MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 110 8. Global CSR Excellence & Leadership Award under the category of “Community Development” for Project Farm Mechanization (February 2024) 9. Women Empowerment Award at the Global CSR Leadership Awards for Employability Enhancement Training Project (March 2024) 10. Sat Paul Mittal Gold Award at the Sat Paul Mittal National Awards 2023 held in Ludhiana (November 2023) 11. Project Nanhi Kali’s film, Lajjo won several awards both nationally and internationally, spanning categories including CSR Campaign, Best Online Integrated Marketing, Viral Video and Casting and Performance. CSR Policy The Corporate Social Responsibility Committee had formulated and recommended to the Board, a Corporate Social Responsibility Policy (CSR Policy) which was subsequently adopted by it and is being implemented by the Company. The CSR Policy including a brief overview of the projects or programs undertaken by the Company can be accessed in the Governance section of the website, the link of the same is https://www.mahindra.com/investor-relations/policies-anddocuments. CSR Committee The Board at its Meeting held on 18th and 19th March, 2024 re-constituted the Corporate Social Responsibility Committee (CSR Committee). Dr. Vishakha N. Desai ceased to be the Chairperson and Member of the Committee with effect from 1st May, 2024, upon completion of her second term as an Independent Director of the Company and Mr. Vikram Singh Mehta was inducted in her place as Chairman of the CSR Committee. The CSR Committee currently comprises of Mr. Vikram Singh Mehta (Chairman), Mr. Anand G. Mahindra, Dr. Anish Shah, and Mr. Muthiah Murugappan. Subsequent to the year end, the Board at its Meeting held on 16th May, 2024, re-constituted the CSR Committee by inducting Ms. Padmasree Warrior as a Member with effect from 17th May, 2024 and appointed Mr. Muthiah Murugappan as the Chairman with effect from 8th August, 2024 in place of Mr. Vikram Singh Mehta upon completion of his tenure on 7th August, 2024. Post the re-constitution with effect from 8th August, 2024, the CSR Committee would comprise of four Directors viz. Mr. Muthiah Murugappan (Chairman of the Committee), Mr. Anand Mahindra, Dr. Anish Shah and Ms. Padmasree Warrior. The Committee, inter alia, reviews and monitors the CSR as well as Business Responsibility and Sustainability activities. During the year under review, your Company spent Rs. 112.74 crores on CSR activities. The amount equal to 2% of the average net profit for the past three financial years required to be spent on CSR activities was Rs. 112.329 crores. The Board has considered the Impact Assessment Reports at its meeting held on 16th May, 2024. The detailed Annual Report on the CSR activities undertaken by your Company in the Financial Year 2024 along with the Executive Summary for Impact Assessment Reports of the applicable projects, is annexed herewith and marked as Annexure VI. The complete Impact Assessment Reports of the applicable projects can be accessed at the Web-link: https://www. mahindra.com/resources/FY24/AnnualReport.zip. Sustainability During the year under review, the 16th Sustainability Report for the year 2022-23 was released. The Report was externally assured by KPMG and prepared in accordance with the GRI (Global Reporting Initiative) Standards. Your Company plans to build a ‘Planet Positive Mahindra’ by focusing on three key pillars, greening ourselves, decarbonizing the industry and rejuvenating the nature. Under pillar greening ourselves, the Company focuses on enhancing use of renewable energy, improving energy and water productivity, embedding material circularity and ensures no waste goes to landfill. To decarbonize the industry, transition to electric vehicles and alternate fuels, enabling supply chain to follow environment friendly practices and end of vehicle recycling are major considered aspects. Beyond the industry boundary, to rejuvenate the nature, the Company aims regenerative farming, planting over million trees every year, investing in green technologies like solar, green buildings and micro irrigation. Group companies have set targets aligned to Planet Positive framework. The targets are discussed and reviewed in Group Sustainability Council chaired by Dr. Anish Shah, Managing Director and Chief Executive Officer. ESG information of the Company has been disclosed under Dow Jones Sustainability Index (DJSI), Carbon Disclosure Project (CDP) and World Economic Forum’s (WEF) stakeholder capitalism metrics.
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