INTRODUCTION. Environmental Sustainability Social & Community Objectives Ethical Issues Our People Commitment and Business Relationships

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2 INTRODUCTION 1.1 Corporate Social Responsibility (CSR) is the business response to the sustainable development challenge and the way in which it manages its processes to produce an overall positive impact on its employees and their families as well as that of the local community and society at large. Our business is people and property. As people in the property business, we strive to be trusted business partners and by being responsible, we help to create that trust. We believe that the successful long-term future of our business can only be achieved by working collaboratively with our stakeholders and in their interests: clients whether they are building occupiers, developers or investors employees, suppliers, NGOs, the media, Government and the wider community. We understand that our business activities impact on the environment, society and economy directly and indirectly; directly in the way we run our own business and indirectly in the property advice we give to clients. Cushman & Wakefield (India) Private Limited (C&W) is committed to managing CSR as an employer, prospective employer and professional service provider to its clients. Under this policy, C&W will adopt operating principles which will provide guidance on: Environmental Sustainability Social & Community Objectives Ethical Issues Our People Commitment and Business Relationships ENVIRONMENTAL SUSTAINABILITY Our vision is based on a fundamental belief that by embracing the sustainability agenda and by helping clients implement sustainability strategies that reduce cost and generate value, our own business will become more sustainable, grow stronger and thrive. We recognize our responsibility to our clients and the communities within which we operate both present and future. We are committed to help secure a better, more sustainable future for all through the advice that we provide and the example that we set. Our direction: We will work with our clients to pursue, promote and develop sustainable business outcomes. We will set a strategy and reporting procedures that will ensure continual improvement of our sustainability performance. We will ensure that our staff are involved in the implementation of this policy and have a comprehensive understanding of sustainability and climate change and how this affects property. We will be an advocate for sustainability in the wider business community by actively engaging with our suppliers and business partners to develop the values and approaches that will help to deliver a more sustainable society. CUSHMAN & WAKEFIELD 2

3 SOCIAL & COMMUNITY OBJECTIVES ( GIVING SOMETHING BACK ) We are committed to the communities in which we live and work. We understand the impacts we create on the local community in the everyday running of our business. Our direction: We will continue to encourage those employees who like to involve themselves in public and charitable service. We will continue to give our time and expertise for free to local community groups and voluntary organisations. We will aim to build long-term relationships with our suppliers and support small and local businesses. In our charitable giving we aim to work together with charities and create a partnership that is in tune with our business values. ETHICS C&W is committed to achieving and maintaining the highest standards of ethical conduct and institutional integrity. Our firm seeks to comply with all laws and regulations, accounting standards, and ethical guidelines. We abide by a set of global values and our foremost standards of conduct are integrity and respect, collaboration and trust. Our direction: A Code of Business Conduct whereby our employees are expected to follow a high standard of behavior at all times, both professionally and personally. The creation of the C&W Ethics Help Line where employees are encouraged to report any concerns they may have about unethical, dishonest, unsafe or inappropriate behavior in the workplace. A zero tolerance approach to harassment or unwanted behavior or conduct that a recipient finds intimidating, upsetting, embarrassing, humiliating or offensive, or that violates a person s dignity. We actively promote a culture in which harassment is known to be unacceptable and where employees are confident they may make a complaint without fear of ridicule or reprisal. PEOPLE Partnership captures the true spirit of our organization. In our relationships with clients, with each other, with suppliers and business partners, integrity is our foremost standard of conduct; we strive to treat all stakeholders with respect and dignity. We strive to find solutions by looking at the issues together. Our direction: People are the bedrock of our business and we encourage lifelong learning throughout the firm. We extend this ethos to our relationships with clients and will continue to do so. We will respect our people and encourage their development and training. C&W has been awarded Investors in People (UK) since We aim to be a firm that is fully supportive of a diverse workforce including both gender and ethnicity. We will continue to promote equality and diversity and always consider the health and wellbeing and the work-life balance of our people. We aim to empower our people; we will consult and provide two-way communication for all matters right across the firm. We will recognize individual contributions and reward our people fairly. Our aim is to offer our people a full and satisfying career so they can be the ultimate professionals in Global Real Estate. CUSHMAN & WAKEFIELD 3

