Indian Oil Corporation Limited
Loading Annual Report 2020-21

Governance Structure

IndianOil endeavours to uphold the principles and practices of corporate governance to ensure transparency, integrity and accountability in its functioning. These are vital to achieve our vision of becoming the ‘Energy of India’ and a globally admired company.

The Board of Directors is responsible for providing oversight, insight and foresight. The oversight role is supported by the fiduciary responsibility to the company, and they are required to consider the greater good of the company and all of its stakeholders. The insight role requires directors to partner with management by bringing their own experiences and perspectives from their professional lives. The foresight role is most critical, as it requires directors to keep management on its toes in terms of the future strategies of the organisation.

Our robust governance framework enables us to serve our customers and our communities every day, despite the challenges of the ongoing pandemic. The Board too has responded with agility and resilience by aggressively focusing on digital and novel ways to serve our customers. The uncertainties are continuously monitored by the Board with regular meetings to strike a balance between creating value for all stakeholders and ensuring business continuity. In 2020-21, the Board met 11 times, and every meeting commenced with discussion on the impact of Covid-19 across IndianOil’s diverse business segments.


Statutory Board committees


Average attendance across all meetings


Other Board committees


Meetings held (Board and Statutory Committees)

Chairman along with Functonal Directors of IndianOil