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 transparent manner in order to maximise long-term value
of the Company for the benefit of its shareholders 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 and accepted best practices. It
imbibes the basic business ethics and values that need to be adhered to in letter and spirit. A
transparent, ethical and responsible corporate governance framework essentially emanates from the
intrinsic will and passion for good 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
responsibilities.
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 appropriate decision making and helps drive collective change in
an efficient and effective manner.
