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INDIA CSR News Network
JAMSHEDPUR: Tata Steel has been named among the world’s most ethical companies by an American think tank, Ethisphere Institute. The steel major is the one of the only two Indian companies that has featured in the 2012 list of ‘World’s Most Ethical Companies’ – the other being Wipro – prepared by US-based Ethisphere Institute.
Ethisphere’s annual list of the World’s Most Ethical Companies (WME) recognises companies that truly go beyond making statements and conduct business ethically by translating words into actions. WME honourees demonstrate real and sustained ethical leadership within their industries, putting into practice Ethisphere’s credo of “Good. Smart. Business. Profit”.
Mr HM Nerurkar, Managing Director, Tata Steel said: “It is a great honour for Tata Steel to be recognised under such an important and prestigious parameter. Ethical business principles and practices have been the key differentiators of Tata Group and Tata Steel since inception”.
The Ethisphere Institute’s annual WME Companies list, released on Thursday, revealed that 145 companies in countries including United States, Great Britain, Japan, Portugal and India stood out for setting high standards of employee behaviour and conduct. Ethisphere evaluated about 5,000 global companies, including those in Standard & Poor’s 500 index, on reputation, corporate citizenship, culture and other qualities.
Ethical business principles and practices has been the key differentiator of Tata Group and Tata Steel since inception. In the year 1998, the Tata Group developed its first Code of Conduct, which was articulation of its values and business principles followed by its employees since the inception of the Group and the Company.
Tata Steel adopted the Tata Code of Conduct in the year 1998 and the Company also articulated its values –Trusteeship, Integrity, Respect for individual, Credibility, Excellence. The process of implementation of Tata Code of Conduct in the Company has been designated as Management of Business Ethics. The Company’s Code of Conduct has set a guideline with respect to standard of behaviour to be followed by the Company, its employees and other business partners. The process involved engagement with different global partners of the Company, viz. Corus, NatSteel and other companies. The revised version of the Code, Global Tata Code of Conduct, was finally launched by the Group’s Chairman on October 1, 2008.
The research-based Ethisphere Institute is a leading international think-tank dedicated to the creation, advancement and sharing of best practices in business ethics, corporate social responsibility, anti-corruption and sustainability. Ethisphere Magazine, which publishes the globally recognized World’s Most Ethical Companies Ranking, is the quarterly publication of the Institute. Ethisphere provides the only third-party verifications of compliance programmes and ethical cultures that include: Ethics Inside Certification, Compliance Leader Verification and Anti-Corruption Program Verification. The Institute’s premier membership group, the Business Ethics Leadership Alliance, is a business ethics forum that includes more than 100 leading corporations, universities and institutions that collectively leverage their experience, expertise and innovative ways to address emerging compliance challenges.