Ongc Corporate Governence
Corporate Governance
Corporate Governance is a reflection of the company’s culture, their relationship with stakeholders and commitment to values. ONGC has a pioneer in benchmarking its corporate governance practices with the best in the world.
ONGC Corporate Governance philosophy is based on the following principles:-
Achieving high level of transparency, openness and accountability and fairness in all areas of operation. Promoting ethical conduct throughout the organization with primary objective of enhancing shareholder’s value. Sound system of internal control to mitigate the risks. Compliance of law, rules and regulation in true letter and spirit. Independent verification of the company’s financial reporting Strategic supervision by the board of directors of appropriate composition, size, varied experience and commitment to discharge their responsibilities. Timely and balanced disclosure of all material information to all Stakeholders. Protection of the interest of all Stakeholders
In recognition of excellence in corporate governance, the following awards have been conferred on ONGC:
I. SCOPE Meritorious Award for Corporate Governance 2006-07 received
II. ICSI National Award for Excellence in Corporate Governance 2003
III. Golden Peacock Global Award for Corporate Governance in Emerging Economics – 2005, 2007 and 2008 by World Council, U.K
IV. Golden Peacock Award foe Excellence in Corporate governance by the Institute of Directors in the years 2002, 2005 and 2006.
The company is managed by the Board of Directors which explicates strategies, policies and reviews its performance. The board of Directors has an adequate combination of Functional and Non-Executive Director. The company has a practice of periodic retreats where all the members of the Board and senior officials of the Ministry of Petroleum & Natural Gas discuss issues of Corporate Strategy and Policy. The company being a PSU, all Directors are appointed/
Corporate Governance is a reflection of the company’s culture, their relationship with stakeholders and commitment to values. ONGC has a pioneer in benchmarking its corporate governance practices with the best in the world.
ONGC Corporate Governance philosophy is based on the following principles:-
Achieving high level of transparency, openness and accountability and fairness in all areas of operation. Promoting ethical conduct throughout the organization with primary objective of enhancing shareholder’s value. Sound system of internal control to mitigate the risks. Compliance of law, rules and regulation in true letter and spirit. Independent verification of the company’s financial reporting Strategic supervision by the board of directors of appropriate composition, size, varied experience and commitment to discharge their responsibilities. Timely and balanced disclosure of all material information to all Stakeholders. Protection of the interest of all Stakeholders
In recognition of excellence in corporate governance, the following awards have been conferred on ONGC:
I. SCOPE Meritorious Award for Corporate Governance 2006-07 received
II. ICSI National Award for Excellence in Corporate Governance 2003
III. Golden Peacock Global Award for Corporate Governance in Emerging Economics – 2005, 2007 and 2008 by World Council, U.K
IV. Golden Peacock Award foe Excellence in Corporate governance by the Institute of Directors in the years 2002, 2005 and 2006.
The company is managed by the Board of Directors which explicates strategies, policies and reviews its performance. The board of Directors has an adequate combination of Functional and Non-Executive Director. The company has a practice of periodic retreats where all the members of the Board and senior officials of the Ministry of Petroleum & Natural Gas discuss issues of Corporate Strategy and Policy. The company being a PSU, all Directors are appointed/