Guided by the tenets of transparency and openness, our governance approach focuses on the effective working of the management and Board, while ensuring that corporate behaviour remains responsible.
Ethical behaviour in all operations, functions and processes is the cornerstone of any business, guiding their governance of economic, social and environmental responsibilities. A strong and fully embedded commitment to undertaking business ethically brings considerable benefits, including improved consumer perception (leading to increased loyalty), greater investment, reduced costs, and enhanced employee motivation, involvement and interaction.
At JSW Steel, our policy on business conduct demonstrates our commitment to embed sound governance, deliver transparency, tackle corruption, manage risks. Our Board of Directors oversees our codes of conduct, overall corporate behaviour and integrity of the organisation.
Read More
At JSW, we strongly advocate against all kinds of discrimination and stand with our team in the event of any violation. We strive to involve all employees in upholding and sustaining the SA8000 policy in our operations. We are committed to ensuring a workplace adhering to international guidelines and conventions such as ILO.
We are cognisant of the fact that every individual brings a different and unique set of perspectives and capabilities to our team and, as such, JSW is fully committed to employing people solely on the basis of their ability to do the job, prohibiting any discrimination based on race, colour, age, gender, sexual orientation, gender identity and expression, ethnicity, religion, disability, family status, social origin, and so on.
Our Audit Committee is responsible for overseeing and evaluating the performance of the external auditors on behalf of the Board of Directors and recommends to the Board whether a specific external auditor should be elected or re-elected. We have in place stringent criteria applied for the performance assessment of an external auditor. The assessment includes technical and operational capability, credibility of the auditing firm, team strength, ability to provide transparent and accurate recommendations, and open and effective communication and coordination with the Audit Committee, Corporate Auditing, and management.
As per the Companies Act, 2013, no listed company can appoint or reappoint:
JSW Steel’s independent auditor, S.R. Batliboi & Co. LLP (SRBC), is EY’s network company performing the audit function in India. The firm follows a stringent process for assigning partners who are in charge of audits. The firm has laid out guidelines for partners’ rotation requirements.
During FY 2020-21, we contributed ~ `3.80 crore towards memberships to trade bodies such as WorldSteel, Indian Steel Association, ASSOCHAM and FICCI. There were no direct monetary contributions made to political parties. Details of tax paid can be found in Form AOC which forms part of this report.
We are an active member of various trade bodies and associations that help us voice our opinions to the larger audience and even serve as fora for cross-pollination of ideas and thoughts. We strive to regularly participate in the discussions conducted by these bodies, helping us keep a pulse on industry trends, at both global and regional levels.
We have a set policy to govern business conduct that is applicable to all our employees and value chain partners. We also have a structured stakeholder grievance redressal mechanism through which stakeholders can freely share their concerns and grievances. In FY 2020-21, we received 402 shareholder complaints and all of them were satisfactorily resolved.
Read MoreWe formulated the whistleblower policy/vigil mechanism in order to provide a mechanism for Directors and employees of JSW Steel to approach the Ethics Counsellor/Chairman of the Audit Committee of the Board to report genuine concerns about unethical behaviour, actual or suspected fraud or violation of the Code of Conduct or Ethics Policy, or any other unethical or improper activity.
In FY 2020-21, we launched a dedicated ‘Ethics Helpline’ for discreetly reporting any matter of concern for all our stakeholders, including employees, directors, vendors, and suppliers. The helpline is managed by independent consultants.
Read More