Company’s Philosophy on Corporate Governance
The essence of Corporate Governance is about maintaining the right balance between economic, social, individual and community goals. At Tata Power, good Corporate Governance is a way of life and the way we do our business, encompassing every day’s activities and is enshrined as a part of our way of working. The Company is focused on enhancement of long-term value creation for all stakeholders without compromising on integrity, societal obligations, environment and regulatory compliances. Our actions are governed by our values and principles, which are reinforced at all levels of the organisation. These principles have been and will continue to be our guiding force in the future.
For your Company, good Corporate Governance is a synonym for sound management, transparency and disclosure, encompassing good corporate practices, procedures, standards and implicit rules which propel a Company to take sound decisions, thus maximising long-term shareholder value without compromising on integrity, social obligations and regulatory compliances. As a Company with a strong sense of values and commitment, Tata Power believes that profitability must go hand in hand with a sense of responsibility towards all stakeholders. This is an integral part of your Company's business philosophy. The cardinal principles such as independence, accountability, responsibility, transparency, trusteeship and disclosure serve as means for implementing the philosophy of Corporate Governance.
This philosophy is reflected and practiced through the Tata Code of Conduct, the Tata Business Excellence Model and the Tata Code for Prevention of Insider Trading and Code of Corporate Disclosure Practices, which serve as guidelines for “Leadership with Trust”. The Company is committed to focus its energies and resources in creating and positively leveraging shareholders’ wealth, and at the same time, safeguarding the interests of all stakeholders. This is our path to sustainable and profitable existence and growth.
ICSI National Award for Excellence in Corporate Governance for 2013
Your Company was conferred The ICSI National Award for Excellence in Corporate Governance for 2013, in recognition of its high quality all round approach to governance.
In addition to these, the Company has also adopted the requirements of Corporate Governance under Clause 49 of the Listing Agreements with the Stock Exchanges.
Tata Code of Conduct
The fountainhead of the corporate governance of the Tata Power Company is the Tata Code of Conduct. The Company is committed to abide by it, in its letter and spirit. And the Company has earned the Tata Brand name by virtue of this commitment. It draws its strength from the five Tata values:
In Tata parlance they stand for –
We must conduct Your business fairly, with honesty and transparency. Everything we do must stand the test of public scrutiny.
We must be caring, showing respect, compassion and humanity for Your colleagues and customers around the world, and always working for the benefit of India.
We must constantly strive to achieve the highest possible standards in Your day-to-day work and in the quality of the goods and services we provide.
We must work cohesively with Your colleagues across the group and with Your customers and partners around the world, building strong relationships, based on tolerance, understanding and mutual cooperation.
We must continue to be responsible, sensitive to the countries, communities and environments in which we work, always ensuring that what comes from the people goes back to the people many times over.
The name of TATA says it all. It encompasses the lowest common Tata denominator – the way others see the Tata Group.
For consistency and faithful implementation of the corporate objectives of Tata Power, the Board has followed certain management practices even prior to the same being made mandatory, viz., Constitution of an Audit Committee, Remuneration Committee, etc.