It is a matter of pride that in the list of the World’s top ethical companies, Tata Steel has always been able to maintain its name as one of World’s Most Ethical Companies by the Ethisphere Institute for 2019.
The list of the World’s Most Ethical (WME) companies was first instituted in 2007 and every year, a survey is undertaken to choose the companies on the basis of their work ethics. The World’s Most Ethical Companies recognize companies that have had a material impact on the way business is conducted by adopting and promoting a culture of ethics and transparency at every level of the company.
The World’s Most Ethical Company assessment is based upon the Ethisphere Institute’s Ethics Quotient™ (EQ) framework, which assesses a company’s performance in an objective, consistent and standardized way.
The companies are honored based on their excellence in
- Ethical business and practices promotion within the company
- Permitting employees and manager to choose better alternatives
- Instituting the best practices so as to shape the industry standards for coming years
The core areas for assessment include
- Ethics and compliance program (35%)
- Culture of ethics (20%)
- Corporate citizenship and responsibility (20%)
- Governance (15%) and
- Leadership, innovation and reputation (10%).
In 2019, 128 companies were named spanning 21 countries and 50 industries. Tata Steel, has been named as one of the ethical companies. For the eighth time, Tata Steel has got the recognition in the ‘Metals, Minerals and Mining’ category. It is indeed a great pride to be on the list for the eighth time in a row. In 2017 and 2018, Wipro Limited and Tata Steel Ltd were listed. In the initial years, no Indian corporate could make it to this list. HDFC became the first Indian company to be included in the list in 2012.
To set up a company or a business may be easy. But to build it, to grow it and to make it successful on the principles of ethics, transparency, best practices might be difficult. It is indeed a matter of great pride that Tata Steel has been able to retain this name. This is an example for other Indian companies to follow suit.