RATAN TATA According to Ratan Tata, "Corporate governance is today, one of the attributes of a good corporate citizen.

It is part of the management framework, but it does not replace the tradition ingrained into your bones." The values and principles that have governed the manner in which the Tata Group of Companies and their employees have conducted themselves, have never been articulated. It was, therefore, considered worthwhile to prepare a clearly defined document that could serve as a guide to each employee on the values, ethics and business principles expected of him or her. Ratan Tata Corporate Governance is about maximizing shareholder value legally, ethically and on a sustainable basis, while ensuring fairness to every stakeholder - our customers, employees, investors, vendor-partners, the governments of the countries in which we operate, and the community. Thus, Corporate Governance is a reflection of our culture, policies, our relationship with stakeholders and our commitment to values. We believe that sound Corporate Governance is critical to enhance and retain investor trust. Accordingly, we always seek to ensure that we attain our performance rules with integrity. Company believes that good corporate practices enable the Board to direct and control the affairs of a company in an efficient manner and to achieve its ultimate goal of maximising shareholders value. Realising this, the Company has adopted many practices over the last few years, even when there were no mandatory requirements in this regard.

Infosys- Narayana Murthy The primary purpose of corporate leadership is to create wealth legally and ethically. This translates to bringing a high level of satisfaction to five constituencies - customers, employees, investors, vendors and the society-at-large. The raison d'tre of every corporate body is to ensure predictability, sustainability and profitability of revenues year after year. - N. R. Narayana Murthy Chairman of the Board and Chief Mentor

ANAND MAHINDRA The goal of any system of governance is to achieve the best performance within the overall context of the prevalent economic environment, so as to secure maximum benefit for all the

stakeholders. For this to be achieved, governance cannot only be systems, processes and metrics. It also has to integrate within itself the beliefs, values, culture and ethics of an organisation, ultimately leading to the cornerstones of transparency and accountability, which is what good governance is all about.

S. Behuriachairman Indian Oil The Company endeavours to uphold the principles and practices of Corporate Governance to ensure transparency, integrity and accountability in its functioning which are vital to achieve its Vision of becoming a major diversified, transnational, integrated energy company. IndianOil recognises that good Corporate Governance is a continuous exercise and reiterates its commitment to pursue highest standards of Corporate Governance in the overall interest of all its stakeholders. For implementing the Corporate Governance practices, IndianOil has a welldefined policy framework inter alia consisting of the following: Code of Conduct for Directors and senior management personnel Code of Conduct for prevention of insider trading Enterprise Risk Management Policy Integrity pact to enhance transparency in business Whistle Blower Policy Conduct, Discipline and Appeal Rules for employees

The effective implementation of the above highlights the commitment of the Company to uphold the highest principles of Corporate Governance to enhance shareholder value.