About Us
Corporate Governance
ITC defines Corporate Governance as a systemic process by which companies are directed and controlled to enhance their wealth-generating capability. Since large corporations employ a vast quantum of societal resources, ITC believes that the governance process should ensure that these resources are utilized in a manner that meets stakeholders' aspirations and societal expectations. This belief is reflected in the Company's deep commitment to contribute to the 'Triple Bottom Line', namely the development, nurture and regeneration of the nation's economic, ecological and social capital.
ITC's Corporate Governance structure, systems and processes are based on two core principles:
1. Management must have the executive freedom to drive the enterprise forward without undue restrains; and
2. This freedom of management should be exercised within a framework of effective accountability.
ITC believes that any meaningful policy on Corporate Governance must empower the executive management of the Company. At the same time, Governance must create a mechanism of checks and balances to ensure that decision-making powers vested in the executive management are used with care and responsibility to meet stakeholders' aspirations and societal expectations.
From this definition and core principles of Corporate Governance emerge the cornerstones of ITC's governance philosophy, namely trusteeship, transparency, empowerment and accountability, control and ethical corporate citizenship. ITC believes that the practice of each of these creates the right corporate culture that fulfils the true purpose of Corporate Governance.
The practice of Corporate Governance in ITC is at three interlinked levels:
1. Strategic supervision – by the Board of Directors
2. Strategic management – by the Corporate Management Committee
3. Executive management – by the Divisional/Strategic Business Unit (SBU) Chief Executives assisted by the respective Divisional/SBU Management Committees
For details log on to http://www.itcportal.com
