CORPORATE SOCIAL RESPOSIBILITY (CSR) POLICY
OF
PENGUIN RANDOM HOUSE INDIA PRIVATE LIMITED
Introduction
Penguin Random House India Private Limited (“Penguin India” or “the Company”) is a part of the worldwide publishing house, Penguin Random House, the world’s largest trade book publisher, is dedicated to its mission of nourishing a universal passion for reading by connecting authors and their writing with readers everywhere. Penguin Random House, which employs more than 10,000 people globally, was formed on July 1, 2013, by Bertelsmann and Pearson, who own 53 percent and 47 percent, respectively.
With nearly 250 independent imprints and brands on five continents, Penguin Random House comprises adult and children’s fiction and nonfiction print and digital trade book publishing businesses in more than 20 countries worldwide, including the U.S., U.K., Canada, Australia, New Zealand, China, India, South Africa, Spain, Mexico, Argentina, Colombia, Chile, Peru, Portugal, and Uruguay. With over 15,000 new titles, and close to 800 million print, audio and eBooks sold annually, Penguin Random House’s publishing lists include more than 60 Nobel Prize laureates and hundreds of the world’s most widely read authors.
The Corporate Social Responsibility (‘CSR’) has been an integral part of the way the Company has been doing its business. The Company is committed towards social causes and their development.
This policy, which encompasses the company’s philosophy for contributing to the society as a corporate citizen and lays down the guidelines and mechanism for undertaking socially useful programs for the welfare and sustainable development of the community at large.
Objectives
This CSR policy intends to :-
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● Strive for sustainable economic development that positively impact the society at large with minimal resource footprint.
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● Embrace responsibility for the Company’s actions and encourage a positive impact through its CSR activities.
Focus Areas
In accordance with the requirement under the Companies Act, 2013, the CSR activities to be undertaken by the Company under this Policy shall be the following :-
(i) Eradicating hunger, poverty and malnutrition, promoting preventive health care and sanitation (including contribution to the Swatch Bharat Kosh set-up by the Central Government for the promotion of sanitation and making available safe drinking water;
(ii) Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly, and the differently abled and livelihood enhancement projects;
(iii) Promoting gender equality, empowering women, setting up homes and hostels for women and orphans; setting up old age homes, day care centres and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups;
(iv) Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources and maintaining quality of soil, air and water including contribution to the Clean Ganga Fund set-up by the Central Government for rejuvenation of river Ganga;
(v) Protection of national heritage, art and culture including restoration of buildings and sites of historical importance and works of art; setting up public libraries; promotion and development of traditional art and handicrafts:
(vi) Measures for the benefit of armed forces veterans, war widows and their dependents;
(vii) Training to promote rural sports, nationally recognized sports, paralympic sports and Olympic sports;
(viii) Contribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government for socio-economic development and relief and welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women;
(ix) Contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government;
(x) Rural development projects
(xi) slum-area development
However, Company may undertake such other activities as may be permitted under the Companies Act, 2013 and any amendment(s) thereof.
In accordance with the requirement under the Companies Act, 2013, initially the Company’s CSR activities, amongst others, will focus on:-
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● PROMOTING EDUCATION – providing early childhood care and education for all round development, including physical, social, emotional, cognitive and language development, and to build a habit of attending school among children.
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● PROMOTING GENDER EQUALITY – working towards gender equality by enabling women to better their lives through Functional Literacy.
Undertaking CSR Activities
Penguin India will undertake CSR activities, as approved by the CSR Committee, either on its own, or through a registered trust or registered society or through a company registered under Section 8 of the Companies Act, 2013, whether established by the Company, a subsidiary of the Company, an Associate Company or the Company or by a third party.
Initially, the Company will undertake CSR activities, as approved by the CSR Committee through “Save the Children India” or such other entity / organization as approved by the CSR Committee.
Location of CSR Activities
Penguin India shall give preference to the local area for spending the amount earmarked for the CSR activities.
Goals / Objectives
Our goals, amongst other CSR activities, include promoting education and gender equality. For this, Penguin India is partnering with “Save the Children India” – an organization committed towards ensuring the ‘Rights of Children’. Some of the programmes that the Company will work with them include:
Promoting Early Childhood Education through Balwadis: The Company will support one Balwadi, reaching out to 30 children (ages 3-5 years) and their parents. The Company will sponsor their education, mid-day meals and infrastructure requirements to run the education centre. In addition, the Company will help in building a library.
