Golden Peacock Excellence in Corporate Governance (GPAECG) Winners
Year 2018 «« Go Back To Home
ACC Limited
Mumbai
L&T Finance Holdings Limited
Mumbai
[Cement] [Financial Services (Private)]
ACC Limited is a major cement manufacturer. The Board comprises of 12 members, out of whom 6 are Independent Directors including one Woman Director. All the Board Committees are headed by Independent Directors. ACC had set up Audit Committee in 1986 and a Shareholders Committee in 1962, Compensation Committee in 1992 as part of Corporate Governance, much before it became a legal requirement. It has an Ethical View Reporting (EVR) Policy to deal with fraud and mismanagement. Audit Committee members have separate interactions with the Statutory Auditors. Thrust areas for CSR are livelihood, education, water and sanitation, health, rural culture, sports, road safety; and its activities benefitted 4.82 lakh people residing in 202 villages. L&T Finance Holdings Limited provides non-banking financial services. Its Board consists of 10 members, out of whom 5 are Independent Directors including 2 Women Directors. It has taken initiative for adoption of a web-based application for transmitting Board/Committee agenda and minutes. The review of the financial performance vis-a-vis the operational performance is done every quarter along with the quarterly financial results. It has adopted a Securities Dealing Code for dealing in securities. It focuses on ethics, transparency and accountability. Its CSR Committee has 5 members, out of whom 3 are Independent Directors and the Committee chairman is an Independent Director.
Housing Development Finance Corporation Limited
Mumbai
Rural Electrification Corporation Limited
New Delhi
[Financial Services(Private)] Financial Services (PSU)
Housing Development Finance Corporation Limited was the first specialised mortgage company in India to provide finance to individuals, corporates, developers and co-operative societies. Its Board comprises of 8 Directors, out of whom 4 are Independent Directors including 1 Woman Director. It has a designated department called the ‘Policy Implementation and Process Monitoring’ to oversee the internal audit process of various departments/branches. The disclosures are not limited only to financial results, but also includes disclosures relating to Board meetings and periodic compliance under SEBI regulations. It has a Whistle Blower Policy and vigil mechanism. The CSR Committee of Board has 5 Directors including 1 Independent Director. Rural Electrification Corporation Limited, a Navratna Public Sector Undertaking has an objective of financing rural electrification schemes. Its Board has 8 Directors out of whom 4 are Independent Di rectors including 1 Woman Director. It has a comprehensive Risk Management Policy, which covers credit-risk, operational risk and market risk. REC establishes a climate of trust and confidence among various stakeholders by means of transparent and timely disclosure of material information. It has introduced speciaI schemes of financing to promote renewable energy projects across the country to address cl i mate change issue.
GAIL (India) Limited
New Delhi
Hexaware Technologies Limited
Navi Mumbai
[Gas] [IT]
GAIL (India) Rural Electrification Corporation Limited, a Navratna Public Sector Undertaking has an objective of financing rural electrification schemes. Its Board has 8 Directors out of whom 4 are Independent Directors including 1 Woman Director. It has a comprehensive Risk Management Policy, which covers credit-risk, operational risk and market risk. REC establishes a climate of trust and confidence among various stakeholders by means of transparent and timely disclosure of material information. It has introduced special schemes of financing to promote renewable energy projects across the country to address climate change issue. Hexaware Technologies Limited is engaged in the business of IT and BPO services. The company reaffirmed its support to Ten Principles of the United Nations Global Compact. The Board has 10 Directors, out of whom 6 are Independent Directors including 1 Woman Director. Green Initiative mode is adopted by sending all documents to its shareholders on email rather than hard copies. Adequate and proper system for internal financial control is followed to ensure safeguarding of company’s assets; prevention and detection of frauds. Customer Delight Survey in 2017, carried out through an independent market research firm, to capture customer expectations in which it scored 78.5 against the industry average ranging from 42.2 to 78.5. CSR Committee consists of 4 Directors, out of whom 3 are Independent and the Committee is chaired by an Independent Director.
