Tata Cg

The Governance Checklist At Tata Steel, corporate governance isn't a regulatory embellishment. Rather, it is a corporate DNA which will go into the making of a turbo-charged megacorp. Annual operating plans, budgets and updates Capital budgets

Quarterly results of the Looking at him dressed in indigo-blue jeans and a casual halfsleeved shirt, it's hard to tell that Jamshed J. Irani has slept for all company of three hours the previous night. His face, chubby and calm, Minutes of all meetings of doesn't betray the slightest hint of fatigue, or turmoil, that the various committees managing director of Tata Steel must be experiencing. Barely five hours earlier, at three in the morning, he's flown into Mumbai from Remuneration of senior the steel major's sprawling works at Jamshedpur. But it's not the executives long hours that must be stressing out the workaholic Irani. Rather, Legal issues and notices it's the unpleasantness of the task carried out over the previous 16 Safety and environmental hours that must weigh on the soft-spoken 65-year-old's mind. issues India's oldest steel manufacturer, you see, is going through a Default in loans, and bad painful phase of restructuring. Last year, it decided to do debts something it has never done in its 94-year history: sack its officerlevel employees. Under a Performance Ethic Programme (pep), Issues of public liability Tata Steel has identified 1,200 officers it wants to either repurpose Any new joint ventures or or let go. And Irani had spent the previous day at Jamshedpur, collaborations personally explaining to the distressed employees-most of whom Transactions involving the have never dreamt of a life outside the corporate cocoon in Jamshedpur-why the move is an issue of organisational survival. corporate name With that, he also signalled the formal rollout of the dreaded programme. 'Tough times call for tough decisions,' says Irani poker-faced, sitting on a sofa in his upmarket apartment on Mumbai's Marine Drive....