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CORPORATE SOCIAL RESPONSIBILITY POLICY

Context:

Vision is one of the most empowering senses of human body that not only enables a person to work to his or her fullest potential but also is crucialfor living a normal life. 

Out of the world population of more than 7.4 Billion, nearly 2.5 Billion people suffer from uncorrected refractive errors. It is also found that correction of this error would lead to increase in productivity of working men and women by 34% and workers’ income by 20%. World Health Organization estimated that India loses about USD 37 Billion annually because of uncorrected refractive errors.

In fact, 80% of all visual impairment can be avoided or cured. India being a largely populated country certainly requires attention in this regard. About 495 million Indians require vision correction.

Essilor envisages, by finding solutions, to bridge gap through its CSR contributions and activities.

Objectives & Focus Areas:

a. Creating Awareness on eye care;
b. Support in getting access to eye care services and affordable spectacles for the needy, especially to the rural population;
c. Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly and the differently abled and livelihood enhancement projects.
d. Reach over the children, workmen, elderly people and drivers requiring vision correction;
e. Create an effective and scalable model for addressing eye health including Diabetic Retinopathy in urban slum population;
f. To strengthen the availability of eye care services for the low-income group, reducing the occurrence of blindness.

Composition of the CSR Committee:

The Board of Directors of Essilor India reconstituted the CSR Committee its 98thBoard Meeting held on 27th November 2018, with following members:

  1. Mr. Arun Bharat Ram – Member
  2. Mr. Eric Bernard – Member
  3. Mr. Jayanth Bhuvaraghan – Member
  4. Ms. Alexis Ionine – Member
  5. Mr. Hemant N Desai – Member
  6. Mr. Saugata Banerjee – Member
  7. Mr. Milind Jadhav – Member

Responsibilities of CSR committee:

  1. To formulate and recommend a CSR policy to the Board;
  2. To take all required actions for realizing the objectives detailed under the CSR policy;
  3. To recommend amount of expenditure to be incurred on CSR activities;
  4. To monitor the execution of CSR policy of the company;
  5. To meet, with a quorum of minimum two members, either physically or using video conferencing facility at least once in every six months and review the progress in implementing the CSR activities and take appropriate actions for moving forward.

Funding, Selection and Monitoring Process:

  1. For CSR activities, Essilor will allocate funds not be less than 2% of the average net profits of last three financial years of the Company, calculated in accordance with CSR provisions under Companies Act 2013.
  2. Essilor will undertake its CSR activities that are approved by the CSR Committee, through its implementing agency ‘Essilor Vision Foundation’ or such other entity/organization as approved by the CSR Committee.
  3. Essilor Vision Foundation shall put forthits proposals on the focused activities to the CSR Committee in the following format:

     
    Sl Reference Sr. No. of  Sch VII CSRPrograms Category:
    Health / Environment / Education / Area Development   
    CSR Projects:
    Description, Beneficiaries, Cost etc.
    Modality: 
    Direct / Through Implementing Agency
    Implementation
    Schedule:
    Q1 - Q2 - Q3 - Q4
  4. CSR Committee/ CSR Steering Committee to review the proposals and if thought fit to be sponsored under the aegis of CSR activities of the company, and if such activity may be covered within the allocated CSR funds, advise the company to release funds for the proposed activities in accordance with the suggested timeline.
  5. Company to comply with the directions given by the CSR Committee.
  6. Essilor Vision Foundation shall provide periodical report on all funded activities to the CSR Committee / CSR Steering Committee at the frequency suggested by the CSR committee/ CSR Steering Committee in the following format:

     
    Sl Reference Sr. No. of  Sch VII CSRPrograms Category:
    Health / Environment / Education / Area Development
    CSR Projects:
    Description, Beneficiaries, Cost etc.
    Modality: 
    Direct / Through Implementing Agency
    Implementation
    Schedule:
    Q1 - Q2 - Q3 - Q4
  7. CSR Committee / CSR Steering Committeeto monitor the progress of all funded activities of EVF and provide its reports to the Board / CSR Committee periodically as directed by the Board.

CSR Activities - Restrictions and Limitations:

  1. The CSR activities shall not be designed to benefit only the employees of the company and their families.
  2. Implementing Agency shall have an established track records of at least three financial years
  3. Expenditure on administrative overheads including employee cost shall not exceed 5% of the total CSR expenditure of the company in one financial year.
  4. No contribution to be made directly or indirectly to any political party.
  5. CSR activities shall not include the activities undertaken in pursuance of normal course of business of a company.
  6. Surplus arising out of the CSR projects or programs or activities shall not form part of the business profit of the company.

Information dissemination:

The CSR Activities of the Company will be reported as part of the Directors’ Report as per the format provided under the Companies Act 2013 and the policy will be available on its website: www.essilorindia.com