1. Introduction and background
Micron Technology Inc., a global leader in pioneering memory technologies, was established on October 5, 1978, in Boise, Idaho, and our vision is transforming the way the world utilizes information to enrich life for all. Over the past 45 years, Micron has played a pivotal role in the world’s most significant technological advancements by providing optimal memory and storage solutions for a wide array of applications. Micron has grown into a prominent global entity, committed to supporting the communities in which we live and work.
Micron has a long history of philanthropic engagements in the community, including establishing a foundation in 1999. Through these efforts, Micron has supported nonprofit organizations in communities where Micron team members live and work. Micron CSR work planned for India likewise will work to provide grants, programs and volunteer initiatives that enable equitable opportunities for underrepresented populations, support the needs of our communities and increase access to STEM education and careers of the future.
Micron Semiconductor Technology India Private Limited (“MSTI”), located in Sanand, a significant industrial hub adjacent to Gujarat’s capital in India, represents a milestone for India and its rapidly evolving semiconductor ecosystem. In June 2023, Micron announced plans to construct a new assembly and test facility in Sanand. MSTI will house India’s first memory and storage assembly and test facility, boasting the largest cleanroom space in the country.
In line with Micron’s philanthropic goals, MSTI has formulated its Corporate Social Responsibility (“CSR”) policy. This policy, reflecting the principles of the corporation’s broader community philosophies, is designed to provide STEM education, fulfill basic human needs, and ensure equal opportunities for underrepresented groups and individuals in underserved communities.
2. Objectives of the CSR Policy
- Promote a strategic and sustainable approach to CSR in line with Micron’s vision, mission and values.
- Ensure CSR investments are aligned to the Government of India’s priorities/agenda and the United Nations Sustainable Development Goals.
- Strengthen the engagement and participation of our employees in line with our ‘Culture of Giving’ through volunteerism and giving.
- Create positive and measurable impact through our CSR programs in the areas of STEM education, careers of the future and economic empowerment of our communities.
3. Scope and applicability
The Policy covers CSR programs/projects to be implemented by MSTI, in line with applicable Indian laws. These program/projects would be implemented either directly or through implementing partners and Non-profit Organizations (“NGO”).
4. CSR Budget
MSTI has undertaken to spend at least two per cent from the average net profit made during the three immediately preceding financial years on specific CSR Activities. For this purpose, "Net Profit" and "Average Net Profit" shall be calculated in accordance with the provisions of Section 198 of Companies Act, 2013 (“Act”). If MSTI spends an amount in excess of requirement provided under the Act, such excess amount can be set off against the required two percent CSR expenditure up to the immediate succeeding three financial years, or in accordance with the Act.
In the long run, MSTI will build capacities in the CSR team and its implementing partners, ensuring that CSR expenditure will not exceed 5% of the total CSR spend. Salaries and emoluments to CSR team members as well as to the volunteers of MSTI (in proportion to hours spent specifically on CSR) will be factored into CSR project/program cost as part of the CSR expenditure.
5. Treatment of Unspent CSR
CSR team will keep a track of all the amounts spent on CSR activities and report the same to the CSR committee. In case of any unspent amount pursuant to any CSR activity at the end of a financial year, MSTI will deal with the same in accordance with applicable laws.
6. Treatment of Surplus
Any surplus resulting from CSR Activities will not be counted as the business profits of MSTI. MSTI shall transfer any unspent amount to a fund specified in Schedule VII of the Act within six months from the expiry of the financial year to which the amount relates.
7. Identification of CSR projects
MSTI in alignment with the Micron Foundation’s global strategy aims to support our communities in increasing access to STEM education and providing equitable opportunities for underrepresented populations to create lasting social impact. The three key pillars of this strategy are:
a) STEM Education and Careers of the Future: This broadly covers -
i) School: Building learning and equitable environments for the success of students and educators in STEM.
ii) Post-Secondary: Grow diverse STEM pathways for students and educators.
b) Enriching our communities: Support programs that remove economic barriers and build resilience of vulnerable populations.
c) Culture of Giving: Volunteerism for all Micron team members; Aid and relief efforts during natural disasters and social crisis.
MSTI shall additionally aim to support communities by undertaking activities as specified in Schedule VII of the Act.
8. Manner of implementation of CSR projects
CSR activities will be implemented with clear objectives, plan, targets and robust monitoring and evaluation mechanisms. Where and if necessary, MSTI will enter into arrangements with the Government, NGOs, business partners and communities. MSTI may also collaborate or pool resources with other credible organizations with proven track record to undertake CSR activity. CSR Committee may take necessary inputs from CSR partners, agents, any consultants, or advisors to select and execute the CSR Activities. MSTI may set up teams for effective implementation of CSR Activities.
9. Administration/Governance
A separately designated corporate social responsibility committee of the Board (Committee) will oversee MSTI’s CSR Activities. Committee will review, monitor and provide strategic direction to CSR Activities towards fulfilling its CSR objective.
MSTI shall additionally employ full time employee(s) who are dedicated to coordination and monitoring the CSR projects/programs. Committee shall meet at least once in a financial year or as may be necessary to discuss the status of activities (existing, new), amount spent of CSR, and proposed budget.
Committee is responsible for the following:
a) Formulate and recommend to the Board, an annual action plan in pursuance of its Policy.
b) Approve and undertake the list of CSR Activities in areas specified in Schedule VII of the Act.
c) Provide the manner of execution of the CSR Activities.
d) Providing the modalities of utilization of funds and implementation schedules for CSR Activities.
e) Recommending the amount of expenditure to be incurred on CSR Activities.
f) Formulating a transparent monitoring mechanism for ensuring implementation of CSR Activities undertaken by MSTI.
g) Providing details of need and impact assessment, if any, for the CSR Activities taken by MSTI.
10. Publication of the CSR Policy and projects
Contents of the CSR Policy, approved CSR projects/programs and other details in compliance with the requirements under the Act will be displayed on MSTI’s website, if any.
11. Amendments to the CSR Policy
This Policy shall be amended by the Board pursuant to any changes in the Act or Rules or whenever it deems appropriate, to give effect to new customs, practices or recommendations from the CSR Committee or its advisors. Any such amendments will be in conformity with the Act. In case of any conflict with any current or future laws, rules and regulations, the latter will take precedence till the time, this policy is duly updated in compliance with the applicable laws.