CORPORATE
GOVERNANCE
Corporate
Governance is a process that aims to meet shareholders aspirations and
societal
expectations. It is a commitment that is backed by the fundamental
belief of
maximising shareholders value, transparency in functioning, values and
mutual
trust amongst all the constituents of organisation. It’s not a
discipline
imposed by a Regulator, rather a culture that guides the Board,
management and
employees to function towards the best interest of shareholders. It
involves
essentially a creative, generative and positive thinking activity that
adds
value to the various stakeholders that are served as end customers of
the
corporate entity. <>ECL is committed to achieving
highest
level of transparency, openness and accountability and fairness in all
areas of
operation, meeting the aspirations of all its stakeholders with primary
objective of enhancing shareholders value, timely and balanced
disclosure of
all material information to all the stakeholders and protection of
their
interest. The Company has put in place a sound
system of internal control to mitigate the risks and comply with the
laws of
land, rules & regulations in true letter and spirit with a view to
provide
oversight and guidance to management in strategy implementation.
In
our Company, Corporate Governance philosophy stems from our belief that
corporate governance is a key element in improving efficiency and
growth as
well as enhancing investor confidence and accordingly the Corporate
Governance
philosophy has been scripted as under:
“As
a good corporate
citizen, the Company is committed to
sound corporate practices, based on conscience, openness, fairness,
professionalism and accountability in building confidence of its
various
stakeholders in it thereby paving the way for its long term success.”
A
report on Corporate Governance of your company is placed at (ANNEXURE-V) and a
certification from
Auditors regarding compliance of conditions of Corporate Governance by
your
company for the year ended 31st March 2012 is also placed at
(ANNEXURE-VI)
to this report.
Corporate
Governance norms as per Corporate Governance guidelines issued by DPE
as
applicable to ECL complied with as per MoU target. Data for Public
Enterprise
Survey published by DPE was submitted as per DPE's Directives.
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