as: highest standards of integrity, respecting its customers’ interest, and future-mindedness. ITQ is committed to being a good corporate citizen as it is believed that this would help it to achieve its goals and objectives that it has set for itself and build a sustainable business for its current and future stakeholders. A conscious strategy will be followed to design and implement CSR programs under the CSR Policy to create shared values with its stakeholders.
ITQ's vision is to contribute to the social and economic development of communities in which it operates and to participate in providing education, skill development, conserving environment and promoting national heritage.

IMPLEMENTATION PROCESS: IDENTIFICATION OF PROJECTS / PROCESSES

All CSR activities undertaken by ITQ will follow certain rules and procedures to ensure that the chosen programs reach the intended target and create tangible impact. The process for identification and implementation of a program here will include:

Identification of priority areas
Stakeholder identification
Due diligence of implementation partner
Project preparation/ project evaluation Budgeting
Project implementation and Review

SELECTING CSR PROGRAM:

The Company shall, while selecting a CSR activity, give preference to the local area and areas around which it operates in. For an activity to be included by the Company as its CSR activity, it should be relating to any one or more of the following activities, as listed in the Schedule VII to the Companies Act, 2013

Promotion of education;
Promoting gender equality and empowering women;
Conducting workshop and Training programs for women;
Providing Education to under privileged children;
Focus on educating the girl child and the underprivileged by providing appropriate infrastructure, and groom them as future value creators;
Empowerment of women for education, health & self-employment;
Conserving National Heritage and Environment;
Measures for the benefit of armed forces veterans, war widows and their dependents;
To provide Training to promote rural sports, nationally recognized sports, and Para Olympic sports and Olympic sports;
To contribute to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government or the State Governments for socio-economic development and relief and welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women;
To provide contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government;
To contribute in rural development projects.

The program to be followed will clearly set out the roles and responsibilities for the involved personnel and also list out the role for third parties if they are to be engaged. A schedule of implementation shall be drawn clearly outlining the timelines for the activities involved therein.

COMPLIANCE, MONITORING AND REPORTING

Monitoring and evaluation is an essential part of any activity that is undertaken by an organization and that will also be followed for programs undertaken under the CSR Policy.
Programs under the CSR Policy will be continuously monitored on set parameters by the CSR Committee of the Company.
Compliance will be reported to stakeholders through the Company’s Annual Report. CSR Committee of the Company shall ensure that programs under the CSR Policy comprise essentially of CSR activities undertaken within India.
The CSR Policy will be reviewed, unless earlier required due to change in laws, annually by the Board of lTQ and updated if required, to ensure it captures the relevant current interest of the stakeholders.
CSR Committee of the Company will be responsible for ensuring that the principles set out in this CSR Policy are communicated to, understood and observed by all employees and for ensuring compliances in letter and spirit.

BUDGET

Budget recommended for a program by CSR Committee will be set out in the program to be approved by the Board of the Company. This would also consider the aspect of Training element as well. The Board of Directors of lTQ has approved to incur 2% of the average net profits of the Company made during the three immediately preceding financial years for programs covered under the CSR Policy. While the allocated amount would be 2% of the average net profits, any income arising from the unutilized sums of such net profits and surplus arising out of CSR activities undertaken under a program will be the corpus for the program.

PARTNERSHIPS

It will be the endeavor of the Company to first undertake CSR initiatives through ITQ to the extent possible. However, other collaborative partnerships for the implementation of any programs under the CSR Policy may be undertaken with certain identified Non-Government Organizations and other like-minded stakeholders including non profit making trusts following the legal requirements as applicable from time to time. This would help widen the Company’s reach and leverage upon the collective expertise, wisdom, and experience that these partnerships bring to the table.

MANAGEMENT COMMITMENT

ITQ subscribes to the philosophy of compassionate care. It believes and acts on the ethos of generosity and compassion, characterized by a willingness to build a society that works for everyone. This is the cornerstone of this CSR policy.

It shall always be ensured by us that the surplus arising out of the CSR activities does not form part of business profits and is utilized for the purpose it is meant. Surplus funds may be contributed to ITQ towards its corpus. In extreme circumstance, the Company may consider contributing to outside channels for the objectives that it perceives it should be part of but is unable to pursue in house.

COMMUNICATION

The CSR Committee of the Company may also lay out the manner, subject to the relevant legal requirements, in which information on a program being implemented by the Company will be shared. The programs under implementation would be hoisted on the websites of the Company i.e. www.itq.in

This CSR Policy conforms to the Companies (Corporate Social responsibility Policy) Rules, 2014, spelt out by the Ministry of Corporate Affairs, Government of India.