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| Awards & Accreditations |
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IndianOil wins SCOPE Meritorious Awards for Environmental Excellence & Sustainable Development and Good Corporate Governance
 In a function studded with the who's who of India's public sector, all-round applause greeted Mr. Sarthak Behuria, Chairman, and Mr. V C Agrawal, Director (HR), as they received the Gold Trophy of the SCOPE Meritorious Award for Environmental Excellence & Sustainable Development and the Commendation Certificate for Good Corporate Governance from Mr Sontosh Mohan Dev, Hon'ble Minister of Heavy Industries & Public Enterprises. It was a joyous moment that celebrated IndianOil's corporate philosophy built on the bedrock of concern for environment, care for communities and quest for sustainable development.
IndianOil won the Gold Trophy in recognition of its sterling record in ensuring sustainability of growth processes and protecting & preserving the environment from the pressures of economic activity.
The SCOPE Meritorious Awards recognised significant achievement of Public Sector Enterprises (PSEs) in 7 categories and were presented to ONGC (Good Croproate Governance, NTPC (CSR & Responsiveness), NHPC (HR Management), IndianOil (Environmental Excellence & Sustainable Development), Bharat Electronics Ltd. (R&D, Technology Development & Innovation), Corporation Bank (Best Managed Bank, and NSFDC (Best Managed PSE set up under section 25. Commendation Certificates were also given away in six categories in a function that was also attended by Mr. R Bandyopadhyay, Secretary, Department of Public Enterprises.
Mr Sontosh Mohan Dev said, "We had introduced corporate governance guidelines for all PSEs last year. I am glad that all CPSEs have taken them in the right spirit and are attempting to implement them wholeheartedly. Instead of treating corporate governance guidelines as mere stipulations that need to be followed, the management should imbibe them as the 'apostle of corporate culture."
Reflecting on the Cabinet decision (taken yesterday) to revive pay scales of CPSE Executives as per the 2nd Pay Revision Committee recommendations, Mr. Dev said, "It will enable Central Public Sector Enterprises (CPSEs) to attract and retain talent and thus be more competitive". On the occasion, the Minister also inaugurated the 4th Directors Conclave on Corporate Governance being organized by Standing Conference of Public Enterprises (SCOPE) in collaboration with Academy of Corporate Governance (ACG) under the aegis of Department of Public Enterprises (DPE) today.
In his keynote address, Mr R Bandyopadhyay, Secretary, DPE, said, "The mechanism of performance related pay scales as introduced by the 2nd Pay Revision Committee (PRC) is a very good incentive for the public sector. We expect CPSEs to improve their performance as greater focus on improvement in performance would get better pay for the executives".
 Delivering the presidential address, Mr. Sarthak Behuria, Chairman, SCOPE, and Chairman, IndianOil, said, "The public sector is all geared up to play a pivotal role in India's economic growth". However, there still remain some major policy initiatives that need to be undertaken. Besides greater autonomy and professionalisation of Boards, remuneration of executives of PSEs is an important issue. Despite being the repository of high quality qualified and trained manpower, the public sector has been suffering acute brain drain due to a low and inflexible remuneration package. Complimenting ONGC on its successful bid for UK-based Imperial Energy, Mr. Behuria said, "This is a symbol of new-found confidence among PSEs and the coming of age of a new and professional public sector".
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| Updated on November 24, 2008 |
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