Jamshedpur, July 12: 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 Program and Organizational 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, a press communiqué issued by the steel major on Tuesday stated.
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 programs, 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.