| IndianOil adopts Integrity Pact |
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IndianOil has entered into a Memorandum of Understanding (MoU) with Transparency International India (TII) in January 2008, for implementing an Integrity Pact Programme focussed on enhancing transparency in its business transactions, contracts and procurement processes. IndianOil believes in total transparency, integrity and accountability in its functioning as a prerequisite for achieving its Vision of becoming a major diversified, transnational, integrated energy major. It values its business relationships with its numerous domestic and international contractors and vendors of goods and services and is committed to dealing with them in a fair and transparent manner by maintaining the highest ethical standards in its transactions with them.
The MoU was signed by Mr. Sarthak Behuria, Chairman, IndianOil, and Admiral (Retd.) R H Tahiliani, former Chief of Naval Staff and Chairman of TII. Under the MoU, IndianOil is committed to implementing the Integrity Pact in all its major procurement and work contract activities. Four Independent External Monitors nominated by TII in consultation with the Central Vigilance Commission (CVC) shall monitor the activities. The Integrity Pact would strengthen established systems and procedures by creating trust and would have the full support of the Central Vigilance Commission.
Transparency International India, launched in 1997, is the Indian Chapter of Berlin-based Transparency International, which has presence in 93 countries. The Integrity Pact Programme was launched in the mid-90s by TI to create 'islands of Integrity' through a voluntary contract between the buyer and the seller to eliminate unfair practices. It establishes mutual contractual rights and obligations and brings transparency and enhances the credibility of the organizations.
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