Bausch & Lomb India Private Limited (‘BLIPL’ or ‘the Company’) has always believed in sustained economic growth considering environmental and social stewardship as a key factor for holistic business growth. While pursuing our business strategy of introducing products that give our consumers health & wellness, BLIPL operates in a manner that not just continues to grow economically, but also minimizes our impact on the environment and helps in replenishing the planet; while lending a helping hand to the community.
The philosophy of balancing growth while ensuring benefit to the planet emerge from the natural fabric that forms Bausch & Lomb India Pvt. Ltd, its basic tenets of quality, trust, ethics which are guided by Valeant global corporate policies and meet international best standards and practices. At Bausch & Lomb, we not only strive for excellence in business but also believe in contributing our very best to our customers.
BLIPL CSR policy intends to achieve the following objectives:
- Ensuring socio-economic development of the community through different participatory and need- based initiatives in the best interest of the poor and deprived sections of the society so as to help them to become self-reliant and build a better tomorrow for themselves.
- Striving for economic development that positively impacts the society at large with minimal resource footprint.
- Embracing responsibility for the company’s action and encourage a positive impact through its activities on environment, poverty, hunger, malnutrition and other stakeholders of society at large.
Our Focus Areas/Activities
In accordance with the requirements under the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, BLIPL CSR activities, amongst others, will focus on:
a) Eradicating Hunger, Poverty and Malnutrition:
- Provision of food, nutrition supplement, clothes etc. for the poor, under-privileged children and other deprived sections of the society;
- Supporting nutrition in anganwadi centres and building capacities of anganwadi workers to this effect;
- Provision of shelter for the homeless;
- Promoting sanitation, making available safe drinking water.
b) Education: Promoting education, including special education and employment enhancing vocational skills especially among children, women, elderly and the differently abled, and livelihood enhancement projects, monetary contribution to academic institutions for establishing endowment funds, chairs, laboratories, etc., with the objective of assisting students in their studies.
c) Promoting Health care including Preventive Health care
- Through awareness programmes, health check-ups, provision of medicine & treatment facilities, providing pre-natal and post-natal healthcare facilities.
- Prevention of female foeticide through awareness creation, program for preventing diseases and building immunity.
d) Ensuring environmental sustainability and ecological balance through:
- Plantation drives in schools, villages, offices/business premises and other areas in general including reviving of endangered plants;
- Conservation of natural resources;
- Maintaining quality of soil, air & water;
- Promoting biodiversity and animal welfare & veterinary services.
Scope of CSR Activities in BLIPL
As a practice, we classify only those projects that are over and above our normal course of business as CSR. This policy applies to all our CSR projects and it will be further reviewed and updated.
Composition of Board Level CSR Committe
At BLIPL, our CSR governance structure will be headed by the Board Level CSR committee that will be ultimately responsible for the CSR projects undertaken. The committee will report to our Board of Directors. CSR Committee will comprise of following members:
Mr. Sanjay Bhutani – Chairperson
Mr. Nidhish Moghe – Member
Responsiblities of CSR Committe
CSR Committee shall be responsible for following aspects in relation to BLIPL CSR activities:
- Formulating and updating our CSR Policy, which will be approved by the Board of BLIPL
- Suggesting areas of intervention to the Board of BLIPL
- Approving projects that are in line with the CSR policy
- Putting monitoring mechanisms in place to track the progress of each project
- Recommending the CSR expenditure to the Board of GIL who will approve it
- Meeting at least twice a year to review the progress made
Our Approach to Implementation
We will strive to implement the aforesaid CSR activities on our own to the extent possible. However, at the same time, we also recognize the need to work in partnership with other players to undertake CSR activities as per Companies Act, 2013, as enlisted below. The CSR Committee shall take necessary decisions in this regard, from time to time.
- Collaborating with various organisation, which are registered as a Trust or a section 8 company under the Companies Act, 2013 or Society or NGOs or any other form of entity incorporated in India that specialise in the aforesaid activities;
- Contributing to various funds which are aligned with our Vision and Mission e.g. “Prime Minister's National Relief Fund” or any other fund set up by the Central Government for socio-economic development and relief, welfare of Scheduled Castes, the Scheduled Tribes, other Backward classes, minorities and women;
- Collaborating or pooling resources with other companies to undertake aforesaid CSR activities.
CSR Budget/ Funds
The corpus for the purpose of carrying on the aforesaid activities would include the followings:
- 2% of the average Net Profit made by the Company during immediately preceding three Financial Years;
- Any income arising therefrom;
- Surplus arising out of CSR activities carried out by the company and such surplus will not be part of business profit of the company.
Treatment of Surpluses
Any surplus generated from CSR projects undertaken by us, will be tracked and channelized into our CSR corpus. These funds will be further used in development of the CSR projects and will not be added to the normal business profits.
The concerned departments or such other entities as engaged by company shall also assist the Board and the CSR Committee in reporting the progress of deployed initiatives and in making appropriate disclosures (internal & external) on a periodic basis. Further, the Board shall seek a short progress report from the CSR Committee on a quarterly basis.
This policy is effective from 01st April, 2015
For queries related to the CSR Policy, please write to us at: email@example.com