Corporate Governance Essay

1225 words - 5 pages

Corporate Governance of Jindal Steel & Power Limited

Corporate Governance in Jindal Steel is adopted as a value system for ensuring efficient working and proper conduct of the business and affairs of the Company with a view to put the available resources at optimum use, increase operational efficiency and enhance shareholders’ wealth. Company’s Corporate Governance Philosophy is equity, fairplay, judicious utilization of resources, responsiveness towards stakeholders such as shareholders, lenders, customers, vendors, employees, society’s needs, empowerment of human resource, preserving natural heritage, strengthening administrative structure, its systems, policies and procedures. This ...view middle of the document...

Information like financial results (quarterly, half-yearly or annual) and press releases on significant developments in the Company that has been available from time to time, to the press is hosted on the Company’s website and also submitted to the stock exchanges to enable them to put them on their websites and communicate to their members. The financial results are published in various English and vernacular newspapers. Details of management discussion and analysis are printed in the annual report. The company electronically files specific documents and statements on the corpfiling website.
Codes of Conduct
The code of conduct has been laid down by the Board with a view to promote good corporate governance and exemplary personal conduct. It is applicable to all directors and senior managerial personnel of the company. The Board of Directors has also approved a Code of internal procedures and conduct for prevention of insider trading in the shares of the company and Code of corporate disclosure practices for prevention of insider trading. These are available on the Company’s website.
As a part of its commitment to follow best practices and good corporate governance, JSPL abides by rules and guidelines as laid down by the Security and Exchange Board of India (SEBI). Conforming to these guidelines, and enthused by its own urge to be looked upon as a free, fair and trustworthy organisation, the Company always ensures that all its business and social accomplishments are achieved with integrity.

Applicability of the Code
As per sub clause I (D) (i) of the revised Clause 49 of the listing agreement with the stock exchanges relating to Corporate Governance, Board of Directors of the Company is required to have a Code of Conduct to be followed by all the Board members and senior management of the Company.
This Code of conduct shall apply to:-
1) All members of Board of Directors.
2) All Executive Directors (non-Board members), all employees who are designated as Vice Presidents and above and all functional heads (hereinafter referred to as ‘Senior Management’ of the Company).
The Directors and Senior Management should:
1. Use reasonable efforts to attend Board and Committee meetings / office work regularly.
2. Dedicate sufficient time, energy and attention to the Company to ensure diligent performance of his / her duties, including preparing for meetings and decision making.
3. Seek to comply with all Corporate Policies.
4. Act in the best interest of, and fulfill their fiduciary obligations / responsibilities to, Company’s shareholders, stakeholders, customers etc.
5. Comply with all applicable laws, rules, regulations and guidelines.
6. Avoid any situation in which there is an actual or apparent conflict of interest that could interfere with the Director’s or member of senior management’s judgment in...

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