Tata Power ranks among top 20 companies under Indian Corporate Governance Scorecard 2021

23 Feb 2022 , 04:40 PM

Tata Power, one of India’s largest integrated power companies, has been ranked among the top 20 companies in Indian Corporate Governance Scorecard for FY 21. The Scorecard has been developed by the Institutional Investor Advisory Services India Limited (IiAS) with support from the International Finance Corporation (IFC) and BSE Limited.

It is built around the G20/OECD Principles of Corporate Governance, which are the globally accepted benchmark for corporate governance.

Tata Power made it into the ‘Leadership’ category list for the second time, which features 20 companies with the highest scores. Tata Power received this award during an online event held yesterday.

Speaking on the achievement, Dr. Praveer Sinha, CEO & MD, Tata Power, ” I’d like to express my gratitude to the IiAS and the distinguished Jury for this prestigious award. Tata Power is dedicated to upholding the highest standards of corporate governance and believes that a strong focus on environmental, social, and governance (ESG) aspects creates long-term benefit for all stakeholders.”

The report suggests that despite the corona virus crisis, corporate India has kept a steady focus on improving its governance practices, primarily due to better disclosures and enhanced stewardship practices.

The Scorecard provides an assessment framework which evaluates the corporate governance practices adopted by companies listed at BSE — it is independent of regulatory requirements and thus provides a principle-driven rather than a compliance driven outlook to market participants. The Scorecard report is intended to provide market participants including companies, investors, regulators, lenders, internal and external stakeholders including policy makers with key information to help them in their decisions not only regarding capital markets but also for many critical areas for economic development of the country.

The 2020 report focused on the S&P BSE 100 companies which were evaluated independently by IiAS. The 2021 report takes the study forward for the S&P BSE 100 companies — it is heartening to note that governance practices and standards have improved even against the backdrop of the pandemic. This is the sixth year of the Indian Corporate Governance Scorecard.