Professional Documents
Culture Documents
Varun Business Policy Report
Varun Business Policy Report
By,
VARUN KUMAR REDDY.E
HRM ,FW 08/10
IIPM, BANGALORE
Varunreddy0787@gmail.com
Phone: +91 9742834459
Report on:
the Company was changed to I.T.C. Limited in 1974. (In recognition of the
Company's multi-business portfolio encompassing a wide range of businesses -
Cigarettes & Tobacco, Hotels, Information Technology, Packaging, Paperboards &
Specialty Papers, Agri-Exports, Foods, Lifestyle Retailing and Greeting Gifting &
Stationery - the full stops in the Company's name were removed effective
September 18, 2001. The Company now stands rechristened 'ITC Limited'.)
ITC is rated among the World's Best Big Companies. ITC also ranks among India's
top 10 `Most Valuable (Company) Brands', in a study conducted by Brand Finance and
published by the Economic Times.
ITC's wholly owned Information Technology subsidiary, ITC Infotech India Limited, is
aggressively pursuing emerging opportunities in providing end-to-end IT solutions,
including e-enabled services and business process outsourcing.
ITC employs over 21,000 people at more than 60 locations across India. The
Company continuously endeavors to enhance its wealth generating capabilities in a
globalizing environment to consistently reward more than 3, 73,000 shareholders.
CORE PRINCIPLES
(i) Management must have the executive freedom to drive the enterprise
forward without undue restraints; and
Cornerstones
From the above definition and core principles of Corporate Governance emerge the
cornerstones of ITC's governance philosophy, namely trusteeship, transparency,
empowerment and accountability, control and ethical corporate citizenship. ITC
believes that the practice of each of these leads to the creation of the right
corporate culture in which the company is managed in a manner that fulfíls the
purpose of Corporate Governance.
Trusteeship
ITC believes that large corporations like itself have both a social and economic
purpose. They represent a coalition of interests, namely those of the shareholders,
other providers of capital, business associates and employees. This belief therefore
casts a responsibility of trusteeship on the Company's Board of Directors. They are
to act as trustees to protect and enhance shareholder value, as well as to ensure
that the Company fulfils its obligations and responsibilities to its other stakeholders.
Inherent in the concept of trusteeship is the responsibility to ensure equity, namely,
that the rights of all shareholders, large or small, are protected.
Transparency
ITC believes that transparency means explaining Company's policies and actions to
those to whom it has responsibilities. Therefore transparency must lead to
maximum appropriate disclosures without jeopardising the Company's strategic
interests. Internally, transparency means openness in Company's relationship with
its employees, as well as the conduct of its business in a manner that will bear
scrutiny. We believe transparency enhances accountability.
ITC believes that the Board of Directors are accountable to the shareholders, and
the management is accountable to the Board of Directors. We believe that
empowerment, combined with accountability, provides an impetus to performance
and improves effectiveness, thereby enhancing shareholder value.
Control
ITC believes that control is a necessary concomitant of its second core principle of
governance that the freedom of management should be exercised within a
framework of appropriate checks and balances. Control should prevent misuse of
power, facilitate timely management response to change, and ensure that business
risks are pre-emptively and effectively managed.
ITC believes that corporations like itself have a responsibility to set exemplary
standards of ethical behaviour, both internally within the organisation, as well as in
their external relationships. We believe that unethical behaviour corrupts
organisational culture and undermines stakeholder value.
Flowing from the philosophy and core principles, Corporate Governance in ITC shall
take place at three interlinked levels, namely -
Strategic supervision by the Board of Directors
Board committe
Audit Committee
P B Ramanujam Chairman
S B Mathur Member
B Vijayaraghavan Member
B B Chatterjee Secretary
Compensation Committee
B Sen Chairman
J P Daly Member
S B Mathur Member
P B Ramanujam Member
A Singh Member
B B Chatterjee Secretary
Nominations Committee
Y C Deveshwar Chairman
J P Daly Member
S H Khan Member
S B Mathur Member
D K Mehrotra Member
P B Ramanujam Member
B Sen Member
B Vijayaraghavan Member
Core values
Trusteeship
As professional managers, we are conscious that ITC has been given to us in "trust"
by all our stakeholders. We will actualise stakeholder value and interest on a long
term sustainable basis.
Customer Focus
We are always customer focused and will deliver what the customer needs in terms
of value, quality and satisfaction.
Excellence
We do what is right, do it well and win. We will strive for excellence in whatever we
do.
Innovation
We will constantly pursue newer and better processes, products, services and
management practices.
Nation Orientation
We are aware of our responsibility to generate economic value for the Nation. In
pursuit of our goals, we will make no compromise in complying with applicable laws
and regulations at all levels
Awards
2007 SAM/SPG Sustainability Leadership Award conferred at the
International Sustainability Leadership Symposium, Zurich.
2006 Business Person of the Year from UK Trade & Investment, the
UK Government organisation that supports overseas
businesses in that country.
2006 Inducted into the `Hall of Pride' by the 93rd Indian Science
Congress
2001 Manager Entrepreneur of the Year from Ernst & Young Retail
Visionary of the Year from Images, India's only fashion and
retail trade magazine
1994 Marketing Man of the Year from A&M, the leading marketing
magazine
:: Snack foods
Sunfeast
FMCG
• Cigarettes
• Foods
• Lifestyle Retailing
• Greeting, Gifting & Stationery
• Safety Matches
• Agarbattis
Agri – Business
• Agri-Exports
• e-Choupal
• Leaf Tobacco
Hotels
Group Companies
• ITC Infotech; etc.
BCG Matrix for ITC Ltd.
Cows
• Cigarettes
Dogs
• Investment
• Golfresorts
OTHERS
• Agarbattis
• Safety Matches
Stars
Hotels
Paperboards/Packaging.
Agri business
Limitations
Assumes market growth rate. A firm may grow the market.
A “Dog” may be helping other products.
Conclusion:
? - To be handled with care.
EHS philosophy: Contribution to the triple bottom line- Economic, Environment and
social capital.
THANK YOU