CORPORATE SOCIAL RESPONSIBILITY POLICY
Luminous Power Technologies Pvt. Ltd. (Luminous) upholds it national, social and environmental responsibilities at the highest standards. These standards are a core part of our business values and operations as we passionately innovate solutions that will help us meet and surpass the expectations of our stakeholders, making Luminous an agent of change and pride in their lives.
Corporate Social Responsibility (CSR) at Luminous underscores this commitment to our stakeholders in the communities around our plants, and includes in its wider scope to those employed by its contractors and suppliers, ensuring that they benefit from the company's presence in their neighborhood.
Luminous corporate social responsibility is rooted in the company's core values of innovation and passion, driven to work as a team with many partners, to establish excellent services and products that will transform the lives of people in our communities for better, forever.
The CSR philosophy outlined above, defines the strategic approach and choices that Luminous is making to achieve its CSR vision. We identify four key areas where Luminous will strengthen its CSR efforts. These identified areas will be aligned across all its target locations to ensure common focus and synergy in efforts.
* Education: To enhance and create opportunities for access to good quality education, from primary education to higher technical education, leading to improved employment and all round development.
* Health: To ensure available, accessible and affordable good quality healthcare services in the local communities leading to improved good health and wellbeing
* Livelihoods: To create trained and skilled workforce through vocational & livelihoods linked trainings ensuring their participation in work.
* Environment: To increase environmental resilience by providing communities with solutions and products to use alternate and efficient energy products and technologies.
CSR activities shall be implemented at geographic areas adjoining our manufacturing units. Presently these are located at Gagret-Himachal Pradesh, Baddi-Himachal Pradesh and Hosur-Tamil Nadu.
Proposed CSR Initiatives
It is Luminous's policy:
* To direct Luminous CSR Programs, inter alia, towards achieving one or more of the following _ supporting rural development; promoting education; providing preventive healthcare, providing sanitation and drinking water; creating livelihoods for people, especially those from disadvantaged sections of society, in rural and urban India; preserving and promoting sports; enhancing environmental and natural capital;
* To develop the required capability and self-reliance of beneficiaries at the grass roots, especially of women, in the belief that these are prerequisites for social and economic development;
* To engage in affirmative action interventions such as skill building and vocational training, to enhance employability and generate livelihoods for persons from disadvantaged sections of society;
* To pursue CSR Programmes primarily in areas that fall within the economic vicinity of the Company's operations to enable close supervision and ensure maximum development impact;
To implement the Company's CSR Programmes through Company personnel or through external implementing agencies and Trusts, Foundations and Section 8 companies that may be established by the Company from time to time.
Luminous may employ one or more staff to operationalize the CSR Policy and follow the implementation modalities as specified. Any training costs incurred on the CSR staff and overall Luminous employees in matters of engaging with the Company CSR Projects/Programmes and developing their capacities to undertake CSR initiatives on behalf of the company will be met within the mandated 5% of overall CSR annual budget, including the expenditures on administrative overheads.
* The CSR Committee will place for Board's approval, a CSR Plan delineating the CSR Projects/Programs to be carried out during a particular financial year and the specified budgets thereof. The Board will consider and approve the CSR Projects/Programs and the budget, with or without modification(s), as it deems fit.
* The CSR Committee will assign the task of implementation of the CSR Plan within approved budgets and timeframes to such persons or bodies or institutions, as it may deem fit.
* The persons/bodies/institutions to which the implementation is assigned will carry out such CSR Projects/Programs as determined by the CSR Committee within the specified budgets and timeframes and report back to the CSR Committee on the progress thereon at such frequency as the CSR Committee may direct.
* The CSR Committee shall review the implementation of the approved CSR Projects/Programs at such intervals as it may deem fit to ensure early and effective execution of the approved CSR Projects/Programs in accordance with this Policy.
* At the end of each financial year, the CSR Committee will submit its report to the Board which shall form part of the Directors' Report to the members of the Company.
CSR expenditure will include all expenditure, direct and indirect, incurred by the Company on CSR Programmes undertaken in accordance with the approved CSR Plan. Moreover, any surplus arising from any CSR Programs or in a particular financial year will be used for Company's CSR activities only.