Corporate Governance Municipal Governance is a cogitation of the troop’s culture, their harmony after a while stakeholders and commitment to treasures. ONGC has a chief in benchmarking its municipal governance usages after a while the best in the cosmos-people.
ONGC Municipal Governance philosophy is established on the forthcoming principles:- Achieving tall raze of nakedness, frankness and statementability and simplicity in all areas of influence. Promoting divine direct throughout the make after a while first external of enhancing shareholder’s treasure.Sound scheme of inner restrain to soothe the risks. Obedience of law, rules and maxim in gentleman message and ardor. Independent verity of the troop’s financial reputeing Strategic supervision by the inducement of directors of divert adjustment, dimension, multitudinous habit and commitment to perform their responsibilities. Timely and balanced divestment of all symbolical counsel to all Stakeholders. Protection of the cause of all Stakeholders In remembrance of brilliance in municipal governance, the forthcoming awards feel been won on ONGC: I.
SCOPE Meritorious Award for Municipal Governance 2006-07 ordinary II. ICSI National Award for Brilliance in Municipal Governance 2003 III. Golden Peacock Global Award for Municipal Governance in Emerging Economics – 2005, 2007 and 2008 by Cosmos-people Council, U. K IV. Golden Peacock Award foe Brilliance in Municipal governance by the Institute of Directors in the years 2002, 2005 and 2006. The troop is handled by the Inducement of Directors which explicates strategies, policies and re-examinations its achievement.The inducement of Directors has an bland concert of Negotiative and Non-Executive Director.
The troop has a usage of interrupted retreats where all the members of the Inducement and important functionals of the Administration of Petroleum & Natural Gas sift-canvass consequences of Municipal Strategy and Policy. The troop substance a PSU, all Directors are appointed/ Nominated by the President of India. Inducement / committee Meetings and Procedures: 1. Institutionalized resolution making way 2. Scheduling and pallusion of Agenda items for Board/Committee Meetings 3.Recording minutes of annals at the Inducement Meeting 4. Prosper up arrangement 5.
Obedience 6. Training and evaluation of non-executive Inducement members To feel the boon of cumulative comprehension and habit of the ONGC verseage, an nock of the spent and tender members of the erstwhile Oil & Natural Gas Commission and Inducement is unconfused full year. The key Executives in-charge of Assets, Basins, Services and Institutes converge interruptedally after a while CMD and the negotiative Directors to re-examination achievement and to formulate coming plans.The troop has the forthcoming committees of the inducement: Audit & Ethics Committee: The role of audit & ethics committee understands the forthcoming: i. Oversight of the troop’s financial reputeing way and the divestment of its financial counsel to secure that the financial declaration is emend , satisfactory and trustworthy. ii. Recommending to the inducement, the produce, re-produce and if required , the regaining or removal of the statutory voucher and the fixation of audition fees.
ii. Acclamation of liquidation to statutory vouchers for any services rendered by the statutory vouchers. iv. Reviewing after a while the treatment , the declaration of uses / impression of funds rich through an consequence, the declaration funds utilized for designs other than those orderly in the tender muniment and the repute submitted by the monitoring action monitoring the utilization of proceeds of a social or hues consequence, and making divert recommendations to the inducement to charm up steps. v.Reviewing after a while the treatment achievement of statutory and inner vouchers coextension of the inner restrain schemes. vi.
Reviewing after a while the treatment, the quarterly financial declaration anteriorly surrender to the inducement of acclamation. vii. Reviewing the coextension of inner audit discharge viii. Discussion after a while inner vouchers any symbolical findings and prosper up there on. ix. Discussion after a while the vouchery anteriorly the audit commences about the naturalness and intention of audit. x.
To re-examination the dischargeing of the rejoice blower arrangement. Compensation Committee:ONGC substance a Government Company, appointed and produces and stipulation of compensation of Executive Directors are immovable by the Government through negotiative administration, the Administration of Petroleum & National Gas. Non Executive Part duration functional Directors do not sketch any compensation. Shareholder’s/ Investors Grievance Committee: The Shareholder’s/ Investors Grievances committee favoringally looks into redressing of Shareholders and investors complaints pertaining to exchange of shares, non voucher of annual reputes, dividend liquidations and other miscellaneous reputes.The committee to-boot monitors implementation and obedience of troop’s adjudication of direct for insider trading in ONGC’s securities. Anthropological Wealth treatment Committee: The engagement of allusion understand inducement of all consequences touching anthropological wealth planning and treatment, HR policies and initiatives and elevation. Project Appraisal Committee It examines and makes recommendations to the Inducement on projects or Principal bombardment.
Health, Safety and Environment Committee The produces of allusion understands re-examination of treatment, wayes and schemes on Safety, Health, Environment and Ecology aspects.Financial Treatment Committee The committee looks upon the stuffs pertaining to Budget, Delegation of force wholesale consequences, Forex and Treasury Management, Principal make, Consequence of Securities, Short and hanker engagement loans interruptedal achievement re-examination of subsidiaries. Apart from the aloft committees, the Inducement from duration to duration, constitutes Negotiative committee after a while favoring produces of allusion as it may be fit. Meeting of such committees are held as and when the demand for sift-canvassing the stuff touching the design arises.Time register for holding the convergeings of such committees are finalized in consideration after a while the committee members. Adjudication of Direct for Members of the Inducement and Important Management: The Troop is committed to directing profession in accordance after a while the tallest standards of profession ethics and complying after a while available laws, rules and maxims. A adjudication of direct, evolved in verse after a while the toil usages was adopted by the inducement on the recommendations of Audit and Ethics committee.
All members of the inducement and important treatment feel obedience after a while the adjudication of direct for the year.Subsidiary Monitoring Framework: All subsidiaries of the troop are Inducement handled after a while their inducements having their hues and obligations to handle such companies in the best cause of their stakeholders. As a preponderance shareholder, the troop nominates its representatives on the inducements of tending troop and monitors the achievement of troop interruptedally. Disclosures The Troop has not entered into any symbolical financial or wholesale transactions after a while the Directors or the Treatment or their relations or the companies and firms, etc. in which they are either instantly or through their relations causeed as Directors and/or Partners save after a while infallible PSUs, where the Directors are Directors after a whileout the required shareholdings. The troop has compiled after a while available rules and the capability of regulatory authorities on principal chaffer and no penalties or strictures were imposed on the troop. Means of Communication: Quarterly or Annual results News free, Presentation Website Annual Repute Guidelines on Municipal Governance by DPE: No Presidential Directive has been consequenced during 2008-09 and the conclusive three years.
No items of charge feel been debited in books of statements, which are not for the design of profession. No expenses, which are specific in naturalness, feel been incurred for the Inducement of Directors and top treatment. The negotiative and duty expenses were 3. 79% of sum expenses during 2008- 09 as over 5. 45% during the anterior year. The reduce in 2008-09 is on statement of violation in 2008-09 of superfluity pay alteration arrear granted during 2007- 08 and to-boot produce of subjoined nonpayment in 2007-08 due to acception in the zenith equality of nonpayment to Rs. 10 Lakh from Rs.
3. 5 Lakh.