Introduction & Background
The EDC LIMITED., incorporated on 12th March, 1975, is a premium financial institute with registered office at EDC House, Panaji Goa and with major shareholding of Government of Goa. It is engaged primarily, in term lending, real estate and presently managing various Government schemes and land acquisition money of Government of Goa. As a Social obligation, EDC is successfully implementing the Government of Goa sponsored, self employment loan scheme named Chief Minister’s Rozgar Yojna (CMRY). The scheme has now been renamed as Dr.Vergese Kurien Rozgar Yojna (VKRY). The EDC Ltd. having made net profits, is required to implement CSR Projects as per objectives and requirements set in Section 135 of the Companies Act, 2013 (hereinafter referred to as “the Act” and the Rules Notified there under).The EDC Ltd., in the initial phase will focus on the following areas for CSR Projects from amongst the activities specified under Schedule VII of the Companies Act, 2013 and the rules made there under:
The objectives of the Corporate Social Responsibility Policy (CSR Policy) are:
Eradicating hunger, poverty and malnutrition, promoting preventive health care and sanitation and making available safe drinking water;
The Board of EDC Ltd. has formed a CSR Committee for the Corporation and same shall consist of three or more directors, out of which at least one director shall be an independent director. The Committee shall have quorum of minimum two directors for a valid meeting.
The CSR committee of the Company is responsible for:
CSR Budget and Utilization
Implementation on CSR Projects
In order to implement the approved CSR projects, the Corporation will involve specialized agencies, which could include NGOs, Trust, Self help Group, Government, Semi Government , Autonomous Organizations, Educational Institutes, Professional Consultancy Organizations, individual professional Consultant, Registered voluntary organizations or any other appropriate agency. The Corporation shall explore the possibility of collaboration with similar voluntary organizations/ companies who have undertaken CSR Projects, progress or activities, in such a manner that CSR committees of respective companies are in a position to report separately on such projects or programs or activities.
Any agency selected for carrying out CSR projects should fulfill the basic mandate requirement of:
Monitoring Assessment and Reporting Mechanism
The CSR Committee of the Board shall monitor implementation of CSR policy through periodic review of projects. A time frame shall be fixed for all CSR projects/activities for their timely completion. The Corporation shall monitor the project progress either directly or through professional institutes or individual outside agencies to ensure that CSR policy is implemented as per Act and Rules and that approved projects are spent as per desired intentions. The project monitoring shall include periodic visits, documentation and if required interaction with stakeholders and beneficiary Communities. There shall be quarterly review of each project by CSR committee and six monthly reviews by the Board. The CSR Committee shall prepare annual CSR report and place for approval of Board. This report will ensure that CSR projects are properly documented. The details of CSR projects to be undertaken/to be undertaken by the Corporation, amount spent, progress etc. shall form part of the CSR report.