TAKE Solutions Limited
Chennai
Bharat Petroleum Corporation Limited
Mumbai
[IT] [Oil Refining]
TAKE Solutions Limited, Chennai is a globally recognized technology solution provider in life sciences and supply chain management. Its board has twelve directors out of which three are women directors; and 30% of their employees are female. An internal social networking platform has been created, term as “YAMMER” that helps to exchange and share knowledge with employees on daily basis, across geographies. Annual Sustainability Report as per GRI G4 framework is published. TAKE Solutions leverages technology to manage risk and compliance. Bharat Petroleum Corporation Limited is a major public sector oil company. It has ‘Customer Focused’ organization structure. It is structured into Strategic Business Units (SBUs). The Board has 14 Directors, out of whom 7 are Independent Directors including 1 Woman Director. One separate meeting of Independent Directors in 2016-17 and one in 2017-18 took place to review various parameters. Its corporate philosophy on Corporate Governance ensures fairness to the stakeholders through transparency, full disclosures, empowerment of employees and collective decision making. It has Code of Corporate Disclosure practices to effectively communicate with its shareholders and stakeholders.
Cipla Limited
Mumbai
Apollo Tyres Limited
Gurgaon
[Pharmaceutical] [Rubber]
Cipla Limited is a global pharmaceutical company focussed on sustainable growth through development of complex generics and widening portfolio. Its products cover categories across respiratory, oncology, anti-infective, cardio metabolic, gastro intestinal, anti-viral etc. The Board has 12 Directors, out of whom 2 are Executive, 3 are Non-Executive including 1 Woman and 7 are Independent Directors including 3 Women. The Board measures success based on not just comparative growth in the revenue and market penetration but also considers the relative positive impact in alleviating the social, economic and environmental difficulties. It proactively engages with every stakeholder and assesses them based on philosophy of transparent and ethical business. Review of EHS Policy and mitigation plan against critical EHS risks is done on quarterly basis by Risk Management Committee. Apollo Tyres Limited manufactures tyres, tubes and flaps for automobile industry. The Board has 15 Directors, out of whom 2 are Executive Directors, 4 are Non-Independent Directors, including 1 nominee Woman Director, and 9 Independent Directors. Its decision making process follows a robust system of inclusiveness, diversity, transparency, equity, accountability and social responsibility. The Board has Paperless Meetings. It has a well-defined Communication Policy and Code of Practices and Procedures for Disclosure of unpublished price sensitive information to communicate effectively with its shareholders. It has been making annual sustainability disclosures, since 2010.

Special Commendation - Golden Peacock Award for Excellence in Corporate Governance (GPAECG)

Minda Corporation Limited
Noida
Ircon International Limited
New Delhi
Minda Corporation Limited engaged in manufacturing and selling of automotive parts and components. Its Board has 7 Directors out of whom 3 are Independent Directors including 1 Woman Director. Its Audit Committee comprises of Independent Directors. It has spent Rs. 91 lacs in 2016-17 and Rs. 119 lacs in 2017-18 on CSR activities. The thrust areas for CSR were: Vocational Training, Care for Persons with Disability, Community Infrastructure like Sanitation, Water, Women Empowerment, Health etc. Ircon International Limited is a Mini Ratna Category-I Govt. of India company under the Ministry of Railways to provide products, services to railway, highways, tunnels, aviation, buildings, coach factory etc. The Board has 11 Directors - 3 whole time, 2 nominee and 6 Independent Directors including 1 Woman Director. It has a Fraud Prevention and Detection Policy. Board has a CSR and Sustainability Committee headed by an Independent Director. CSR initiatives include capacity building, empowerment of women, promotion of education, promoting gender equality, ensuring environment sustainability, vocational skills, welfare activities of SC/ST/OBC minorities.
RSWM Limited
Noida
RSWM Limited, the flagship of the LNJ Bhilwara Group is one of the largest textile manufacturers in the country. The Board has 11 Directors including 6 Independent Directors and 1 Woman Director. All three members of its Audit committee including the Chairman of the Committee are Independent Directors. It has Whistle Blower Policy and the annual board performance evaluation process in place. The Board of Directors of the company reviews the risk viz. leadership, succession planning etc. and maintain a risk library and various risks are evaluated at least twice a year.
