Gold standards
of good governance
At JSW Steel, we follow a governance approach that is based on the tenets
of transparency and openness in the effective working of the management
and Board. Together they form ‘Those Charged With Governance’ for
JSW Steel and, in turn, serve as the custodians of good governance in the
organisation. They set the organisation’s strategic direction while balancing
the requirements of our various stakeholders. Corporate governance at
JSW Steel Limited has thus been a continuous journey and the business
goals of the Company are aimed at the overall well-being and welfare of all
the constituents of the system.
Business ethics
At JSW, we have always upheld our moral obligation to
do business in accordance with the highest standards
of personal and professional integrity, honesty and
transparency. In the past, we have demonstrated the
intrinsic benefits that good business ethics and governance
bring. Taking this forward, we continue to be committed
to sound governance, transparent business operations,
corruption-free organisation, and prudent risk management.
Board evaluation process
The Board conducts an annual performance evaluation of
its own performance, the performance of the Independent
Directors individually as well as evaluation of the working of
the committees of the Board. The performance evaluation
of all the Directors are carried out by the Nomination and
Remuneration Committee. The performance evaluation of the
Chairman and the Non-Independent Directors are carried out
by the Independent Directors.
Human rights
At JSW, we have a moral obligation to do all that we can to
actively involve ourselves in the protection and enhancement
of human rights in areas that are within our direct control; and
to work with others to protect every individual’s rights and
freedom. We are fully committed to promoting inclusivity and
equality, prohibiting any discrimination and safeguarding the
human rights of all our teams.
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.
- We believe that every human being has the right to
equality and non-discrimination
- We respect human rights and are committed to ensuring
that they are protected, guided by our human rights policy.
Our human rights policy articulates our stand on human
rights, including non-discrimination, prohibition of child
and forced labour, freedom of association and the right
to engage in collective bargaining (further details can be
found in our Business Responsibility Report published on
our corporate website).
- We contribute to the fulfilment of human rights by
complying with all national and local legislations, and
international norms as applicable. This is enabled by
our well-articulated policies, effective programmes
and supporting grievance redressal mechanisms.
No complaints related to child labour, forced labour,
involuntary labour, or discriminatory employment were
received during the reporting year.
We have formulated a policy to demonstrate our commitment
to protecting and enhancing the human rights of individuals
and promoting inclusivity*, diversity and equality.
Stakeholder grievance mechanism
JSW Steel is committed to promoting responsible behaviour
and value for social and environmental well-being. We
have a policy on business conduct that is applicable to
all our employees and value chain partners. We also have
a structured stakeholder grievance redress mechanism
through which stakeholders freely share their concerns and
grievances with the Company. In FY 2018-19, we received
733 shareholder complaints and all of them were
satisfactorily resolved.
Whistleblower policy
We 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.
Specific commitments to business
ethics issues
CONFLICT OF INTEREST
We will ensure that all potential and actual conflicts of
interest are identified and addressed.
DELIVERING TRANSPARENT DISCLOSURE
We will ensure that we disclose fully and transparently,
ensuring the validity of all financial and non-financial
information.
ENSURE FAIR COMPETITION
We will ensure that we do not engage in any anti-competitive
practices.
INFLUENCING PUBLIC POLICY
We will ensure that when we engage in the influencing of
public and regulatory policy, we do so in a manner that is
responsible and transparent.
INVOLVEMENT IN LOCAL POLITICAL ACTIVITIES
We aim to ensure that the JSW brand is protected
from improper or unethical involvement in any local
political activities.
MEETING OUR FINANCIAL OBLIGATIONS
We will ensure that we contribute to public finances by
timely and complete payment of all applicable taxes in
accordance with the letter and spirit of the laws and
regulations governing such payments.
PROVIDING CONSUMER VALUE
We will ensure that we engage with and provide value to our
consumers in a responsible manner.
TACKLING BRIBERY AND CORRUPTION
We will ensure that we eliminate all forms of bribery and
corruption within our business.
All policies pertaining to business ethics
can be found at https://www.jsw.in/groups/sustainability-policies
GOVERNANCE
Gold standards of good governance
At JSW Steel, we follow a governance approach that is based on the tenets of transparency and openness in the effective working of the management and Board. Together they form ‘Those Charged With Governance’ for JSW Steel and, in turn, serve as the custodians of good governance in the organisation. They set the organisation’s strategic direction while balancing the requirements of our various stakeholders. Corporate governance at JSW Steel Limited has thus been a continuous journey and the business goals of the Company are aimed at the overall well-being and welfare of all the constituents of the system.
Business ethics
At JSW, we have always upheld our moral obligation to do business in accordance with the highest standards of personal and professional integrity, honesty and transparency. In the past, we have demonstrated the intrinsic benefits that good business ethics and governance bring. Taking this forward, we continue to be committed to sound governance, transparent business operations, corruption-free organisation, and prudent risk management.
Board evaluation process
The Board conducts an annual performance evaluation of its own performance, the performance of the Independent Directors individually as well as evaluation of the working of the committees of the Board. The performance evaluation of all the Directors are carried out by the Nomination and Remuneration Committee. The performance evaluation of the Chairman and the Non-Independent Directors are carried out by the Independent Directors.
Human rights
At JSW, we have a moral obligation to do all that we can to actively involve ourselves in the protection and enhancement of human rights in areas that are within our direct control; and to work with others to protect every individual’s rights and freedom. We are fully committed to promoting inclusivity and equality, prohibiting any discrimination and safeguarding the human rights of all our teams.
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.
We have formulated a policy to demonstrate our commitment to protecting and enhancing the human rights of individuals and promoting inclusivity*, diversity and equality.
Stakeholder grievance mechanism
JSW Steel is committed to promoting responsible behaviour and value for social and environmental well-being. We have a policy on business conduct that is applicable to all our employees and value chain partners. We also have a structured stakeholder grievance redress mechanism through which stakeholders freely share their concerns and grievances with the Company. In FY 2018-19, we received 733 shareholder complaints and all of them were satisfactorily resolved.
Whistleblower policy
We 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.
Specific commitments to business ethics issues
CONFLICT OF INTEREST
We will ensure that all potential and actual conflicts of interest are identified and addressed.
DELIVERING TRANSPARENT DISCLOSURE
We will ensure that we disclose fully and transparently, ensuring the validity of all financial and non-financial information.
ENSURE FAIR COMPETITION
We will ensure that we do not engage in any anti-competitive practices.
INFLUENCING PUBLIC POLICY
We will ensure that when we engage in the influencing of public and regulatory policy, we do so in a manner that is responsible and transparent.
INVOLVEMENT IN LOCAL POLITICAL ACTIVITIES
We aim to ensure that the JSW brand is protected from improper or unethical involvement in any local political activities.
MEETING OUR FINANCIAL OBLIGATIONS
We will ensure that we contribute to public finances by timely and complete payment of all applicable taxes in accordance with the letter and spirit of the laws and regulations governing such payments.
PROVIDING CONSUMER VALUE
We will ensure that we engage with and provide value to our consumers in a responsible manner.
TACKLING BRIBERY AND CORRUPTION
We will ensure that we eliminate all forms of bribery and corruption within our business.
All policies pertaining to business ethics can be found at https://www.jsw.in/groups/sustainability-policies