Corporate Social Responsibility Policy of Siemens Factoring Private Limited (SFPL)
Corporate Social Responsibility Policy
1. Philosophy and objective
For 173 years Siemens has been driven by one idea: to improve the lives of people all over the world through our technologies. We see our job as a responsible corporate citizen to solve problems and overcome challenges through our innovations and actions, and thereby contribute to a liveable sustainable future. At Siemens, we refer to Corporate Social Responsibility as Corporate Citizenship – our commitment to improve quality of life and create lasting value for society. Based on the UN Sustainable Development Goals and our core competencies, Siemens in India has defined 3 strategic focus areas for its Corporate Social Responsibility: Education, Social and Environment.
2. Guiding principles for selection of activities
The focus topics for Corporate Social Responsibility are:
We foster science and technical education and believe in quality education from school to university for all. We promote equal access to quality education and especially the most vulnerable in the society by:
- Curiosity and project-based learning
- Modelled on the German Dual Vocational Education and Training
- Improve employability and industry readiness
- Promote research and innovation
Enhance Living Conditions
Siemens works towards designing and deploying scalable, replicable and sustainable models using our core competencies that deliver social impact. Through our projects, we support the development and strengthening of social structures to bring about systematic and lasting improvement in people’s living conditions by providing access to water, healthcare, energy, livelihood, education and environment.
Provide Disaster Relief
Siemens’ disaster relief activities span three areas: emergency aid on safe drinking water, healthcare and temporary shelter following a disaster, assistance with rehabilitation and community-based disaster preparedness (CBDP).
The Siemens disaster relief efforts include all activities undertaken to support public health system and the community to face the COVID-19 pandemic and any other pandemics going forward.
Responsibility towards the environment is extremely crucial as it helps preserve the planet for tomorrow’s generations and promotes a sustainable future.
As Siemens, we are working towards helping communities to use natural resources efficiently and mitigate the impact of climate change.
3. Guiding principles for implementation and monitoring of activities
i) Board of Directors for Corporate Social Responsibility activities
At SFPL, the Board would be responsible for designing, planning, implementation, monitoring and evaluation of CSR activities.
ii) Project lifecycle of Corporate Social Responsibility Project
Planning and implementation:
The projects and programs will be executed by Siemens directly and where appropriate in partnership with implementing partners. The implementation modalities may be modified from time to time, as per recommendations of the Board of the Company.
a) Baseline study or needs assessment
A needs assessment or baseline study will be conducted for initiating any project / program.
b) Selection of the implementing partner
For the purpose of achieving its CSR objectives, the Company may partner with organizations like NGOs, Academic and Training Institutions, Corporates, the Government and other stakeholders for project implementation and facilitation.
c) Mandatory requirements while selecting an implementing partner
The selection of implementing partner and the due diligence parameters shall be conducted as per
i) internal policies of the Company and
ii) applicable regulatory requirements from time to time.
d) Project design
Based on the findings of the baseline or needs assessment, the project is developed defining the goals, timelines, resources, and roles and responsibilities of the implementing partner(s).
e) Key Performance Indicators
All projects will have Key Performance Indicators (KPIs) to measure progress across various stages of project implementation. Focus shall be to ensure self-sustainability of the initiative even after Siemens exits the specific project.
The project will define the beneficiary group as per the goal and the needs assessment or baseline study
g) Monitoring and Evaluation
The Board will perform a periodic assessment of the relevance, performance, efficiency, and impact of the projects / programs.
The Board will initiate Impact Assessment of projects where the need is felt and/or is required under the law.
4. Guiding Principles for Formulation of Annual Action Plan
In accordance with applicable law, the Board will formulate an Annual Action Plan for each Financial Year and the same will be placed at their meeting for approval.
Corporate volunteering plays an important role in leveraging and promoting Corporate Social Responsibility. It offers an efficient way for employees to make a difference by actively participating in our Corporate Social Responsibility projects.
Corporate Social Responsibility Annual Action Plan for Financial year 2021-2022 of Siemens Factoring Private Limited (“the Company”)
This Annual Action Plan is being prepared pursuant to the following amendments to the laws governing CSR which were notified on and with effect from 22 January, 2021:
- Amendments to Section 135 of the Companies Act, 2013 (“the Act”) in terms of the proposed amendments to the Companies (Amendment) Acts, 2019 and 2020; and
- The Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 (“the Rules”).
The amount that the Company is required to spend on CSR activities for FY 2021-2022 as per Section 135 of the Act is INR 0.95 million including 5% towards administrative expenses. This amount excludes surplus, if any, arising in the previous financial year.