Year 2017
Carborundum Universal Limited
Chennai
State Bank of India
Mumbai
[Engineering] [Financial Sector (Banking)]
Carborundum Universal Limited is a global leader involved in manufacture of abrasives. Its board has nine directors with six of them being independent directors. It has in place directors' and officers' legal liability policy. Boardroom effectiveness principles include governance standards, transparency and disclosure and distinction between personal and corporate interests. A comprehensive annual board programme evaluation process is focused. The company has a dedicated Risk Management Committee to ensure transparency and minimization of adverse effects on business objectives. State Bank of India is the oldest and reputed commercial bank in the Indian sub-continent and with latest mergers has become the largest commercial bank. Risk Focus Internal Audit (RFIA) is carried out to assess performance and rating of business units and functions. RFIA score is tracked and apprised to the audit committee of the board. A separate vertical “Ethics and Business Conduct” has been created to independently oversee ethics and business conduct functions. The bank has a code of conduct to regulate, monitor and report trading in securities of the bank to prevent insider trading.
Srei Infrastructure Finance Limited
Kolkata
Heritage Foods Limited
Hyderabad
[Financial Services] [Food & Beverages]
Srei Infrastructure Finance Limited has emerged among India's foremost privately held infrastructure financing companies. The board has eight members out of which five are non-executive independent directors. Daily tracker on Non - Convertible Debentures (NCD), and grievance redressal mechanism has been initiated to closely monitor movements and ensure deliverables. With a view to ensure environmental sustainability aspect of projects, the company has adapted Environmental and Social Management System (ESMS) to reduce business risk of portfolio related to environmental and social issues. Audit Committee of Board consists of three members and is chaired by an independent director Heritage Foods Limited, Hyderabad is a public limited company engaged in dairy products and renewable energy projects. Board has six directors, out of which three are Non-Executive directors and two are executive women directors. The audit committee has four directors, three of them are independent directors. It discourages Non-Executive Independent Directors to hold shares of the company including their spouse and children. The company uses survey, focus groups and corporate advisory panel for stakeholder consideration. Veterinary care and cattle management practices also followed through Heritage Mobile Veterinary clinic as a part of CSR projects.
Star Union Dai-ichi Life Insurance Company Limited
Navi Mumbai
Life Insurance Corporation of India
Mumbai
[Insurance] [Insurance]
Star Union Dai-ichi Life Insurance (SUD LI) Company Limited is a joint venture between Bank of India, Union Bank of India and Dai-ichi Life Insurance Company Limited, Japan. It provides insurance products, which include options like saving and protection. The Directors during induction into the board, are apprised with all necessary information about company business and are given access to “e-meet” software, to get related information as required. It has systems integration through a mechanism of Business Intelligence. Decisions with inclusiveness & transparency, makes it more popular & acceptable to the people at large. Life Insurance Corporation of India (LIC) is a wholly government of India owned company. LIC's portfolio includes a wide array of life insurance and pension schemes to suit the differing needs of people. Market share was 76% in terms of number of new life insurance policies sold during FY 2016-17. LIC offers life insurance protection under group policies to various groups such as cooperative, weaker sections of society etc. Action taken report is put in next Board/Sub Committee to maintain transparency & accountability. Disclosures on various parameters are continuously put on the website for public viewing.
TAKE Solutions Limited
Chennai
Oil and Natural Gas Corporation Limited
New Delhi
[IT] [Oil Production]
TAKE Solutions Limited, Chennai is a globally recognized technology solution provider in life sciences and supply chain management. Its board has twelve directors out of which three are women directors; and 30% of their employees are female. An internal social networking platform has been created, term as “YAMMER” that helps to exchange and share knowledge with employees on daily basis, across geographies. Annual Sustainability Report as per GRI G4 framework is published. TAKE Solutions leverages technology to manage risk and compliance. Oil and Natural Gas Corporation Limited (ONGC) is India's largest public sector oil and gas exploration and production company. Its Business Responsibility Report brings out details of steps being undertaken by ONGC in recognizing the rights of its stakeholders. In pursuance with SEBI (Prohibition of Insider Trading) regulations, the board has approved the “Code of Internal Procedures and Conduct” in dealing with the Securities of ONGC. An Investor Service Centre has been established to provide information to investors; and an analysis is made available on the company's website. ONGC has taken structured initiatives towards Corporate Governance and its practices are valued by shareholders.
