We use cookies, including cookies from third parties, to enhance your user experience and the effectiveness of our marketing activities. These cookies are performance, analytics and advertising cookies, please see our Privacy and Cookie policy for further information. If you agree to all of our cookies select “Accept all” or select “Cookie Settings” to see which cookies we use and choose which ones you would like to accept.
Corporate Social Responsibility policy
1. Introduction
LG Electronics pursues sustainability management that is balanced with society, the environment, and the economy. Our CSR vision is to create "A better life for all by creating social contribution Programmes well aligned with Schedule VII of the Companies Act, 2013
2. Objective
- The main objective is to bring meaningful on ground interventions and to make Life's Good for people.
- Formulate projects, activities and programmes to support people, communities, supporting a larger social cause which are aligned with SDG's (sustainable development goals).
- Plan & execute initiatives as per defined CSR law/act.
3. CSR focus area
Broad selection of umbrella theme and direction for CSR initiatives would be decided post CSR board approval. Based upon suggestion/proposals received, CSR team would propose the projects to the board which can be aligned with overall objective. In terms of the CSR rules issued by the MCA( Ministry of corporate affairs) the Company will be focusing on undertaking the project /programs /activities listed below, as specified in Schedule VII to the act excluding activities undertaken in pursuance of normal course of business of a Company:
- Eradicating hunger, poverty and mal-nutrition, promoting preventive health care and sanitation including contribution to the "Swachh Bharat Kosh" set-up by the Central Government for promotion of sanitation and making available safe drinking water.
- Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly, and differently abled and livelihood enhancement projects.
- Promoting gender equality, empowering women, setting up homes and hostels for women and orphans, setting up old age homes, day care centers and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups.
- Ensuring environmental sustainability, ecological balance, and protection of flora and fauna, animal, welfare, agro forestry, conservation of natural resources and maintaining quality of soil, air and water including contribution to the "Clean Ganga Fund" setup by the Central Government for rejuvenation of river Ganga.
- 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 arts and handicrafts.
- Measures for the benefit of armed forces veterans, war widows and their dependents.
- Training to promote rural sports, nationally recognized sports, Paralympics sports and Olympic sports.
- Contribution to 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 Schedule Tribes, other backward classes, minorities and women.
- Contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government.
- Rural development projects.
- Slum area development.
4. Board of Directors:
In line with the provisions of Section 135 of the Act, LG Electronics Board of Directors will be responsible for the following:
- Constitute a CSR committee and approve the CSR policy.
- Make sure the company spends, in every financial year, at least 2% of its average net profit during the three preceding financial years, in pursuance of this policy.
- Approve the CSR action plan and budget as proposed by the CSR committee in accordance with Schedule VII of the Companies Act, 2013.
- Make disclosures in the Board report as per clause (o) of sub-section (3) of section 134 including particulars specified in Annexures to the CSR rules. If the company fails to spend the amount, reasons for not spending to be specified in the above report will be mentioned
5. CSR committee
Roles and powers of the CSR committee:
- Formulate CSR policy and seek approval from the Board of Directors of the company. Review the policy on a yearly basis.
- Formulate and share the CSR action plan & budget for the year with the Board of Directors and seek approval. Implement the activities either through the implementation Partner or directly through its own team.
- Spend the allocated amount on CSR activities once approved by the Board of Directors and create a transparent monitoring mechanism of CSR initiatives.
- Submit periodic reports to the Board for the activities undertaken.
6 Measurement
Our goal is to maintain high quality standards on CSR reporting. In order to meet this goal, we will set up a monitoring system project wise as directed by CSR committee and rule.
7. CSR Reporting
Reporting will constitute an integral part of our CSR initiatives, as we at LG Electronics remain committed to being transparent and accountable to our stakeholders. The objective of reporting is not only to update our stakeholders, but also to receive their feedback, and incorporate their suggestions into our future CSR strategies
The Board shall receive periodic reports from the CSR committee on the status of the Company's implementation of specific CSR projects and programmes. On an annual basis, the Board shall report to relevant stakeholders on the Company's CSR projects and programmes and related matters, as required by CSR Act.
8. Project Execution
CSR projects will be implemented either directly by the company or by partnering with professional non-government organizations (NGOs)/agencies) Selection of Implementing partner based on the criteria fixed by Section 135 of the Companies Act, 2013, and Companies (CSR Policy) Rules, 2014 LG Electronics will only engage with NGOs/agencies that have a proven track record in the concern fields. LG will select the NGOs/agencies in a fair and transparent manner. This CSR Policy will be displayed on the Company's corporate website. In case of any doubt with regard to any provision of the CSR Policy and also in respect of matters not covered herein, a reference should be made to the CSR Committee. The Company reserves the right to modify, cancel, add, or amend its CSR Policy subject to the provisions of the Companies Act, 2013 and Rules framed there under.
9. Budget
In accordance with CSR act and rules, the LG shall seek to spend annually 2 per cent of the average net profits of the Company, made during the three immediately preceding financial years, on specific CSR projects and programmes. The Company shall take steps to ensure that any surplus arising out of the Company's CSR projects and programmes or activities shall be set aside for later use in CSR projects and programmes if required.
10. Governance structure and approach
Every year, the CSR committee will place for the Board's approval, a CSR plan delineating the CSR Programmes to be carried out during the financial year and the specified budgets thereof. The Board will consider and approve the CSR plan with any modification that may be deemed necessary.
- A CSR team has been constituted which will assign the task of implementation of the CSR plan within specified budgets and timeframes to such persons or bodies as it may deem fit.
- The persons/bodies to which the implementation is assigned will carry out such CSR Programmes as determined by the CSR team within the specified budgets and timeframes and report back to the CSR team on the progress thereon at such frequency as the CSR team may direct.
- The CSR team shall review the implementation of the CSR programmes and issue necessary directions from time to time to ensure efficient execution of the CSR Programmes in accordance with this policy.
- Once every six months the CSR team will provide a status update to the CSR committee on the progress of implementation of the approved CSR Programmes carried out during the six month period. It shall be the responsibility of the CSR committee to review such reports and keep the Board apprised of the status of implementation of the same.
- At the end of every financial year, the CSR committee will submit its report to the Board.
11. Composition of CSR committee
The composition of the CSR committee (CSRC) of the Board is as under. The CSR committee-which would mean the Corporate Social Responsibility Committee of the Board of Directors of the Company referred to in Section 135 of the Act.
SN | Name | Designation |
1. | Hong Ju Jeon | Managing Director |
2. | Dong Myung Seo | CFO |
3. | Hanjun Kim | Sales subsidiary CFO |
4. | Jwanam Kim | FSE- HR MS |
5. | Jae Hyung Jun | FSE- Corporate marketing |
6. | Sarvesh Maheshwari | Head- Audit |
7. | Ashish Agrawal | Head- GTM |
8. | Atul Khanna | Head- Finance & Accounting |
9. | Vijay Ranjan Singh | Head- HR MS |
12. Amendments in Policy
The CSR committee shall review this CSR Policy on a periodic basis and shall update it as necessary or appropriate (subject to approval by the Board, if applicable) to ensure that it reflects CSR requirements as well as the current interests of the community, company and relevant stakeholders. Policy will always align with CSR acts/rules and various amendments by government. Amendments made by government will be automatically part of this policy.
Terms and Condition
*T&C Apply.
- Coming Soon