Page 62 - Crisil Annual Report 2023

at https://www.crisil.com/en/home/investors/financial- information/sustainability-report.html.
Corporate Social Responsibility
The Company has constituted a CSR Committee in accordance with Section 135 of the Companies Act, 2013. The role of the Committee is to review the CSR Policy and approve activities to be undertaken by the Company towards CSR.
The CSR Policy of the Company is available at https://www. crisil.com/en/home/investors/corporate-governance.html, and details about initiatives taken by the Company during the year under review have been appended as Annexure I to this report. During the year, modifications were made to the Policy, detailing roles and responsibilities and to align it with industry best practices.
The Chief Financial Officer (CFO) has certified that the funds disbursed for CSR have been used for the purpose and in the manner approved by the Board for financial year 2023.
Vigil mechanism
The Company has established a vigil mechanism for Directors and employees to report genuine concerns, the details of which have been given in the Corporate Governance Report annexed to the Annual Report.
Significant developments
Acquisitions
Peter Lee Associates Pty Limited
On March 17, 2023, CRISIL Irevna Australia Pty Ltd, a wholly owned subsidiary of CRISIL Limited, completed the acquisition of 100% of the equity share capital of Peter Lee Associates Pty Limited (PLA), and consequently, PLA has become a wholly owned subsidiary of the Company.
PLA is an Australian research and consulting firm providing benchmarking research programmes to the financial services sector. The acquisition is intended to complement CRISIL’s existing portfolio of products and expand offerings to new geographies and segments across financial services, including commercial banks and investment management. The deal will accelerate CRISIL’s strategy in the APAC region to be the foremost player in the growing market.
Bridge to India Energy Private Limited
On September 30, 2023, CRISIL Limited completed the acquisition of 100% of the equity share capital of Bridge to India Energy Private Limited (B2I), and consequently, B2I has become a wholly owned subsidiary of CRISIL Limited.
Integrity Insight Impact
B2I is a renewable energy consulting and knowledge services provider to financial and corporate clients in India. The acquisition will augment CRISIL’s existing offerings and bolster its market positioning in the renewable energy space.
Incorporation of subsidiaries
CRISIL ESG Ratings & Analytics Limited
SEBI (Credit Rating Agencies) (Amendment) Regulations, 2023, requires obtaining a separate certificate of registration by any ESG ratings service provider. Consequently, a step- down subsidiary of CRISIL Limited in the name of CRISIL ESG Ratings & Analytics Limited (CERA) was incorporated on September 26, 2023, to take over the Company’s existing ESG scores business. CERA has applied for a license to operate as ESG rating provider (ERP).
CRISIL Irevna Information Technology Colombia S.A.S
On October 24, 2023, a step-down subsidiary of CRISIL Limited in the name of CRISIL Irevna Information Technology Colombia S.A.S was incorporated in Colombia to provide research and analytics services to clients.
Closure of Greenwich Associates Canada, ULC, and merger of Greenwich Associates LLC with CRISIL Irevna US LLC
In order to reduce administrative and operational expenses and streamline the CRISIL group structure, Greenwich Associates Canada, ULC, has been closed with effect from July 31, 2023.
Further, two wholly owned US-based subsidiaries, namely Greenwich Associates LLC and CRISIL Irevna US LLC, were merged with effect from April 1, 2023.
Subsidiaries
As at December 31, 2023, the Company had 3 Indian and 13 overseas, wholly owned subsidiaries.
In accordance with Section 129(3) of the Companies Act, 2013, CRISIL has prepared a consolidated financial statement of the Company and all its subsidiaries, which is a part of the Annual Report. A statement containing salient features of the financial statements of the subsidiaries and highlights of their performance are included in the Annual Report.
The Company has no associate companies within the purview of Section 2(6) of the Companies Act, 2013.
In accordance with third proviso of Section 136(1) of the Companies Act, 2013, the Annual Report of the Company containing its standalone and consolidated financial statements has been uploaded on the
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Annual Report 2023