March 14, 2017
Tata Steel bags 'most ethical company award' for the fifth time
Steel major named World’s Most Ethical Company by Ethisphere Institute
Jamshedpur: 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 2017. The steel giant has received the coveted recognition for the fifth time.
The values and principles governing Tata Steel’s business for over a century have been deployed through the implementation of the Tata Code of Conduct, which was first formally articulated in 1998. This was intended to serve as a guide to each employee on the values, ethics and business principles expected of him or her in personal and professional conduct.
Speaking on the recognition, TV Narendran, managing director, Tata Steel India and SEA, said: “It’s a great privilege for us at Tata Steel to have been recognised amongst the World’s Most Ethical Companies by the coveted Ethisphere Institute. The recognition achieved for the fifth time recognises the strong ethical practices and guidelines followed by the company and the Tata group.”
The World’s Most Ethical Companies® programme honours companies that excel in three areas – promoting ethical business standards and practices internally, enabling managers and employees to make good choices, and shaping future industry standards by introducing tomorrow’s best practices today. Companies that have been honoured in the past have historically outperformed others financially, thereby demonstrating the connection between good ethical practices and performance that is valued in the marketplace.
The 124 companies that have been honoured in 2017 span five continents, 19 countries and 52 industry sectors. Tata Steel is one of the two companies in the metals, minerals and mining sector to have received the honour and the only one from India.
Tata Steel has been recognised by Ethisphere Institute four times earlier, in 2012, 2013, 2015 and 2016. It is also one of the two companies from India to receive the honour, there underscoring its commitment to ethical business practices.
Congratulating Tata Steel on being recognised as a World’s Most Ethical Company, Ethisphere Institute’s chief executive officer Timothy Erblich said: “Ethisphere recognises those companies who align principle with action, work tirelessly to make trust part of their corporate DNA and, in doing so, shape future industry standards by introducing tomorrow’s best practices in business today. Companies rely on Ethisphere to continually raise and measure the standards of corporate behaviour. Those that demonstrate in areas of citizenship, integrity and transparency create more value for their investors, customers, communities and employees, thus solidifying a sustainable business advantage.”