Oriflame’s long-term vision is to become a sustainable company. This means living within the limits of the planet, respecting the environment and contributing to the society where all can prosper. It is about meeting the Company’s needs without compromising the ability of future generations to meet their needs.
Mission and Reponsibility
We in Oriflame, as a part of our CSR initiative, are strongly committed towards improving the quality of life of people in the community in which we operate and believing in the same we feel that the children and women of today should be empowered by imparting education and this would itself lead to overall development of the society. We wish to be a Company which is respected by people for its commitment towards social causes. With this vision in mind, Oriflame aims at focusing on child education which seems one of the most effective ways of achieving this objective. The primary mission of Oriflame’s community involvement is therefore to help the children and young women in India by offering them various educational initiatives that would provide them an opportunity to change their lives for the better.
Oriflame aims to promote the awareness and practice of Good Corporate Citizenship by making business become an integral part of society where people have access to resources to make informed choices and decisions towards a more humane and compassionate society.
The Ministry of Corporate Affairs, Government of India has with effect from 1st April 2014, vide section 135 of the Companies Act, 2013, and rules made thereunder, mandated a certain class of companies to allot specified percentage of their profits towards Corporate Social Responsibility activities in the manner and in the areas as provided in Schedule VII to the Companies Act, 2013 (“the Act”)and the same has since become applicable to the Company.
In due compliance of the Act, the Company has constituted a Corporate Social Responsibility (CSR) Committee of the Board consisting of three directors. The CSR Committee shall inter-alia be responsible for the following:
- Formulating and recommending the CSR Policy of the Company and any amendments thereof to the Board;
- Recommending the amount of expenditure to be incurred on each of the activities to be undertaken annually as per the CSR Policy;
- Implementation and monitoring of CSR projects or activities of the Company by following a defined monitoring process for the same. The CSR Committee shall meet as and when deemed necessary.
- The CSR Committee may invite Senior Management Employee, Executives, Advisors, representatives of Social Organizations, of the Company and such other person (s) as it may consider necessary to attend the meeting.
- Ensure that all activities as per the CSR policy shall be undertaken within the territory on India and preference is given to the local areas of operation of the Company and that such activities are not in the normal course of business of the Company.
- Ensure that surplus if any that arises from the projects/ activities under the policy shall not form a part of the business profits of the Company
- Report to the Board, at the end of each financial year as per the provisions of the Act.
Effective DateThis policy shall come into force with effect from 1st April, 2014.
The Company plans to undertake CSR initiatives falling within the purview of Schedule VII of the Act considering Education, Environment sustainability as preferred sectors in its local area of operations, through registered trust or society as may be considered & approved by Board of Directors from time to time.
Currently Company has been associated with Deepalya, an ISO 9001:2008 certified non - government organization. Deepalya was established on 16th July 1979 and, has been contributing to eradicating illiteracy and uplifting unprivileged women and children. The Company has with its association with Deepalaya in the past, sponsored education of approx 1,000 girl aged between 4-17 years.
Process of ImplementationThe Company shall follow the following process to undertake CSR initiatives & its implementation:
- The scope of this policy will extend to activities as stated under Schedule VII of the Companies Act, 2013, as presently in force. The scope of the policy to also include all additional and allied matters, as will be notified by Ministry of Corporate Affairs or such other body, as appointed / notified by Central or State Government, from time to time for this purpose.
- The Board of Directors of the Company may on recommendation of the CSR Committee, determine / approve the projects or programmes or activities to be undertaken by the Company under CSR initiatives, from time to time. However, the Board shall ensure that the projects or programmes or activities undertaken are related and within the broad purview of the activities as stated under Schedule VII or any other relevant provision of the Companies Act, 2013.
- The minimum eligibility criteria for any project or programme or activity and / or other incidental or ancillary matters, including but not limited to quantum of proposed expenditure, shall be finalized by the Board of Directors on recommendation of the CSR Committee.
- The Board of Directors of the Company may on the recommendation of the CSR Committee, decide to undertake CSR projects or programmes or activities through a registered trust or a registered society or a Company or an associate Company and in such case the provisions relating to Companies (Corporate Social Responsibility) Rules, 2014, are required to be complied with.
- The modalities of execution of CSR projects or programmes or activities and implementation thereof shall be determined by the Board of Directors.
- The CSR Committee shall ensure that there is a robust monitoring mechanism for ensuring implementation of the projects, expenditure allocation as approved, etc., and frame such rules or issue directives with regard to monitoring of the CSR projects from time to time as may be considered necessary.
- Any surplus arising out of the CSR activities or projects or programme shall not form part of business profit of a Company.
- The CSR Policy of the Company shall be made available on the website of the Company & shall be kept updated.
Annual ExpenditureA specific budget shall be allocated for each CSR activity approved by the Board. The Company shall ensures to spend in every financial year at least 2% of average net profits of the Company made during immediate three preceding financial years in pursuance of the CSR policy.
Modalities of Execution and The Monitoring Process