Enabling Women to better their Lives through Functional Literacy: This program aims to provide functional literacy to the women and girls of Sarai Kale Khan Village who have never been to school, or have dropped out of school. The 4-month curriculum adopts an Activity based methodology which equips an adult learner to read, write and understand Hindi language and basic Arithmetic. The program provides them a platform through various activities for enhancing self-confidence, communication and developing a positive outlook. The Company will support one such program that covers 45 women for a period for 4 months.
In addition, the Company will also provide infrastructural support to the existing centres by donating of office equipment and furniture/fittings.
As stated above, the Company may either on its own, or through a registered trust or registered society or through a company registered under Section 8 of the Companies Act, 2013, whether established by the Company, a subsidiary of the Company, an Associate Company or the Company or by a third party, as approved by the CSR Committee
CSR Fund
The CSR Committee shall recommend the project-wise annual budget expenditure to the Board of Directors for its consideration and approval. The Company shall ensure to spend in each financial year at least 2% of the average Net Profit made during the three immediate preceding financial years.
In case the Company is unable to spend the amount earmarked for the CSR activities in a financial year, the CSR Committee shall submit a report in writing to the Board of Directors of the Company specifying the reasons for not spending the amount, which in turn shall be reported by the Board of Directors of the Company in their report to the shareholders of the Company
The surplus arising out of the CSR activities, projects or programs shall not form part of the business profit of the Company.
Composition of CSR Committee
The CSR Committee shall consist of three or all directors, if number of directors is below three at any point of time. Presently, the CSR Committee comprises of the following directors :-
Any person who ceases to be a director on the Board of the Company shall automatically vacate his office as a member of the CSR Committee. Also, any new director shall become a member of the CSR Committee unless the number of members increases beyond three. In case the number of directors increases beyond three, Board of Directors would be required to decide on the composition of the CSR Committee.
Responsibilities of the CSR Committee
The responsibilities of the CSR Committee include:-
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● Formulating and recommending to the Board of Directors the CSR Policy
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● Identifying and recommending the CSR activities to be undertaken to the Board of Directors
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● Recommending the amount to be spent for the CSR activities
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● Undertaking all necessary steps to implement the CSR activities
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● Monitoring the CSR activities from time to time
CSR Governance Structure
As per the provisions of the Companies Act, 2013, the Company can undertake CSR activities either through a registered trust or a registered society. Accordingly, “Save the Children India” or such other entity will work closely with and support of the Board of Directors and the CSR Committee in implementing the CSR activities of the Company.
The Board and the CSR committee will be responsible for the effective implementation of the CSR activities, however, Penguin India may incorporate some additional mechanisms to make the CSR activities implementation robust. For this, a CSR advisory committee shall be formed by the CSR Committee. CSR advisory Committee shall have at least two members at any point of time. Initially, Ms. Hemali Sodhi and Ms. Aditi Kumar shall be the members of the CSR Advisory Committee.
CSR Advisory Committee will assist the CSR Committee and the Board in identifying the areas of CSR activities, programs and execution of initiatives as per the defined guidelines. CSR Advisory Committee will also assist the Board and the CSR Committee in reporting the progress of deployed initiatives and in making appropriate disclosures (internal / external) on a periodic basis.
The following shall be the governing structure of the CSR
Monitoring Mechanism
The CSR Committee shall monitor the status of each project and receive the quarterly updates on all activities against the plans submitted and approved. The CSR Committee shall be responsible for managing the tasks to be implemented and providing feedback to the Board of Directors.
Reporting and Documentation
Reporting will constitute an integral part of the CSR. The objective of reporting is not only to update the stakeholders but also to receive their feedback and accordingly capture their suggestions / inputs into our future strategies. The reporting commitment will help us achieve enhance the business reputation and trust of all our stakeholders. It will create awareness on Company’s commitment on doing business in a socially responsible way. All CSR activities shall be documented annually which would include progress on each intervention against planned activities, number of beneficiaries covered, good practices and beneficiaries’ voices.
Amendment to the CSR Policy
The Board of Directors on its own and/or on the recommendation of the CSR Committee can amend this CSR Policy as and when deemed fit. Any or all provisions of CSR Policy would be subject to revision/amendment in accordance with the regulations on the subject as may be issued from relevant statutory authorities, from time to time.
Effective Date
This policy is effective from the 30th of September, 2016.
Contact
For queries relating to the CSR policy, please write to us at:-