Prevention of Corruption At Workplace
We believe that corporations like ours have a responsibility to set exemplary standards of ethical behavior, both within the organisation as well as in their external relationships. We believe that unethical behavior corrupts organisational culture and undermines shareholder value.
A booklet on ITC’s Code of Conduct, which also contains the policies against corruption, is periodically circulated to all managers. In addition, it is posted on the corporate intranet sites and the ITC Portal. The Audit Committee of the Board met nine times during the year to review, interalia, the adequacy and effectiveness of the internal controls and monitored implementations, including those relating to the strengthening of the company’s risk management policies and systems.
Instances of fraud involving employees or business partners were cognized for and suitable action was taken. ITC has zero tolerance approach to corruption, resulting in immediate termination of service.
Public Policy Advocacy
Our senior managers participated in a large number of industry fora to help contribute to debates on public policy issues related to our businesses. ITC has provided assistance to establish industry institutions – namely the Tobacco Institute of India and the CII – ITC Centre of Excellence for Sustainable Development – to promote public debate and shape policies on important national and industry issues. The Tobacco Institute of India is a tobacco industry body, which helps support industry norms and Government policies and initiatives.
Compliance
All our businesses/divisions have systems and procedures to identify and comply with all relevant statutory requirements. There was no major non – compliance with laws or regulations by any of our businesses in 2009 – 2010. |