4 POLICIES The policies that help to underpin and support our Corporate Social Responsibility Policy are: Diversity Policy; Equal Employment Opportunities Policy; Child Labour Policy; Flexible Working Policy; Anti-Harassment Policy; Maternity, Paternity, Adoption & Parental Leave. 1.2 CSR IN INDIA CSR in India has traditionally been seen as a philanthropic activity. While the corporate houses have been traditionally engaged in doing CSR activities voluntarily, the new CSR provisions put formal and greater responsibility on companies to set out clear framework and process to ensure strict compliance. The new Companies Act 2013 (hereinafter referred to as the Act ), has introduced the idea of CSR to the forefront and through its Comply-or-Explain mandate. It mandates qualifying companies to constitute Corporate Social Responsibility Committee to effectively monitor CSR activities of the Company. Further the Companies (Corporate Social Responsibility Policy) Rules, 2014 (hereinafter referred to as CSR Rules ) lay down the framework and modalities of carrying out CSR activities which are specified in Schedule VII of the Act. (Text of section 135, CSR Rules and Schedule VII is attached herewith as Annexure-A). 2. SCOPE This Policy covers current as well as proposed CSR activities to be undertaken by the Company and examining their alignment with Schedule VII of the Act as amended from time to time. It covers the CSR activities which are being carried out in India only and includes strategy that defines plans for future CSR activities excluding activities undertaken in pursuance of its normal course of business. 2.1 OBJECTIVE The main objective of C&W s CSR Policy is to directly/indirectly undertake projects/programs which will enhance the quality of life and economic well-being of the communities in and around our plant and society at large; To lay down guidelines to make CSR a key business process for sustainable development of the society. To generate goodwill and recognition among all stake holders of the company. 2.2 OUR RESPONSIBILITIES TOWARDS OUR COMMUNITIES We will involve communities surrounding our operations to bring about a positive change in their lives through holistic, sustainable and integrated development. CUSHMAN & WAKEFIELD 4

5 TOWARDS OUR CUSTOMERS We will build partnerships with the customers to understand their needs and provide right product and service solutions. We will adopt and actively encourage the best and fair business practices and shall endeavor to build solid bonds with them. TOWARDS OUR BUSINESS PARTNERS We will support our suppliers to cultivate ethical and fair business practices and give preference over other to those who demonstrate this. AS A CORPORATE CITIZEN We reaffirm our commitment to conduct our business with environmental accountability. We will endeavor to adopt environment friendly technologies and energy efficiency in our operations while continuously monitoring and reducing emissions. RESPONSIBILITIES TOWARD OUR EMPLOYEES We will foster a work culture with high ethical principles and standards and encourage our employees to perform with total integrity, commitment and ownership. We will do all we can to support their professional growth and recognize high achievers. 2.3 CSR SUPPORT CSR activities at C&W shall be carried out through the followings: 1) Cushman & Wakefield Community Welfare Trust (CW2) Cushman & Wakefield Community Welfare Trust (CW2) is a non- profit charitable trust promoted and was established by C&W in 2005 as a social development arm of the Company. CW2 work for the charitable purpose such as to strive for women and girl welfare, to maintain or support or establish ashram, dharamshala, guest house etc., to establish, maintain, manage crèches, hospitals, dispensaries, clinic, mobile clinic with latest medical equipment and facilities and to work with rural communities on issues related to Water Resource Management, Agro & Skill based livelihood generation, Health, education, women s empowerment and rural infrastructure. 2) Collaboration with other Companies undertaking projects/ programs in CSR activities. 3) Contribution/donation made to such other Organization/Institutions as may be permitted under the applicable laws from time to time. 4) Directly by the Company for fulfilling its responsibilities towards various stakeholders. 2.4 TARGETED SECTORS Healthcare Sanitation Drinking Water Education CUSHMAN & WAKEFIELD 5

