:: TATA STEEL NEWS :: Issue

CORPORATE GOVERNANCE
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

TWU signs TCOC

In accepting the Tata Code of Conduct the office-bearers of the Tata Workers’ Union achieved yet another pioneering first for India's oldest workers union. This decision, to sign the Tata Code of Conduct, signalled a new era in Management of Business Ethics (MBE) at Tata Steel, with workers volunteering to participate in the process. The decision of the Tata Workers’ Union to accept the Tata Code of Conduct during Tata Steels’ Centenary Year was appreciated by Mr B Muthuraman, Managing Director, and Mrs Rekha Seal, Ethics Counsellor, Tata Steel. Both of them, alongwith Mr H M Nerurkar, Chief Operating Officer (Steel), were present when the Union office-bearers signed the Tata Code of Conduct.

Mr Muthuraman congratulates Mr Pandey on the decision taken by the TWU

Amity Corporate
Excellence
Award honours
Tata Steel

A panel of experts evaluated 200 companies who have excelled in their respective domains before narrowing in on Tata Steel for the Amity Corporate Excellence Award. An acknowledged leader in steel making and corporate social responsibility, the award put Tata Steel ahead of all others because of “the Company’s vision, innovation, competitiveness and sustenance”. Among the parameters that the expert panel took into consideration were years of existence in India, employee strengths, gross revenue, market capitalisation, net fixed assets, key initiatives taken by the organisation and social responsibilities. Tata Steel was adjudged the front runner among the crème de la crème in India.

The award was received on behalf of the Company by Mr Chanakya Choudhary, Chief Resident Executive, Tata Steel, New Delhi at the Valedictory Function of Amity International Business School’s Tenth International Conference – INBUSH (International Business Horizon) 2008.

Interim relief to benefit employees

Spiralling costs of basic commodities and the onslaught of inflation on its employees has been combated by the Company by granting an Interim Relief to them. Recognising that the discussion on the Charter of Demands submitted by the Union and finalisation of a wage settlement cannot be arrived at in the immediate term, Tata Steel and the Tata Workers’ Union agreed under a Memorandum of Settlement to a monthly Interim Relief for the employees of the Steel Works and the Tubes Division.

Their settlement was signed on February 18, 2008 by the Managing Director, Mr B Muthuraman and President, Tata Workers’ Union, Mr Raghunath Pandey in the presence of Mr Ram Pravesh Singh, Deputy Labour Commissioner, Government of Jharkhand, as well as senior Company executives and Union officials.

Not only will this Interim Amount positively benefit the monthly earning of the employees, the Interim Relief Amount and the adhoc amount towards their Increment will also be taken into account while calculating the Provident Fund and the TISCO Employees’ Pension Scheme (TEPS).

Needless to say, the Settlement was a source of joy for all and made the employees believe that Tata Steel considers them to be an asset which must be nurtured and cared for.