JSW Steel’s CSR Policy: A Comprehensive Approach to Sustainable Development.
Last date:31 December 2024
Fund upto 2 cr
Introduction
Corporate Social Responsibility (CSR) has emerged as a vital aspect of corporate governance, reflecting a company’s commitment to the environment, society, and sustainable development. JSW Steel Limited, a leading player in India’s steel industry, has embraced this responsibility by implementing a robust CSR policy that aligns with international standards and national regulations, such as the Companies Act, 2013. This blog delves into the key elements of JSW’s CSR initiatives, focusing on sustainable community development, health, education, and livelihoods.
JSW’s CSR Vision and Philosophy.
JSW’s CSR vision is centered on empowering communities by creating sustainable livelihoods and improving the quality of life for individuals. The company’s CSR philosophy is built on the belief that every life is valuable and deserves fair opportunities for growth and development. This vision is backed by the company’s mission to provide better health, education, and employment opportunities to marginalized sections of society.
JSW Steel’s CSR activities are not limited to charitable donations or one-time projects. Instead, they are designed to create long-term, sustainable solutions that positively impact communities. The company operates through its non-profit arm, JSW Foundation, which spearheads development projects and ensures the effective implementation of CSR programs.
Key Focus Areas of JSW’s CSR Policy.
JSW Steel’s CSR policy outlines specific focus areas that address pressing social and environmental challenges. The key areas include:
- Health & Nutrition: JSW aims to improve access to affordable healthcare by supporting primary and secondary health care initiatives. The company also focuses on raising awareness about health issues and promoting health-seeking behavior among communities.
- Education: Education is a cornerstone of JSW’s CSR efforts. The company works to improve access to quality education, particularly in rural areas, by enhancing learning outcomes and supporting need-based infrastructure. Additionally, JSW aims to create an enabling environment for higher education and skill development.
- Water, Environment & Sanitation: JSW is committed to water conservation and environmental sustainability. The company promotes sustainable water management practices, biodiversity conservation, and waste management in local communities. It also focuses on improving sanitation facilities and hygiene practices to create healthier living conditions.
- Livelihoods: JSW works to enhance the employability of youth by offering skills development programs and training initiatives. The company also encourages women’s workforce participation by creating livelihood opportunities tailored to their needs.
- Agri-Livelihoods: In the agricultural sector, JSW helps farmers improve their economic well-being by providing interventions in farm value chains and promoting sustainable agriculture practices.
- Other Initiatives: In addition to the above areas, JSW undertakes other need-based community development initiatives that align with Schedule VII of the Companies Act, 2013.
Monitoring, Evaluation, and Impact Assessment.
A key aspect of JSW’s CSR policy is its commitment to continuous monitoring and evaluation. The company employs a robust program management framework to track the progress of its initiatives. This framework includes:
- Program Design: Each CSR program is designed with specific objectives, performance indicators, and timelines. This ensures that the program is aligned with the company’s strategic goals and delivers measurable results.
- Concurrent Monitoring: JSW uses field-level monitoring mechanisms to supervise the execution of programs. The company also utilizes a cloud-based Program Management System (PMS) to track data and generate reports on the progress of its initiatives.
- Impact Assessment: JSW conducts third-party impact assessments to evaluate the social and economic impact of its CSR programs. The results of these assessments are reviewed by the company’s CSR Committee and the Board of Directors to ensure accountability and transparency.
Governance and Budget.
JSW’s CSR activities are governed by a dedicated CSR Committee, which is responsible for formulating and recommending the company’s CSR policy. The Board of Directors reviews and approves the policy, ensuring that it aligns with JSW’s overall corporate strategy. The company is committed to spending at least 2% of its average net profits from the previous three financial years on CSR activities, as mandated by the Companies Act, 2013.
Required Documents for Tender Participation:
- Organization Registration Certificate (Society/Trust/Section-8).
- CSR-1 Registration.
- 12A & 80G Certification.
- Previous 3 years’ audited financial statements.
- Board resolution for tender participation.
- Experience certificate related to project implementation.
Tender Fees: ₹5,000 (Non-refundable).
Conclusion.
JSW Steel’s CSR policy demonstrates the company’s commitment to creating a positive and lasting impact on society. By focusing on key areas such as health, education, livelihoods, and sustainability, JSW is contributing to the overall development of communities across India. The company’s emphasis on community-led initiatives, robust monitoring mechanisms, and collaboration with stakeholders ensures that its CSR programs are effective and sustainable. As JSW continues to grow, its CSR efforts will undoubtedly play a crucial role in fostering inclusive and equitable development.