New Delhi, 3 October 2020: The Indian public sector multinational company, Oil and Natural Gas Corporation (ONGC) has spent Rs 607 Crore on activities under Corporate Social Responsibility (CSR) in the financial year 2019-20. The company which was conferred with ‘Maharatna’ status by the Government of India in November 2010, spent Rs 35 Crore over and above its prescribed CSR budget.
Its average net profit for the past three financial years stood at Rs 28,590.70 Crore and its prescribed CSR expenditure (2% of past three year’s net profit) for the financial year 2019-20 was calculated as Rs 571.814 Crore. However, the company spent Rs 607 Crore this year.
In the company’s annual report, Chairman and Managing Director, Shashi Shankar claimed, "This was the fourth consecutive year that our CSR expenditure has surpassed Rs 500 Crore". In the Financial year 2018-19, the company had spent Rs 614.64 Crore on its CSR activities.
"During the exceptional times of COVID-19, when people on the margins are rendered more vulnerable, ONGC has stepped in with massive efforts to support them. In addition to contributing Rs 300 Crore to the PM Cares Fund, we executed CSR projects worth RS 20 Crore benefitting more than 26 Lakh fellow countrymen through distribution of food/ masks/PPE kits/sanitisers and funding of ventilators in hospitals," he added.
Employees of the company also voluntarily contributed about RS 30 Crore from their salaries over four months.
The CSR Policy of ONGC is approved by the Board of ONGC at the 269th meeting held in 2015 and is in consonance with the CSR Policy framework enshrined in the Section 135 of Companies Act, 2013, Companies (CSR Policy) Rules, 2014 notified by Ministry of Corporate Affairs, Government of India and Guidelines on Corporate Social Responsibility and Sustainability for Central Public Sector Enterprises issued by Department of Public Enterprises, Government of India, says the company.
The CSR projects or programmes of the company are implemented through in-house CSR team and ONGC Foundation. The company also implements its CSR agenda through other trust, society or company established under Section 8 of Companies Act, 2013, having a track record of minimum three years in undertaking similar programmes or projects.
Its CSR Committee includes Amitava Bhattacharyya as chairman and Subhash Kumar, Alka Mittal and RK Srivastava as members.
Major highlights of CSR activities for the financial year 2019-20
- 60% of CSR expenditure towards School Education, Nutrition and Healthcare as notified by DPE for CSR of CPSE’s in 2019- 20
- 33% of CSR Budget executed towards Swachhta Projects as directed by MoPNG
- CSR expenditure aligned towards achieving the objectives of UN Sustainable Development Goals, covering 12 out of 17 sustainable development goals
- 20 Aspirational Districts adopted in 11 states where 599 projects have been implemented amounting to Rs 6.151 Crore benefitting 4 lakhs rural population
- 4.30 Lakh patients benefitted through healthcare initiatives
- 4.98 Lakh students benefitted through educational initiatives
