ICICI Bank 2015 Annual Report Download - page 73

71Annual Report 2014-2015
ANNEXURE E
Annual Report on Corporate Social Responsibility activities
1. A brief outline of the company’s CSR policy, including overview of projects or programmes proposed to
be undertaken and a reference to the web-link to the CSR policy and projects or programmes
Corporate Social Responsibility (CSR) has been a long-standing commitment at ICICI Bank. The Bank’s contribution
to social sector development includes several pioneering interventions and is implemented through the involvement
of stakeholders within the Bank and through the broader community. The Bank established the ICICI Foundation for
Inclusive Growth (ICICI Foundation) in 2008 with a view to significantly expand the activities in the area of CSR. Over
the last few years ICICI Foundation has developed significant projects in specific areas, and has built capabilities for
direct project implementation as opposed to extending financial support to other organisations.
The CSR Policy of the Bank sets the framework guiding the Bank’s CSR activities. It outlines the governance structure,
operating framework, monitoring mechanism, and CSR activities that would be undertaken. The CSR Committee is the
governing body that articulates the scope of CSR activities and ensures compliance with the CSR Policy. The Bank’s
CSR activities are largely focused in the areas of education, health, skill development and financial inclusion and other
activities as the Bank may choose to select in fulfilling its CSR objectives.
The CSR Policy was approved by the Committee in July 2014, and subsequently was put up on the Bank’s website.
Web-link to the Bank’s CSR Policy:
http://www.icicibank.com/managed-assets/docs/about-us/ICICI-Bank-CSR-Policy.pdf
2. The Composition of the CSR Committee
The Bank’s CSR Committee comprises three independent Directors and the Managing Director & CEO of the Bank, and
is chaired by an independent Director. The composition of the Committee is set out below:
M. S. Ramachandran, Chairman
Tushaar Shah
Alok Tandon
Chanda Kochhar
The functions of the Committee include: review of CSR initiatives undertaken by the ICICI Group and ICICI Foundation;
formulation and recommendation to the Board of a CSR Policy indicating the activities to be undertaken by the Company
and recommendation of the amount of the expenditure to be incurred on such activities; reviewing and recommending
the annual CSR plan to the Board; making recommendations to the Board with respect to the CSR initiatives, policies
and practices of the ICICI Group; monitoring the CSR activities, implementation of and compliance with the CSR Policy;
and reviewing and implementing, if required, any other matter related to CSR initiatives as recommended/suggested
by RBI or any other body.
3. Average net profit of the company for last three financial years
The average net profit of the Company for the last three financial years calculated as specified by the Companies Act,
2013 was ` 85.79 billion.
4. Prescribed CSR Expenditure (two per cent of the amount as in item 3 above)
The prescribed CSR expenditure requirement for FY2015 is ` 1.72 billion.
5. Details of CSR spent during the financial year
(a) Total amount to be spent for the nancial year
Total amount spent towards CSR during FY2015 was ` 1.56 billion.
(b) Amount unspent, if any
Amount unspent was ` 0.16 billion.