Firms innovate to reduce corruption | business | Hindustan Times
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Firms innovate to reduce corruption

business Updated: Oct 15, 2012 01:20 IST

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Big corporates such as GAIL, Tata Steel and Infosys are adopting innovative measures to curb corruption and improve corporate governance, says a report.

The report - Raising The Bar Through Collective Action - by Global Compact Networks India (GCNI) highlights the importance of collective action from various stakeholders (private, government, civil society) in reducing corruption.

The report has presented nine case studies, including those of GAIL, Tata Steel and Infosys, which took innovative steps to mitigate corruption and improve corporate governance in their firms.

For instance, GAIL has made its billing process more transparent and user-friendly, while Neyveli Lignite has implemented an e-procurement system.

Tata Steel's code of conduct includes rules pertaining to financial reporting, gifts, donations and interaction with government agencies while, Tata Chemicals has systematically implemented 'Gift and Whistle-blower' policies.

The report also includes a case study of public-private joint venture 'mjunction services ltd', a JV of Steel Authority of India Ltd and Tata Steel, which would eliminate black marketing, cartels and intermediaries.

"Creating a climate conducive to such disclosure and enabling companies to share such experiences would undoubtedly assist the creation and growth of a corruption-free environment," GCNI chair administration committee AK Balyan said.

He added that industry associations such as FICCI and CII should cut the tentacles of corrupt practices in the Indian business environment.