Mumbai: Tata Steel has been recognised as one of the 2019 World’s Most Ethical Companies by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices.
The Company has received the coveted recognition for the eighth time in the ‘Metals, Minerals and Mining’ category and continues to be the driving force for improving communities, building capable and empowered workforces, and fostering corporate cultures focused on ethics and a strong sense of purpose.
Tata Steel has been recognised by the Ethisphere Institute, USA seven times earlier and is one of the only two honourees in the ‘Metals, Minerals and Mining’ industry.
In 2019, 128 honourees, spanning 21 countries and 50 industries, have been recognised. The thirteenth class of honorees profoundly illustrate how companies continue to be the driving force for improving communities, building capable and empowered workforces, and fostering corporate cultures focused on ethics and a strong sense of purpose.
“We are honored to be recognised as one of the World’s Most Ethical Companies for the eighth time now. The Tata name evokes a sense of Trust, Credibility and Integrity to many millions of stakeholders in India and overseas. This equity of the Tata group has been earned through our conduct and operating principles. This recognition enables us to stay committed to operate with high ethical standards,” said Mr. T. V. Narendran, CEO & MD, Tata Steel.
“Today, employees, investors and stakeholders are putting their greatest trust in companies to take leadership on societal issues. Companies that take the long view with a purpose-based strategy are proven to not only outperform but last,” said Ethisphere’s Chief Executive Officer, Timothy Erblich. “I congratulate everyone at Tata Steel for earning this recognition.”
Methodology & Scoring
The World’s Most Ethical Companies assessment is based upon the Ethisphere Institute’s Ethics Quotient® (EQ) framework, which offers a quantitative way to assess a company’s performance in an objective, consistent and standardized manner. 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 percent), culture of ethics (20 percent), corporate citizenship and responsibility (20 percent), governance (15 percent) and leadership and reputation (10 percent). All companies that participate in the assessment process receive their scores, providing them with valuable insights into how they stack up against leading organizations.