As per Reliance Industries Limited’s annual, the conglomerate maintained its position as India’s largest corporate philanthropy. During the financial year 2023-24, Reliance contributed Rs 1,592 crores as part of various impactful CSR initiatives across the country through its dedicated philanthropy arm Reliance Foundation.
This took its three-year CSR cumulative spend to over Rs 4,000 crore for various corporate social responsibility initiatives (Rs 1,271 crore in FY23, and Rs 1,186 crore in FY22).
Companies in India are expected to set aside a small proportion of their funds to be used for Corporate Social Responsibility – CSR.
Reliance Foundation works across Rural Transformation, Health, Education, Sports, Women Empowerment, Arts Culture and Heritage and Disaster Management.
By 2023-24, Reliance Foundation said it has been able to touch the lives of 76 million people cumulatively across over 55,500 villages of India.
Key highlights of Reliance Foundation’s work include rural transformation: Over 2.6 million people’s lives enhanced with agricultural livelihood enhancement. Over 3.7 million people reached with knowledge and information advisories to transform their lives.
During 2023-24, Reliance Foundation’s healthcare initiatives provided over 710,000 consultations from primary care through Mobile Medical Units across locations, to world-class quaternary care by Sir H. N. Reliance Foundation Hospital and Research Centre one of India’s best hospitals*
The foundation’s work in education encompasses primary, secondary and tertiary education from early childhood education to quality schools, scholarships to higher education and skilling. A state-of-the-art campus with flexible learning spaces for early childhood education, the Nita Mukesh Ambani Junior School was unveiled in Mumbai in 2023.
Reliance Foundation’s women empowerment initiatives strive to support women and girls across India to achieve their full potential from entrepreneurship to social sector leadership.
The joint rural entrepreneurship initiative rolled out in partnership with the Bill & Melinda Gates Foundation to empower over 1 million rural women entrepreneurs across three states of India reached 346,000 women during FY 2023-24.
Reliance Foundation’s vision through its Sports for Development programme is to strengthen the sports ecosystem in India, on the one hand and develop grassroots talent on the other. It also aims to strengthen and contribute to the nation’s Olympic aspiration, putting India on a global sports pedestal.
The International Olympic Committee session held in India after 40 years, is part of India’s growing Olympic vision.
Reliance Foundation launched the Olympic Values Education Programme (OVEP) this year along with the IOC to motivate children’s participation in sports encouraging them to compete and inculcate these core values in their lives.
Reliance Foundation is constantly reimagining ways to protect and promote India’s rich arts, culture & heritage while enhancing avenues for livelihood of traditional artisans and crafts persons.
At the Nita Mukesh Ambani Cultural Centre (NMACC) in Mumbai, Reliance Foundation showcased skilled artisans in action with direct engagement between traditional artisans and their audiences through Swadesh.
To preserve traditional built heritage, Reliance Foundation is renovating the renowned Kalighat Temple in Kolkata, restoring the temple to its original grandeur.
Reliance Foundation also supported region-specific music, dance and theatre festivals.
Fourth year in a row RIL Chairman Mukesh Ambani drew no salary as he set an exceptional example in the corporate world.
In June 2020, Mukesh Ambani, the Chairman and Managing Director, voluntarily decided to forego his entire remuneration including salary, allowances, perquisites, retiral benefits as well as any commissions for year 2020-21, in light of the COVID-19 outbreak in India, which exacted a huge toll on the societal, economic and industrial health of the nation.
He continued to forego his entire remuneration in year 2021-22, in year 2022-23, and now in 2023-24 as well.
Prior to that, the Chairman and Managing Director had his remuneration capped at Rs 15 crore since 2008-09 in order to set a personal example of moderation in managerial compensation levels.
In the last four years, Ambani did not avail any allowances, perquisites, retiral benefits, commission or stock options from Reliance for his role as the Chairman and Managing Director.