CORPORATE SOCIAL RESPONSIBILITY AT OIL
OIL views Corporate Social Responsibility (CSR) as an integral part of its existence, such that the Company's operations and the fulfilment of its societal and environmental responsibilities are held at an equal pedestal in its core philosophy itself. The CSR initiatives of the Company are governed by the Companies Act 2013, DPE guidelines on CSR & Sustainability 2014 and OIL’s CSR Vision and Policy. These initiatives are primarily undertaken in and around the Company’s operational areas in Assam, Arunachal Pradesh, Mizoram, Rajasthan and Andhra Pradesh.
CSR Vision :
“OIL is a Responsible Corporate Citizen deeply committed to socio-economic development in its areas of operation.”
Key CSR Focus Areas:
As specified in Schedule VII of the Companies Act,2013, OIL has embarked upon various CSR projects and programs under several key thrust areas such as Healthcare, Sanitation & Drinking water, Education, Sustainable Livelihood Generation, Skill Development, Capacity Building & Empowerment of Women, Environment, Rural Sports and Rural Development through Augmentation of Rural Infrastructure.
CSR Policy :
OIL has a CSR policy, in line with the Companies Act, 2013, duly approved by the Board. The policy, revised in April,2016 to be in line with the Companies Act and other relevant government guidelines, highlights the CSR activities related to those specified in the Schedule VII of the Companies Act 2013, excluding activities undertaken in pursuance of normal course of business of the company. The CSR policy is also uploaded on the company’s website www.oil-india.com.
Board Level CSR & Committee :
In accordance with the provisions of Section 135 of the Companies Act, 2013, OIL has a Board level CSR & Sustainable Development (SD) Committee which reviews and monitors the CSR activities of the Company on a regular basis. The terms of reference of the CSR & SD Committee includes:
- Formulate and recommend to the Board, a CSR (Plan) Policy which shall include the activities to be undertaken by the company as specified in Schedule VII of the Companies Act 2013
- Recommend the CSR Plan expenditure to be incurred on CSR activities/projects for approval of the OIL Board
- Institute a transparent monitoring mechanism for implementation of the CSR activities / projects undertaken by the company
- Monitor implementation of CSR activities/projects from time to time
To facilitate the overall monitoring by the Board level CSR & SD Committee, lower level CSR Committees exists in different spheres of the Company which, apart from periodical monitoring of CSR projects, recommends CSR proposals to the Competent Authority and obtain necessary approvals as per laid down Delegation of Power of the Company.
Audit of CSR Projects :
The CSR initiatives taken up at Oil India Limited are governed by need assessment studies and baseline surveys of the targeted areas. At regular intervals OIL conducts formative researches and social audits of the ongoing activities so as to insure their proper implementation and to find out scope of improvement if any.