Tata Steel ranked 7th most Transparent Company Globally
In a study conducted by Transparency International, the steel giant stood 7th, with an overall score of 6.5, scoring high on criteria of anti-corruption programmes and organisational transparency.
Tata Steel has been ranked as the 7th most transparent company in the world. According to a report published by Transparency International, a Berlin-based, anti-graft watchdog, the steel giant secured an overall score of 6.5. The company performed exceptionally well with 88 percentage and 75 percentage points in Anti-Corruption Programme and Organisational Transparency, respectively.
The report published by Transparency International, which is a transnational NGO, indicates that companies in India are among the most transparent companies in the world. It covers 100 companies in 15 emerging markets, including Brazil, Mexico and Russia.
The report has been published after a thorough assessment of emerging markets basis a three dimensional assessment process that includes reporting of key elements of their anti-corruption programmes, the disclosure of their company structures and holdings, and the disclosure of key financial information on a country-by-country basis. It is being published in the wake of the unprecedented leaks of the so-called Panama Papers, which have exposed the industrial-scale use of shell companies and offshore tax havens, often for illegal purposes such as tax evasion and money-laundering. These revelations have bolstered a public mood of outrage towards corporate secrecy that can only raise stakeholder demand for greater corporate transparency.
Tata Steel has built an enviable corporate reputation founded on ethical and transparent principles. The company believes in adopting the best practices in terms of corporate governance that have continued to evolve over the years. Integrity, transparency and accountability are integral to the way the company conducts its business in every sphere. The report is a testimony to Tata Steel’s commitment to be a fair and transparent employer and the company will continue to strive to be the epitome of corporate culture shaped by the value-based guiding principles.
About Tata Steel
Established in 1907 as Asia's first integrated private sector steel company, Tata Steel Group is among the top global steel companies with an annual crude steel capacity of nearly 28 million tonnes per annum (MnTPA) as on June 01, 2016. It is now the world's second-most geographically-diversified steel producer, with operations in 26 countries and a commercial presence in over 50 countries. The Tata Steel Group, recorded a turnover of US$ 17.69 billion in FY 16, has over 76, 000 employees across five continents and is a Fortune 500 company. The Group’s vision is to be the world’s steel industry benchmark in “Value Creation” and “Corporate Citizenship” through the excellence of its people, its innovative approach and overall conduct. Underpinning this vision is a performance culture committed to aspiration targets, safety and social responsibility, continuous improvement, openness and transparency. In 2008, Tata Steel India became the first integrated steel plant in the world, outside Japan, to be awarded the Deming Application Prize 2012 instituted by the Japanese Union of Scientists and Engineers. In 2013, Tata Steel was awarded CII-ITC Sustainability Prize for its exemplary efforts towards corporate sustainability practices and in 2016, it bagged TIME India Award for ‘Best-in-Class Manufacturing’.
Chief, Corporate Communications, India & SEA