The Company’s philosophy on Corporate Governance is based on the principles of transparency, compliance of laws, procedures and meeting ethical standards to take care of the interest of all the stakeholders and work towards Sustainable Development. It believes that all operations must be spearheaded towards attaining the final objective of enhancing stakeholders value.

The Company’s vision is to become a significant global player in the aerospace industry and is working towards this objective by expanding its capacities and becoming globally competitive. As a growth strategy, the Company has adopted the best practices in the area of Corporate Governance, much beyond the regulatory framework. The following good governance practices have been put in place:

•   Code of Conduct for Senior Management and Board of Directors
•   Integrity Pact
•   Whistle Blower Policy

 

• Well laid-down administrative setup to facilitate decentralised and transparent decision making
• Compliance of applicable Laws, Rules & Regulations
• Accuracy and transparency in disclosures regarding operations, performance and financial position
• Conduct, Discipline and Appeal Rules for Employees

The Board of Directors is entrusted with the responsibility of the management, general affairs and direction of the Company with requisite powers and authority. The Board sets the goals, both short and long term, defines the policies and programmes and oversees its implementation. It has constituted various Sub-Committees to facilitate smooth and efficient flow of the decision-making process.

Your Company being a Government Company, the appointment/nomination of all the Directors is done by the President of India, through Ministry of Defence. The Board of Directors headed by an Executive Chairman, has an appropriate mix of Executive, Non-Executive (Official) and Independent Directors, in line with the Guidelines on Corporate Governance issued by the Department of Public Enterprises, Government of India, Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.