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Corporate Social Responsibility

Altair India

We are committed to the vision of:

      • Developing a meaningful and effective strategy for engaging with all stakeholders.
      • Partner with credible organizations like foundations, trusts, etc. including non-government organizations.
      • Minimizing the impact on the environment through sustainable means.

Purpose

      The key purpose of this policy is to define:
      • Scope of CSR
      • An overview of activities to be implemented, in line with Schedule VII of the Companies Act, 2013.
      • Process and mechanism for implementation and monitoring of the CSR activities/projects.
      • Criteria for partner implementation agencies.
      • Accounting Surplus, arising out of CSR projects.

Policy Statement

        Our CSR Policy focuses on addressing critical social, environmental, and economic needs of the Society & Community.

Scope of CSR activities at Altair

      As a practice, we classify only those projects that are over and above our normal course of business as CSR. This policy applies to all our CSR projects and it will be further reviewed and updated.

Normal Course of Business:

    Altair’s corporate culture thrives on seeking out business and technology firsts to radically change the way organizations design products and make decisions. We are focused on the development and broad application of simulation technology to synthesize and optimize designs, processes, and decisions for our clients’ improved business performance.

CSR Key Focus Area

Focus-Area
  • Training to promote rural sports, nationally recognised sports, Paralympic sports and Olympic sports
  • Promoting education, including special education and employment enhancing vocation skills, especially among children, women, elderly, and the differently abled and livelihood enhancement projects
  • Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources and maintaining of quality of soil, air and water
  • Contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government

Governance Structure

Governance Structure
    We have constituted a transparent governance structure to oversee the implementation of our CSR Policy, in compliance with the requirements of Section 135 of the Companies Act, 2013.

Implementation Process

Implement Process
  • All projects will be identified by the CSR Committee for implementation
  • The day to day implementation and execution of the CSR activities/projects shall be carried out by the CSR team
  • Implementation will be done either directly or through Registered Trust or an NGO having a track record of at least 3 years

CSR Reporting

The Board in its Annual Report shall include the details of the CSR activities undertaken in the Financial Year as below:
      • A brief outline of the Company’s CSR Policy, including overview of the projects or programs proposed to be undertaken and a reference to the web link to the CSR policy and projects or programs.
      • Composition of the CSR committee.
      • Average net profit of the company for last three financial years.
      • Prescribed CSR expenditure (two percent of the amount as in item (iii) above.
      • Details of CSR spent during the financial year
      • Total amount to be spent for the financial year
      • Amount unspent, if any
      • Manner in which the amount spent during the financial year as in Appendix 2;
      • Reasons for failure (if any) to spend required amount on CSR activities.
      • The CSR Committee shall provide a responsibility statement on the implementation and monitoring of the CSR Policy and that it is in compliance with CSR objectives of Altair, which statement shall form part of the Boards’ Report.

CSR Expenditure

      • In every financial year, Altair shall spend a minimum of 2% of its average Net Profits in the immediately preceding three (3) financial years. Average Net profits shall mean the net profits of the Company as per the Profit & Loss Statement prepared in accordance with the Companies Act, 2013;
      • CSR Expenditure shall mean all expenditure incurred in respect of specific projects/programs relating to the approved CSR activities.
      • CSR Expenditure shall not include expenditure on an item not in conformity or not in line with activities which fall within the purview of the CSR activities listed in Schedule VII.
      • CSR Expenditure shall not include Projects or programs or activities undertaken outside India.
      • The surplus arising out of the CSR activities or projects shall not form part of the business profit of Altair.

Surpluses Treatment

    Any surplus generated from CSR projects undertaken by us will be ploughed back into our CSR corpus. These funds will be further used in development of the CSR projects and will not be added to the normal business profits.

 

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CSR Review & Audit


  • The CSR committee shall be apprised of the implementation of the CSR activities and the progress shall be monitored on a quarterly basis
  • Altair shall through its internal controls, monitoring, and evaluation systems implement, assess, document, and report the impact of its CSR activities/projects
  • Records relating to the CSR activities and the CSR Expenditure shall be meticulously maintained. The Records shall be submitted for reporting and audit.
  • The financial audits of the implementing agencies shall also be done through periodic audits. In this regard, Altair may appoint independent external consultants for carrying out such audits. 

Committee Meetings:
    The CSR Committee shall meet as often as its members deem necessary to perform the duties and responsibilities.