Power Grid Corporation of India Limited
Gurgaon
Goodyear India Limited
New Delhi
[Power] [Rubber]
Power Grid Corporation of India Limited is engaged in power transmission business and manages inter-state electricity transmission grid. Its board provides strategic guidelines for effective management oversight including future strategies. Effective system for directors Orientation and Access to Information has been established using Apps. The company has established Environmental and Social Policy and Procedure (ESPP) relating to management protocols and environmental social issues. Structured stakeholder engagement matrix has been developed with specific engagement mechanism, e.g. mode and frequency of stakeholder engagement. Annual Sustainability Report as per GRI G4 has been rated as A+ for the year 2015. Goodyear India Limited is a leading global tyre manufacturing company. Its board has six directors, of them three are independent directors (including one woman director). It has well-structured Annual Evaluation Framework for evaluation of performance of directors on the basis of consultations with Nomination and Remuneration Committee. Its board conducts periodic reviews to identify key risks, priorities and takes necessary mitigation steps. The innovative corporate governance practices include zero tolerance policy to bribery and corruption. Goodyear India's Board drives its employees to develop great products & services of best quality suiting to the needs of customers.
Sterlite Technologies Limited
Aurangabad
[Telecom Equipment]
Sterlite Technologies Limited is a global technology player in smart digital structure and is mainly involved in integrated offering of product, service and software for broad-band networks. Its board has eight directors, of them four are nonexecutive independent directors (including one woman director). It has a familiarization programme for independent directors as a module to give overview, financial performance, compliances and structure. A Code of Business Conduct and Ethics summarizes the principles and policies to guide the business conduct and compliance programme. IR App is publicly available on mobile platform to download information like annual reports, quarterly results and shareholding patterns.

Special Commendation - Golden Peacock Award for Excellence in Corporate Governance (GPAECG)

GHCL Limited
Noida
Himachal Pradesh State Industrial Development Corporation Limited
Shimla
GHCL Limited was incorporated in collaboration with Gujarat Industrial Investment Corporation with main product manufactured being soda ash - an industrial chemical. Its board has twelve members, out of which seven are independent directors, including one woman director. The selection of major stakeholders is on the basis of their participation and involvement in the organization planning and strategy. In FY 17, GHCL is certified as one of the great place to work organization from Trust Index Employee Survey and Culture Audit. CSR spent in 2015-16 was 2.64% of net profit. Himachal Pradesh State Industrial Development Corporation Limited is a major financial services agency in Himachal Pradesh State for Promotion of small, medium and large scale industrial units. Its board has diversity with Directors from various disciplines, which helps in making inclusive decisions more effectively to manage & control risks & understanding of consumers. Its board has Four Committees: Advisory, Audit, Service and CSR committee.
Mindtree Limited
Bengaluru
Castrol India Limited
Mumbai
Mindtree Limited is one of the Nasscom's top 20 companies. It is structured in four verticals, namely, retail; CPD and Manufacturing; Banking, financial services; and insurance. Mindtree enables digital transformation from ideation to execution. Board has twelve members including seven non-executive independent directors. Its shareholder satisfaction survey in 2017 showed a satisfaction level of 90% with investor services. CSR initiatives include technology enabled platforms for social transformation. Castrol India Limited is a leading automotive and industrial lubricating oil manufacturing company. Process to assessment and consideration of risk towards personal liability of directors is established and in place. Disclosures include forceable risk factor and forward trading information for investors. Stakeholder consultation processes include initiatives such as usage of attitude studies, brand health analysis, voice of distributor etc. Board oversight on code of conduct, challenging the management on fraud risk aspects etc are in place. A comprehensive strategy for digital transformation has been adopted by the company under board's guidance.
