Outsourcing operations stimulate growth

Tata Steel has held the belief that organised industry cannot remain an isolated pocket of prosperity in a sea of deprivation. The Company, therefore, endeavours to stimulate economic growth through outsourced operations and community based development programmes.

Apart from a committed workforce, Tata Steel is assisted by service providers for inbound and outbound supplies of goods and services.

The community and society within a 10-30 km radius around Tata Steel’s operational units are supported by the organisation through income generation projects and socio-economic programmes. The village communities are selected on the basis of their developmental needs, interventions and emerging areas of concern, for example wasteland development, irrigation facilities and income security needs.

Sustainability Performance Assurance

Sustainability Performance is embedded in the Tata Business Excellence Model (TBEM), which is followed by all Tata Group companies. Based on the Malcolm Baldridge Model, USA it has ensured the institutionalisation of sustainability systems and processes at Tata Steel. The Company’s performance is evaluated on the basis of an annual application filed by it, which is scrutinised by external assessors who then prepare a TBEM scorecard. Tata Steel was the first Tata Group company to win the annual Excellence Award, and has been recognised for its "Sustained Excellence".

Tata Steel seeks a yearly independent assurance on the Corporate Sustainability Report from PricewaterhouseCoopers, who have been appointed as independent assurance providers by its Board of Directors.

Society

Social Audits are conducted once in every 10 years by a bench of external auditors comprising eminent personalities from the judiciary, social organisations and financial institutions appointed by Tata Steel’s Board of Directors. A Social Audit was last conducted in 2003. The audit report is awaited.

In addition to the TBEM assessment process, the Company’s divisions, all of which are ISO-14001 certified, are subjected to periodic audits including an external surveillance audit for ISO-14001 EMS certification.

The financial performance of the Company is periodically audited as per auditing standards accepted in India, the mandate covers financial audits, projects & contracts and statutory compliance audits.