6 Rural Development Vocational Skills Entrepreneurship Skills Employment Opportunities Facilities for Senior Citizens Medical Aid Old Aged Homes Women Hostels Special Employment Opportunities for Women Environment Protection Animal Welfare Conservation of Natural Resources Protection of National Heritage Promoting and development of Art and Culture Public Libraries Promotion and development of traditional arts and handicrafts Measures for armed forced veterans, war widows and their dependents Promotion and development of rural sports and National Games Contribution to funds set by the Central or State Government for development and welfare of Scheduled Castes, Scheduled Tribes and minorities Rural Development Projects Contribution to technology incubators located within academic institutions Go Green Initiatives Human Rights Any other area as may be prescribed by Schedule VII amended from time to time The Company will review the sectors from time to time and make additions/deletions/clarifications to the above sectors. 3. CSR COMMITTEE 3.1 CONSTITUTION Pursuant to the provisions of Section 135 of the Act, the Board of Directors shall constitute the Corporate Social Responsibility (CSR) Committee. The members of CSR shall be appointed by the Board of Directors of the Company which must consist of at least two or more Directors. 3.2 POWERS OF THE COMMITTEE Following are the Powers of the CSR Committee: 1. Formulate CSR Policy and recommend the same to the Board of Directors of the Company for approval; 2. Recommend CSR activities as stated under Schedule VII of the Act; 3. Approve to undertake CSR activities in collaboration with C&W Group companies/ other Companies/firms/NGOs etc. and to separately report the same in accordance with the CSR Rules; 4. Recommend the CSR Budget; CUSHMAN & WAKEFIELD 6

7 5. Spend the allocated CSR amount on the CSR activities once it is approved by the Board of Directors of the Company in accordance with the Act and the CSR Rules; 6. Create transparent monitoring mechanism for implementation of CSR Initiatives in India; 7. Submit the Reports to the Board in respect of the CSR activities undertaken by the company; 8. Monitor CSR Policy from time to time; 9. Monitor activities/charter of Mentoring Committee who are authorized to ensure that the CSR activities of the Company are implemented effectively; 10. Authorize executives of the Company to attend the CSR Committee Meetings. 3.3 MEETINGS OF THE CSR COMMITTEE The CSR Committee shall meet at least once in a quarter. Members of the CSR Committee can agree upon mutually regarding time and place for the said meetings. Quorum for the meeting should be two. The Members of the Committee may participate in the meeting either in person or through video conferencing or other audio visual means in accordance with the provisions of the Act and rules made there under from time to time. Other Members of the Senior Management may attend the CSR Committee Meetings as may be appropriate, subject to the approval of the CSR Committee. Minutes of the CSR Committee shall be placed before the Board for noting. 4. CSR BUDGET/CSR SPEND The Act mandates companies meeting the qualification criteria as mentioned in section 135, shall every year spend at least 2% of its average net profit of 3 (three) immediately preceding financial years in pursuance of its CSR Policy on CSR activities that fall under purview of Schedule VII of the Act. 4.1 CSR EXPENDITURE Net profit means profit more fully described under Rule 2(f) of the CSR Rules. The CSR expenditure shall include all expenditure including contribution to corpus or on projects or programs relating to CSR activities approved by the Board of Directors on the recommendation of its CSR Committee but does not include any expenditure on an item not in conformity or not in line with activities stated under Schedule VII of the Act. 4.2 FAILURE TO SPEND THE CSR MONEY In case the Company fails to spend the above targeted amount in that particular financial year, the Committee shall submit a report in writing to the Board of Directors specifying the reasons for not spending the amount which in turn shall be reported by the Board of Directors in their Directors Report for that particular Financial Year. Any income arising out of the CSR initiatives shall not form part of the business profits of the Company and shall be rolled over to the CSR Corpus of the company for following year. CUSHMAN & WAKEFIELD 7

