COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE
Corporate Governance is a set of systems, processes and principles which ensure that
a Company is governed in the best interests of all stakeholders. It is about promoting
fairness, equity, transparency, accountability and respect for laws. The aim of“Good Corporate Governance” is to manage affairs of the company in a transparentmanner in order to maximise long-term value of the Company for the benefit of itsshareholders and all other stakeholders.
Corporate governance provides a structure that works for the benefit of everyone concerned, by ensuring that the enterprise adheres to ethical standards, laws andaccepted best practices. It imbibes the basic business ethics and values that need tobe adhered to in letter and spirit. A transparent, ethical and responsible corporategovernance framework essentially emanates from the intrinsic will and passion forgood governance ingrained in the culture of the organisation.
The Corporate Governance framework of the Company is based on the following broad practices:
- Engaging a diverse and highly experienced Board of Directors, with expertise in
industry, finance, management and the law;
- Deploying well defined governance structures that establishes checks and
balances and delegates decision making to appropriate levels in the organisation;
- Adoption of transparent and robust systems, processes, policies and procedures;
- Making high levels of disclosures for dissemination of corporate, financial and
operational information to all its stakeholders;
- Having strong systems and processes to ensure full and timely compliance with
all legal and regulatory requirements.
This framework is implemented through a combination of Strategic Governance
Structure and an Operational Governance Structure, in the following manner:
Strategic Governance Structure
This incorporates the deployment of a high level
Group Executive Committee (GEC), Core Management Team (CMT) and a Senior
Management Committee (SMC), all with individual and collective roles and
Operational Governance Structure
This incorporates the deployment of high
level Management Committees (MANCO) for each business segment and Unit
Committees (UNICO) at each location.Continuous meetings and deliberations at these levels ensures timely and appropriatedecision making and helps drive collective change in an efficient and effective manner.