Tata Steel bags 'Most Ethical Company' award
~ Tata Steel named ‘World’s Most Ethical Company’ by Ethisphere Institute for the sixth time ~
Tata Steel has been recognised by Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices, as the World’s Most Ethical Company for the year 2018. The company has received the coveted recognition for the sixth time in the ‘Metals, Minerals and Mining’ category.
A total of 135 honorees from 23 countries are being recognized in 2018. The award, for which the announcement was made today, will be bestowed on March 13, 2018. Tata Steel has been recognised by Ethisphere Institute, USA five times earlier, in 2012, 2013, 2015, 2016 and 2017.
Speaking on the recognition Mr TV Narendran, CEO and MD, Tata Steel, said: “It’s a privilege for us to be receiving this recognition for the sixth time. It is also a befitting reminder to continue upholding the legacy of leadership with trust that underlines our business philosophy.”
[The World’s Most Ethical Company assessment is based upon the Ethisphere Institute’s Ethics Quotient™ (EQ) framework developed over years of research and vetted and refined by the expert advice from Ethisphere’s World’s Most Ethical Company Methodology Advisory. EQ offers a quantitative way to access a company’s performance in an objective, consistent and standardized way. The information collected provides a comprehensive sampling of definitive criteria of core competencies, rather than all aspects of corporate governance, risk, sustainability, compliance and ethics.
Scores are generated in five key categories: ethics and compliance program (35%), corporate citizenship and responsibility (20%), culture of ethics (20%), governance (15%) and leadership, innovation and reputation (10%).
About the Ethisphere Institute
The Ethisphere® Institute is the global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust and business success. Ethisphere has deep expertise in measuring and defining core ethics standards using data-driven insights that help companies enhance corporate character. Ethisphere honors superior achievement through its World’s Most Ethical Companies® recognition program, provides a community of industry experts with the Business Ethics Leadership Alliance (BELA) and showcases trends and best practices in ethics with the publication of Ethisphere Magazine.
About Tata Steel
Tata Steel Group is one of the world’s largest steel companies with a steel production capacity of approximately 27.5 million tonnes per annum (MnTPA) as on March 31, 2017. It is a geographically-diversified steel producer, with operations in 26 countries and a commercial presence in over 50 countries. The Group recorded a revenue of INR 117,420 crore in FY17. Tata Steel Group has an employee base of nearly 70,000 employees as of March 31, 2017. Tata Steel has successfully challenged the Deming Grand Prize in 2012, received the Prime Minister’s Trophy for the ‘Best Performing Integrated Steel Plant’, ‘Greenco Platinum Rating’ by CII Green Building Council for environmental performance at Jamshedpur steelworks, ‘Best Place To Work’ in the core sector (steel, oil, power and minerals) by Business Today (2017), ‘World’s Most Ethical Company’ award from the Ethisphere, USA (2017), among several others.
Tata Steel Limited is proposing, subject to market conditions and other considerations, a rights issue of its ordinary shares and has filed a Letter of Offer with SEBI and the Stock Exchanges. The Letter of Offer is available on the website of SEBI at www.sebi.gov.in and the websites of the Lead Managers to the Issue at http://www.investmentbank.kotak.com, http://www.axiscapital.co.in, http://www.hdfcbank.com, http://www.icicisecurities.com and http://www.sbicaps.com. Investors should note that investment in equity shares involves a high degree of risk and are requested to refer to the section titled “Risk Factors” on page 11 of the Letter of Offer for details of the same. The securities offered via the Letter of Offer are not being offered to investors outside of India and recipients of the Letter of Offer should refer to the offering restrictions noted therein.
Statements in this press release describing the Company’s performance may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Important factors that could make a difference to the Company’s operations include, among others, economic conditions affecting demand/ supply and price conditions in the domestic and overseas markets in which the Company operates, changes in or due to the environment, Government regulations, laws, statutes, judicial pronouncements and/ or other incidental factors.