8 5. CSR INITIATIVES CSR Initiatives should be in line with Schedule VII of the Act and the CSR Rules, the Company shall undertake CSR activities included in its Annual CSR Plan, as recommended by the CSR Committee at the beginning of each year. The Committee is authorized to approve any modification to the existing Annual CSR Plan or to propose any new program during the financial year under review. 5.1 ANNUAL CSR PLAN The Annual CSR Plan is a yearly plan of CSR activities that would be placed before the Board of Directors of the Company based on recommendation of its Committee which outlines the following aspects of CSR initiatives of the Company: Tailor-made CSR projects depending upon allocated spend and geographical presence Partnering agencies/companies/firms Process Owners Project Proposals Targeted Beneficiaries & Their key needs Alignment with Schedule VII Project Goals and milestones Activities and Timelines including expected closure dates CSR Budget with projections Monitoring mechanism Progress reporting and frequency of reports Risk and mitigation strategies Any other information as may be required by the CSR Committee. 5.2 COLLABORATION The Company may collaborate with other C&W Affiliates or its subsidiaries or any other Company as may be approved by CSR Committee to implement CSR activities and the same shall form a part of the Annual CSR Plan. The Company may form trusts on its own to carry out CSR activities in accordance with the CSR Rules and to administer its CSR activities. The Company may also collaborate its CSR activities with other C&W Affiliates its subsidiaries or group company or any other Company as may be eligible and approved by the CSR Committee vis-à-vis the Board of Directors and towards this effort, the Company may jointly along with other C&W Affiliates or its subsidiaries or any other Company form Trust to administer the CSR activities. 5.3 DISQUALIFYING ACTIVITIES FOR CSR The CSR Rules prohibit the CSR projects and programs that are implemented by the Company for benefit of the employees of the Company and their families. The CSR activities implemented outside India also fall outside the purview of the Rules and hence CSR expenditure on such activities will not be considered for inclusion in the CSR Report. Any amount directly or indirectly contributed towards any political party under Section 182 of the Act shall not be considered as CSR Spend. CUSHMAN & WAKEFIELD 8

9 Activities that are undertaken by the Company in pursuance of its normal course of business will not be considered as CSR activities. 5.4 MONITORING MECHANISM CSR Committee shall form a committee to be called as Monitoring Committee ( MC ). The composition of the MC will comprise of employees of the Company and representatives of entities with which the Company decides to collaborate for fulfilling its CSR obligations. The members of the MC will be appointed on rotational basis. The MC will be created to ensure effective implementation and monitoring of the projects approved by the CSR Committee. The MC will submit periodic reports to the CSR Committee of the Company on the progress of the various projects approved by the Committee and entrusted to the MC for implementation and monitoring. 5.5 REPORTS The MC shall assist the CSR Committee to prepare reports that are required to be placed before the Board. The format of the Report shall be the format prescribed under the CSR Rules stated hereunder: Sno CSR Project or Activity Identified Sector which the project is covered Project or Programs 1) Local Areas, 2) Specify the state and district where projects or programs was undertaken Budget (Project or Program) Amount spend on Project or Program Cumulative Expenditure Amount Spent Direct or through Agency Target Date & Status a) Direct Expenditure b) Over heads 6. PUBLICATION OF CSR POLICY & PROGRAMS As per the CSR Rules, the contents of the CSR Policy shall be included in the Directors Report and the same shall be displayed on the Company s website, if any. 7. POLICY REVIEW & FUTURE AMENDMENT The Committee shall annually review its CSR Policy from time to time and make suitable changes as may require and submit the same for the approval of the Board. CUSHMAN & WAKEFIELD 9