Recognition honours companies who understand the importance of leading and making hard but values-based decisions, and their overall commitment to integrity
Mumbai/Jamshedpur, February 23, 2021: Tata Steel, one of the world’s leading steel makers, has been recognised by Ethisphere, a global leader in defining and advancing the standards of ethical business practices, as one of the 2021 World’s Most Ethical Companies.
Tata Steel has received this recognition for the 10th time and is one of the only three honourees in the Metals, Minerals & Mining industry. In 2021, 135 honourees spanning 22 countries and 47 industries have been recognised. This honour is reserved for a select number of companies with exceptional programmes and a commitment to advancing business integrity.
T. V. Narendran, CEO & MD, Tata Steel, said: “It is indeed an honour to be recognised by Ethisphere as one of the most ethical companies in the world. Today, for companies like Tata Steel that have a global footprint, there is a large societal responsibility and therefore following highest level of ethical standards receives topmost priority. The robust internal systems that we have created including various policies and initiatives ensure that understanding and maintaining global and regional standards for ethical way of doing business is embraced across the company and around the world. The recognition encourages us to further our journey towards sustainable development by reemphasising our focus on highest ethical values, environment and well-being of our people and community.”
Soni, Chief Ethics Counsellor, Tata Steel, said: “We are delighted to be recognised by Ethisphere Institute as one of the World’s Most Ethical Companies for the tenth time. Tata Steel’s code on ethics represents the Company’s philosophy, belief and values which is the most important reason for the trust our stakeholders have on us. We at Tata Steel are committed to live by the ethical code of conduct by demonstrating the same through our decisions and conduct on a day-to-day basis.”
“While addressing the tough challenges of 2020, we saw companies take the lead in building the trust of stakeholders through their resilience and a commitment to ethics and integrity,” said Ethisphere CEO, Timothy Erblich. “The World’s Most Ethical Companies honorees continue to demonstrate an unwavering commitment to the highest values and positively impacting the communities they serve. Congratulations to everyone at Tata Steel for earning the World’s Most Ethical Companies designation consistently over the last decade. This milestone is a true reflection of Tata Steel’s ethos and continued efforts towards fostering a culture of excellence.”
Ethical behaviour is intrinsic to Tata Steel’s business philosophy and has been part of its legacy since inception, as envisioned by the Founder Jamsetji Tata, who believed that a business must operate in a manner such that it respects the rights of all its stakeholders and creates overall value for the society. Each year, Tata Steel observes the month of July as ‘Ethics Month’ across the organisation to reinforce its ethical culture.
Methodology & Scoring
Grounded in Ethisphere’s proprietary Ethics Quotient®, the World’s Most Ethical Companies assessment process includes more than 200 questions on culture, environmental and social practices, ethics and compliance activities, governance, diversity and initiatives to support a strong value chain. The process serves as an operating framework to capture and codify the leading practices of organisations across industries and around the globe. This year, the process was streamlined and question set expanded to gauge how applicants are adapting and responding to the global health pandemic, environmental, social, and governance factors, safety, equity, and inclusion and social justice.
The full list of the 2021 World’s Most Ethical Companies can be found at https://worldsmostethicalcompanies.com/honorees.
About the Ethisphere Institute
The Ethisphere® Institute is the global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust and business success. Ethisphere has deep expertise in measuring and defining core ethics standards using data-driven insights that help companies enhance corporate character and measure and improve culture. Ethisphere honours superior achievement through its World’s Most Ethical Companies recognition programme and provides a community of industry experts with the Business Ethics Leadership Alliance (BELA). More information about Ethisphere can be found at: https://ethisphere.com.
About Tata Steel
Tata Steel group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. It is one of the world’s most geographically-diversified steel producers, with operations and commercial presence across the world. The group (excluding SEA operations) recorded a consolidated turnover of US $19.7 billion in the financial year ending March 31, 2020.
A Great Place to Work-CertifiedTM organisation, Tata Steel Ltd., together with its subsidiaries, associates and joint ventures, is spread across five continents with an employee base of over 65,000.
Tata Steel has been a part of the DJSI Emerging Markets Index since 2012 and has been consistently ranked amongst top 5 steel companies in the DJSI Corporate Sustainability Assessment since 2016. Besides being a member of ResponsibleSteelTM and worldsteel’s Climate Action Programme, Tata Steel has won several awards and recognitions including the World Economic Forum’s Global Lighthouse recognition for its Kalinganagar Plant – a first in India, and Prime Minister’s Trophy for the best performing integrated steel plant for 2016-17. The Company, ranked as India’s most valuable Metals & Mining brand by Brand Finance, received the ‘Honourable Mention’ at the National CSR Awards 2019, Steel Sustainability Champion 2019 by worldsteel, CII Greenco Star Performer Award 2019, ‘Most Ethical Company’ award 2020 from Ethisphere Institute, Best Risk Management Framework & Systems Award (2020) by CNBC TV-18, and Award for Excellence in Financial Reporting FY20 by ICAI, among several others.