Corporate Governance approach
Corporate Governance approach
Corporate Governance is an interplay of
individuals, processes, performance
metrics and purpose. At Tata Metaliks,
we firmly believe in upholding principles
of transparency, accountability, Safety and
Sustainability. These principles extend to
fostering an environment of openness,
mutual respect, continuous learning and
a high degree of integrity. The Corporate
Governance framework along with the
Ethics Governance framework and Enterprise
Risk Management framework, aid fiscal
responsibility, ethical conduct and fairness
towards all Stakeholders.
At the helm of our Governance structure
is the Board of Directors, comprising
accomplished professionals from diverse
domains who are aligned with our
Company’s growth vision. Various Board
Committees, led by Independent Directors (IDs), oversee critical aspects of our
business. Chairpersons of each Committee assume responsibility for their respective
Committees and provide the Board with
comprehensive updates and direction on the
outcomes of their Committee Meetings.
This
cohesive approach enables the Governance
architecture to seamlessly integrate the
collective leadership of the entire Board and
the Committees.
An important improvement this fiscal was
the resumption of the IDs’ plant visit at
Kharagpur. During the plant visit, while the
Senior Leadership set the context for the
IDs on the overall organisational strategy
implementation and progress of capex
programmes, Graduate Engineer Trainees
led the plant visit of IDs explaining the key
highlights and operational improvements in
the new DI Pipe plant.
Independent Directors at the new DI Pipe plant with Management and other teams
Leadership Engagement
TML’s leadership system accomplishes setting goals and directions along with implementing policies and strategies which are communicated
across the Stakeholders. Performance is managed through empowerment, continuous improvement and Stakeholder Management.
The leadership system cascades to all levels of the organisation including frontline workers who are empowered to take critical business
decisions on quality, Safety, productivity, customer needs, vendor requirements etc. for fulfilling the organisation’s objective of delivering
value to Stakeholders.
Our Governance philosophy is strengthened
through Tata Business Excellence Model,
Tata Code of Conduct, Prevention of Sexual
Harassment at Workplace, Prevention of
Insider Trading and Code of Corporate
Disclosure Practices, adoption of Anti-
Bribery & Anti-Corruption and Anti-
Money Laundering policies and various
other policies.
Our initiatives and disclosures on
Governance are detailed in this Report.
Compliance Framework
Compliance with applicable laws is an
extremely significant matter for both the
Board and Management, and we consider
it a material issue. We maintain a zero-
tolerance policy towards any form of non-
compliance. Our Senior Leadership Team
(SLT) plays a crucial role as the pillars of our
overall compliance framework and actively
drive the compliance journey within their
respective functional areas.
As part of our Governance framework,
a monthly compliance review is carried out
involving the Factory Manager, Company
Secretary and respective process owners.
Action points are formulated based on
these reviews and implemented by the
process owners. The outcomes of each
review are then shared and discussed
during the subsequent Apex review,
which includes all Senior Leaders and the
Managing Director. Quarterly updates on
compliance are presented to the Board for
thorough deliberation.
During the year, we transitioned to a new
Compliance Framework of our parent
Company i.e. Tata Steel, which aims to
enhance leadership engagement, increase
stakeholder involvement and deepen
compliance monitoring. This transition was
undertaken to strengthen our commitment
to compliance. This framework is overseen
and managed by the compliance team
headed by the Company Secretary and
Compliance Officer.
Ethics
Ethical behaviour is deeply ingrained in
every aspect of our organisation, serving as
an essential component of our operations.
It is integrated into all our functions
and processes, playing a crucial role in
improving consumer perception, fostering transparency, and enhancing employee
motivation, involvement and interaction.
Our adherence to the Management of
Business Ethics (MBE) framework reflects our
commitment to shared values and principles.
The Board oversees our Codes of Conduct
and the overall corporate behaviour
and integrity of the organisation. We
conduct various training programmes
and communication initiatives across our
value chain to increase the focus on our
Ethics journey. The Ethics Counsellor (EC)
Reports quarterly to the Audit Committee
on initiatives and concerns. Our SLT
promotes ethical behaviour through the
business priority of ‘Responsible Corporate
Citizenship’. There are effective policies,
systems and governance structures to
promote these values, which are regularly
reviewed at appropriate forums. We
use Employee Engagement surveys and Leadership of Business Ethics surveys
(Annual Compliance Report at the Group
level) to assess the effectiveness of our SLT’s
efforts and identify areas for improvement.
To drive our ethical framework, we have
an Ethics Team led by the EC who is aided
by the Locational Ethics Coordinators
who are entrusted with ensuring its
effective implementation.
The Tata Code of Conduct (TCoC) stands as
a testament to our commitment to sound
governance, transparency, corruption
prevention and Risk Management. It provides
clear guidelines and expectations for ethical
conduct across the organisation, reinforcing
our dedication to operating with integrity
and accountability.
For further details on the TCoC,
please refer to:
www.tatametaliks.com/staticfiles/pdf/TCOC.pdf