Year 2016
Exide Industries Limited
Kolkata
Indian Renewable Energy Development Agency Limited
New Delhi
[Engineering] [Financial Sector (NBFC)]
Exide Industries is the leading producer of Lead acid storage batteries. Company has Code of Conduct, Environment Policy, Quality Policy, OHS Policy, Risk Management Policy and Whistle Blower Policy as part of governance structure and ensures that the same are followed in letter and spirit at all levels in operations. The company has eleven Directors on Board out of which six are Non-Executive Directors including one woman Director. The Chairman of the company is an Independent Director which is unique. Eight Board meetings were held during last two years. Board has maintained an appropriate mix of diversity. It has an adequate system of internal controls. Indian Renewable Energy Development Agency Limited (IREDA), is registered as a Non-Banking Financial Company with the Reserve Bank of India and has the objective to promote, develop and extend financial support to renewable energy, energy efficiency and conservation projects. IREDA has five Directors out of which three are Executive Directors. The Risk Management Committee takes care of various risks beside FOREX Management Committee to deal with the foreign exchange risk and hedging strategy. The company has an effective Risk Management policy which covers credit risks, market risks, and operational risks. The innovative Corporate Governance initiatives undertaken include establishment of online status of funding proposal, establishment of regional centres and status of skills development. IREDA is creating new benchmark for following Corporate Governance practices in NBFC.
The New India Assurance Company Limited
Mumbai
Max Life Insurance Company Limited
Gurgaon
[Insurance (General)] [Insurance (Life)]
The New India Assurance Company Limited is a 100 percent government owned multinational General Insurance Company operating in 28 countries. Its Board has four members, out of which two are Executive Directors, one Government Nominee Director and one Independent Director. The Internal Audit Committee is chaired by an Independent Director. The Board followed a mix agenda on traditional lines as well as dynamic agenda - best mix, considering the plus points of both approaches. The dynamic agenda approach is very effective. Max Life Insurance Company Limited is in the business of Life Insurance. It provides post-insurance policy support to customers with the help of call centres, query and service help desk, grievance desk and policy owner services. The company encourages gender diversity, where in successful referrals of women candidates do receive a 20% higher referral amount for the referee employee. Company conducts a separate meeting of Independent Directors every year in the month of May for evaluating the performance of the Non-Independent Directors. The company has a robust 'Treat Customer Fairly' (TCF) Policy, through which company commits to be completely transparent, customer focused, equitable and fair in dealing with customers.
Tata Consultancy Services Limited
Mumbai
Oil and Natural Gas Corporation Limited
New Delhi
[IT] [Oil]
Tata Consultancy Services Limited (TCS) is an IT services, Consulting and Business Solutions organization that functions through a global network of innovation and delivery centres. Its Board consists of ten Directors, out of which six are Independent Directors. A familiarization programme is planned for Independent Directors to help them gain understanding of the company. Audit committee of the Board consists of six Directors, out of which five are Independent and the committee is chaired by Independent Director. TCS has developed a number of innovative corporate governance initiatives namely facilitating board members with round the clock compliance management and governance integrated framework, digitized application – iComply. Oil and Natural Gas Corporation Limited is India's largest and world's number three in exploration and production company. Its Board comprises of seven Functional Directors and five Non-Executive Directors. The company has three-tier training policy for Non-Executive Directors: Induction training, External training and Board presentation. Stakeholder Relationship Committee specifically looks into redressal of complaints/grievances of shareholders and investors. It has an internal control system that is standardized and ensures effective measures of Key Performance Indicators (KPIs). To substantiate their stakeholder engagement a communication policy for stakeholder engagement is in place.
