Infosys reconstituted CSR panel in April

BANGALORE: Infosys in April this year constituted a four-member panel, including independent directors KV Kamath, Kiran Mazumdar-Shaw and R Seshasayee and the incumbent CEO SD Shibulal to oversee all corporate social responsibilities done through its not-for profit trust Infosys Foundation.

The Bangalore-based software exporter made this change after the new Companies Act 2013, required all companies that have either a minimum net worth of Rs 500 crore or turnover of at least Rs 1,000 crore or post profits more than Rs 5 crore in any financial year to constitute a corporate social responsibility committee of the Board consisting of at three least directors, including one independent director.

“The (Infosys) Foundation will work closely with and support the Board and the committee in our CSR activities. The Foundation will assist the committee in identifying the areas of CSR activities, programs and execution of initiatives as per predefined guidelines,” said the company’s latest annual report for the fiscal year ending March 2014.

Earlier in February this year, New Delhi asked an estimated 16,000 companies to spend at least 2% of their Profit After Tax on CSR activities, starting April 1 this year.

Currently, Infosys spends 1% of PAT of Rs 10,194 crore on CSR activities, which includes providing computers to schools and helping local communities in villages to build schools.

Infosys set up the Infosys Foundation in 1996 as a not-for-profit trust. The Foundation received Rs 9 crore as grant from Infosys in fiscal year 2014, the annual report said.