CSR

1. INTRODUCTION

Aspire Systems is a global technology services firm serving as a trusted technology partner for our customers. Aspire works with some of the world's most innovative enterprises and independent software vendors, helping them leverage technology and outsourcing in our specific areas of expertise. Aspire’s services include Product Engineering, Enterprise Transformation, Independent Testing Services, and IT Infrastructure Support services.

Aspire’s philosophy “Attention. Always” focusses on its three pillars – Customers, Employees and Society. The CSR Policy and initiatives are established to strengthen the “Society” pillar. Aspire has a CSR team monitored by the CSR Committee who work towards meeting the CSR commitments of the Company. Aspire also works with implementation partners like local NGOs, government agencies, private companies etc. as and when needed.

2. OBJECTIVES

Aspire’s CSR policy intends to

• Create a broad and structural impact in the society and lead to sustainable development of the society.
• To lay down guidelines for proper execution of CSR activities of the Company.

3. GOVERNANCE STRUCTURE- CSR COMMITTEE

The CSR Committee shall consist of the following members:

THE RESPONSIBILITIES OF THE CSR COMMITTEE INCLUDE:

• Formulate a CSR policy in line with the latest CSR rules and regulations and recommend it to the Board for approval
• Formulate an annual action plan based on the CSR policy and recommend it to the Board for approval (Annual Action Plan shall contain the list of CSR projects, manner of execution, modalities of fund utilization, implementation schedules, monitoring, and reporting mechanisms, need for impact assessments)
• Recommend changes if any required to the Annual Action Plan during the financial year to the Board with proper justifications.
• Recommendation of the amount to be contributed for CSR activities.
• Ensure legal and regulatory compliance for CSR activates.
• Review and monitoring of the CSR Policy, budget, and activities on a regular basis
• Ensure proper reporting and communication to all relevant stakeholders on the Company’s CSR policy and activities.

RESPONSIBILITIES OF THE BOARD of DIRECTORS:

• Formulate a CSR Committee following the latest CSR rules and regulations
• Review and approve the CSR policy and Annual action plan recommended by the CSR committee
• Approve changes to the CSR policy and Annual action plan based on the CSR committee’s recommendation with proper justifications
• Ensure that the funds are utilized for the purposes approved and the company’s Chief Financial Officer/similar authority shall certify the fund utilization
• Monitor projects with respect to timelines approved and in case of multi year projects, monitor and make modifications if required for smooth implementation of the projects.
• Ensure that the administrative expenses shall not be more than 5% of the CSR expenditure of the financial year
• Review and adhere to the latest CSR rules and regulations with respect to any surplus arising out of CSR activities, Unspent CSR amount, excess CSR spend.
• Review and approve impact assessment reports if any submitted by the CSR committee
• Disclose the composition of the CSR committee, CSR Policy, and Annual Action Plan in the company’s website.

4. KEY FOCUS AREAS

The Company shall undertake CSR projects in the areas mentioned below including but not limited to the following:

• Promoting employment enhancing vocational skills including but not limited to
   
  • Making education more effective and quality-oriented, catering to the specific needs of the job market, and hence contribute to job creation.
  • To train students from under privileged backgrounds in its development centers.
  • Impart “Vocational training” and “Skill Development training” to improve life skills
  • Engage teachers, professors, instructors, and experts in various disciplines as may be required
  • Establish training and development centers to teach vocational skills
  • Help with knowledge acquisition through various communication medium including internet, television, radio by providing computers, setting up of classrooms etc.
• Environmental Sustainability.
• Promoting healthcare, sanitation, and hygiene, including preventive health care.
• Road Safety.
• Eradicating hunger, poverty, and malnutrition.
• Livelihood enhancement projects.
• Promoting gender equality.
• Protection of national heritage.
• Contribution to Prime Minister’s National Relief fund, or any other fund set up by the Central Government for socio-economic development.
• Contributions or funds provided to technology incubators located within academic institutions.
• Rural development projects.
• Slum area development
• Disaster management, including relief, rehabilitation, and reconstruction activities

In addition to the focus areas mentioned above, the company may engage in other CSR activities that may be in line with the latest CSR rules and regulations with the approval of the Board of Directors.

5. EXECUTION

The Company shall execute CSR projects either directly or through implementation agencies as defined in the latest CSR rules/regulations (Section 8 Company, Registered Public Trust, Registered Society etc.) which fulfill all applicable CSR laws and regulations. In addition, the company may also explore partnerships with like minded companies in CSR projects to optimize the resources and enhance the outcomes of the project subject to approval of the CSR committee.

6. PROCESS FOR UNDERTAKING CSR ACTIVITIES/ PROJECTS THROUGH PARTNERING NGOS, SOCIETIES, TRUSTS, GOVERNMENT AGENCIES AND OTHER PRIVATE COMPANIES

The following procedure will be adhered to while undertaking/ funding CSR activities/ projects through NGOs, societies, trusts, government agencies and other private companies:

• Presentation of Project / program details.
• Execution of Memorandum of Understanding (MoU) with the Partnering NGOs, societies, trusts, government agencies or other private companies, which will detail the key roles and responsibilities of each of the parties for a specified project or projects identified by the Company.
• Scheduling of disbursements of funds relating to the program and monitoring progress in accordance with pre-agreed milestones with partners.

7. MONITORING & EVALUATION:

The CSR Committee with the help of CSR Team shall monitor all CSR projects of the Company and provide feedback to the Board of Directors. To ensure the transparency and effective implementation of the CSR projects, the Company shall practice the following monitoring mechanisms:

• Project Site Visits
• Monthly Progress Reports
• Teleconference/Video Conference
• Evidence – Photos, Videos, Press releases etc.
• Other mechanisms with approval from the CSR committee

In addition to the above, the CSR Team shall prepare a comprehensive report on all of its CSR programs twice a year and submit the same to the CSR committee for a review.

8. REPORTING

The Company shall publish its CSR Policy, Composition of the CSR Committee and CSR Annual Action Plan on its website. In addition, the CSR committee shall prepare a comprehensive report on the CSR projects twice a year and submit it to the Board of Directors. The Board of Directors shall publish the relevant information as part of their Directors Report as per the applicable law.

9. AMENDMENTS TO THE POLICY

Amendments from time to time to the CSR Policy, if any, shall be considered by the Board of Directors based on the recommendations of the CSR Committee.