Lupin Limited
Mumbai
Goodyear India Limited
New Delhi
[Pharmaceutical] [Rubber]
Lupin Limited is an innovation led multinational pharmaceutical company producing and developing a wide range of branded and generic formulations. The company has six Independent Directors comprising 50% of the strength of the Board. Audit Committee of three Directors has two Independent Directors, one of them chairs the Committee. Board conducted nine meetings in the last two years. The company initiated non mandatory requirements such as unqualified financial statements and appointed separate persons as 'Chairman' and 'MD and CEO' as part of innovative governance initiatives. The company has a clear demarcation of authority levels and financial powers and has well defined reporting tracks. Goodyear India Limited is a subsidiary of the Goodyear Tyres and Rubber Company, USA, world's leading tyre manufacturing company. Its leadership, Board of Directors and all associates are guided by a Business Conduct Manual. It is an equal opportunity employer that recruits and makes selection decisions without any discrimination. Its Board has six Directors, out of which three are Independent Directors including one woman Director. Eight Board meetings were held during the last financial year. The Board follows the dynamic agenda. Its supplier Code of Conduct ensures that its business partners are committed to ethical standards and business practices. The Company is committed to pushing the boundaries of innovation and staying 'one revolution ahead'.
Steel Authority of India Limited
New Delhi
Bharti Airtel Limited
New Delhi
[Steel] [Telecommunication]
Steel Authority of India Limited is a Maharatna company and a major producer of steel. Its Board has fifteen Members having six Independent Directors and two women Directors. Twelve Board meetings were held during the last financial year. The Audit committee reviews the Risk Management policy and procedures; and also reviews areas which affect the financial performance of the company. Audit Committee comprises mainly of Independent Directors and is also headed by an Independent Director. The company is continuously building good relationship with its stakeholders through effective and timely dissemination of vital information relating to performance, tenders, notices, and corporate plans. Bharti Airtel Limited is a leading global telecommunication company with operations in 20 countries. The Board comprises of twelve members, out of which six are Independent Directors. The Board has two women Directors. The Board has high diverse background with skills and experience in critical areas like Technology, Finance, Entrepreneurship, and General management. The company has appointed one of the Independent Directors as a lead Independent Director. They meet separately at least once a quarter, prior to Board meeting to discuss agenda for Board. Audit and Risk committee comprises of four Directors, three of whom are Independent Directors. As an initiative for high transparency principles, the company has unveiled India's first Open Network, setting a new benchmark for the industry.

Special Commendation - Golden Peacock Award for Excellence in Corporate Governance (GPAECG)

Heritage Foods Limited
Hyderabad
TAKE Solutions Limited
Chennai
Heritage Foods Limited, Hyderabad has six business divisions viz. Dairy, Retail, Agri, Bakery, Renewable Energy and VetCa. The principles of independence of Directors, free access of documents and valid, unbiased judgements helped in improving the Boardroom effectiveness. Besides having a Stakeholders Relationship Committee, company uses Focus Groups and Corporate Advisory Panels for stakeholder consultation. It has diversified experienced people as Board Members helping to run the divisions efficiently. It follows the dynamic agenda. Company's CSR activities include Mobile Veterinary Clinic and Health Camps for farmers and animals. TAKE Solutions is a globally recognized Domain focused, Knowledge intensive, Technology solutions provider, offering comprehensive and niche solution in Life Sciences and Supply Chain Management verticals. TAKE Solutions' decision making process ensures diversity, inclusiveness, transparency, equity, accountability and social responsibility. Their Board consists of stalwarts from diverse industries and functions, enabling a holistic outlook, and serves to broaden the horizon. The company leverages technology to manage risks and compliances. Their CSR Committee of the Board is chaired by an Independent Director and guides all CSR activities which includes areas such as Education, Environment, Healthcare and Sports.
Apollo Tyres Limited
Gurgaon
Apollo Tyres, with its corporate headquarters in Gurgaon and manufacturing units pan India has the latest equipments which transforms the pigments, chemicals, rubber, cord fabrics, etc. into a well-shaped, high performance tyre. Apollo's vision and mission is committed to create value for all its stakeholders. The Board firmly believes that leadership and innovation are the two key pillars of the success of any company. Board strongly emphasizes on developing leaders from within the company itself and has a well-defined system of succession planning. For innovation, company has Research & Development Centres in India (Chennai) and the Netherlands.