|
GIFT POLICY
Tata Steel recognises that exchange of gifts
with people with whom we do business with is
not unusual and is considered acceptable.
The receipt and giving of gifts is part of
normal social exchange. Such exchange is
neither irregular nor is it unusual.
However, the need is recognised for a stated
policy setting caps on the value of such
gifts and for defining circumstances under
which it would be acceptable or not
acceptable to retain gifts. The cardinal
principle would be that gifts should not be
given or received either to obtain favours /
preferential treatment or in return for
favours/ preferential treatment.
The policy will apply to all employees of
Tata Steel as well as its subsidiary and
associate companies.
-
Gifts could be either
solicited or unsolicited. The Company,
regardless of the circumstances, does
not permit the soliciting of gifts. This
policy defines the circumstances under
which unsolicited gifts received either
in India or abroad can be accepted and
retained.
-
The circumstances
under which gifts might be received fall
into various categories.
| a. |
Gifts received on New Year
and other festive occasions. |
| b. |
Gifts received only on
occasions of wedding of self or
children. |
| c. |
Gift
vouchers / gift cheques received
in recognition of a professional
contribution made by the
recipient, such as for making a
presentation, conducting a
training programme/workshop for
a professional and academic
institution etc. |
| d. |
Gifts received on the
occasion of a terminal event
such as a transfer or on
cessation of employment. |
| e. |
Gifts of any value received
for any other reason (not stated
in [i] to [iv],
approval to be taken from Ethics
Counsellor or PEO. |
| |
|
- Declaration regarding receipt of
gift:
In all instances, the recipient of a
gift of more than the approved value,
will make a declaration stating the
description of the gift that has been
received, the estimated value of the
gift and the circumstances under which
the gift was received and particulars of
donor. Such declaration should be
submitted in the office of Ethics
Counsellor within 15 days of the
receipt.
- Kind of Gift
| a. |
List of the kinds of gifts
that might be received is
provided below: |
| b. |
Articles of only an edible
nature for festive occasions in
item 2 [i]. |
| c. |
Articles of use in an office
such as table clocks,
stationery, desk accessories
on New Year only with company’s
logo in item 2 [i]. |
| d. |
Gift worth up to Rs.1000/-
for wedding only in item 2[ii]. |
| e. |
Gift
vouchers / Gift cheques only in
the case of professional
contribution in
item 2[iii] |
| |
|
- Circumstances under which gifts can
be accepted:
| a. |
Receipt of Cash Gift: Only
in the case of retirement or
cessation of employ
ment. Cash gift of Rs.1,000/-
and more can be retained by
employees. |
| b. |
However, in the case of
transfers, collective gift in
kind can be received. The
value limit is not applicable in
such cases |
| |
|
- Gifts received in recognition of a
professional contribution made by the
recipient, such as for making a
presentation, conducting a training
programme/workshop for a professional
and academic institution etc.
Where the receipt of gift is in gift
vouchers and gift cheque and more than
Rs.1,000/-, the recipient will be
permitted to retain the full amount
received, if prior permission is taken
from the company. However, information
to the Ethics Counsellor should be
given. No cash to be received.
Where the Company has borne expenses,
such as travel or lodging, related to
the event and such expenses are
reimbursed by the organisers, all such
reimbursements will be surrendered to
the Company.
- Receipt of gift from parties having
business relationship with the Company
including gifts from subordinates Gifts
received from a donor where the donor
has a business relationship with the
Company and could derive benefits from
the recipient should only be of a value
up toRs.1,000/-. Illustrative categories
of parties with business relationships
with the Company would be vendors,
dealers, contractors, consultant and
customers etc. However, all such gifts
should have donor’s Company’s logo or
business identity.
|
