Titan Company Limited (the “Company” or “Titan”), incorporated in 1984 as a joint venture of the Tata Group and TIDCO, engaged in the manufacturing and sale of Watches, Jewellery, Precision Engineering Components, Eyewear and Accessories has always believed in serving the Community and improving the quality of living of the people it touched. Titan has successfully rewritten the rules of the game in these industries in India – the manner in which these products are manufactured, sold and serviced and in the ways in which its workers and customers have been treated.
At Titan Company we aim to treat the Corporate Sustainability function (that covers CSR, Climate Change and Affirmative Action) as an intrinsic and essential part of being in business. The function will, therefore, draw inspiration from the Company’s vision:
“We create elevating experiences for the people we touch and significantly impact the world we work in”
Titan will leverage the skills and competencies, financial and people resources as well as the infrastructure and relationships of the Company in order to excel and maximize societal impact. This will ensure that Corporate Social Responsibility (CSR) will benefit from the business activity of the Company even as it serves the communities that interface with such business activity.
Accordingly, the CSR focus at Titan will be driven by broad themes such as upliftment of the underprivileged girl child, skill development for the underprivileged and support for Indian Arts, Crafts and Indian Heritage.
The Company shall work towards responsible citizenship by continuing present initiatives, supporting local and national causes and taking up others as and when required even as it works towards scaling up on the larger chosen themes.
In all its efforts, Titan will seek to actively engage and integrate wherever appropriate the requirements of Affirmative action and other State and Central Government initiatives from time to time.
Apart from having a significant geographical focus in the states of Tamil Nadu, Uttarakhand, Karnataka & Sikkim, Titan would also dispassionately look into other geographies as and when such a need arises keeping in mind its CSR policy framework for reach and support.
Aligning to Companies Act
The CSR policy of the Company is aligned to the following guidelines
• The requirements of Clause 135 of the Companies Act 2013 and the corresponding Rules
• Schedule VII of the Companies Act
Titan Company will spend at least 2% of its average net profits of the previous three financial years for its CSR activities that shall not include investment in any projects considered as business as usual related activities.
Any surplus arising out of CSR projects or programs or activities shall not form a part of the business profits of the company.
Titan will implement its CSR initiatives through a combination of its own in-house teams/volunteering, partnering with Non-Governmental Organisations (NGOs) and institutes of repute and other partner organisations who have competencies in the field under consideration. The Corporate Sustainability Group will be driving CSR initiatives through one or many of these mechanisms.
Each of the CSR projects and programs will have clearly defined output, the progress of which will be reviewed and reported on a quarterly basis or as per schedules defined under various projects as appropriate by the Corporate Sustainability team.
Due diligence and IT support of a very high order is being put in place to drive these initiatives. All the projects are expected to undergo performance monitoring through well laid out processes.