ICICI Bank 2016 Annual Report Download - page 76

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Directors’ Report
Annual Report 2015-2016
ANNEXURE E
Annual Report on Corporate Social Responsibility activities
1. A brief outline of the company’s CSR policy, including overview of projects or programs proposed to be undertaken
and a reference to the web-link to the CSR policy and projects or programs
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 signicantly expand the activities in the area of CSR. Over
the last few years ICICI Foundation has developed signicant projects in specic areas, and has built capabilities for
direct project implementation as opposed to extending nancial 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 rural development
and other activities as the Bank may choose to select in fullling 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 prot of the company for last three nancial years
The average net prot of the company for the last three nancial years calculated as specied by the Companies Act
2013 for FY2016 was ` 106.05 billion.
4. Prescribed CSR Expenditure (two per cent of the amount as in item 3 above)
The prescribed CSR expenditure requirement for FY2016 was ` 2.12 billion.
5. Details of CSR spent during the nancial year
(a) Total amount to be spent for the financial year
Total amount spent towards CSR during FY2016 was ` 1.72 billion.
(b) Amount unspent, if any
Amount unspent was ` 0.40 billion