The President of India, Smt. Pratibha Devisingh Patil, presented the 'SCOPE Meritorious Award for Corporate Governance' for 2010-11, to Maharatna Steel Authority of India Limited (SAIL) today. SAIL Chairman Mr. C.S. Verma received the award from the President at the Public Sector Day celebration held at Vigyan Bhawan in the Capital.
The award recognises SAIL's commitment to practice the highest standards of corporate governance by ensuring transparency, disclosures and reporting that conforms fully to laws, regulations and guidelines. The company promotes ethical conduct throughout the organisation, with the primary objective of enhancing shareholders' value, while being a responsible corporate citizen.
Speaking on the occasion Her Excellency Smt. Pratibha Devisingh Patil stated "PSE's in crucial sectors such as steel, mining etc have demonstrated their capability to operate successfully in a competitive environment, to face challenges and to adapt to continuously changing scenario. Shri Praful Patel- Honorable Minister of Heavy Industries and Public Enterprises reiterated that Public Sector Enterprises have redefined the geography on India and have dared to venture in places such as Bhilai, Bokaro, Rourkela and other such places within India and have bought positive changes across the length and breadth of India'.
On the occasion, Mr. Verma congratulated the SAIL team for this achievement by saying: "Going beyond complying with the regulatory requirements, the company has taken various measures as a part of good governance. SAIL is the first PSU to start e-commerce. SAIL also is one of the first PSUs to implement the system of signing an Integrity Pact with large suppliers. Moreover, SAIL is amongst the first PSUs to voluntarily allocate up to 2% of its profit after tax (PAT) towards corporate social responsibility initiatives. Recently, the company has also framed a Sustainable Development Policy and has allocated funds for its implementation."
It is noteworthy that SAIL's massive modernisation and expansion plan at an expenditure of about Rs 72,000 crore is in an advanced stage of implementation. This would increase hot metal capacity from the current 14.6mt/y to 23.4mt/y. Until recently, orders worth of around Rs 56,000 crore have already been placed and an expenditure of around Rs 35,000 crore has been made. In 2012-13, capital expenditure to the tune of Rs. 14,500 crore has been planned.
President of India Smt. Pratibha Devisingh Patil presenting the 'SCOPE Meritorious Award for Corporate Governance' to SAIL Chairman Mr. C.S. Verma, in presence of Union Minister of Heavy Industries and Public Enterprises Shri Praful Patel.
