As a responsible corporate citizen, it is essential to uphold the values intrinsic to Hindustan Zinc. We believe it is not only important to create value
but also to effectively sustain it over a longer term. Good corporate governance begins with a company's own internal practices and policies.
Hence, we take a holistic business view, with sustainability as an integrated aspect of our corporate governance.
The Board of HZL is committed to the highest standards of corporate governance as it believes that in the interests of the shareholders, the
application of corporate governance must reflect the nature of our businesses, the ownership of the Company, and its development needs. It is the
moral, ethical and value framework on which we base our decisions. Our Board of Directors seek to ensure transparency, growth and commitment in
the Company's relationship with all its stakeholders through our robust corporate governance framework, which is driven by a three-tier structure.
The Board of HZL is supported by five committees that
help to implement the strategic decisions across our
units and demonstrate good corporate citizenship
through environmental awareness, ethical behaviour
and sound corporate governance practices.
At HZL, we place great emphasis on fostering a culture built on core values, professionalism
and transparency, thus, upholding the integrity in all our dealings. We constantly endeavour to
improve upon these aspects on an ongoing basis through our corporate governance
framework providing strategic supervision and executive management.
CORPORATE GOVERNANCE FRAMEWORK
STRATEGIC SUPERVISION
Board of Directors
Lay down strategic goals, major expansion
projects, capital expenditure and business
plan approvals.
OPERATION MANAGEMENT AND CONTROL
Functional heads, Plant heads,
steered by the CEO, CFO and COOs
Handle management and coordination
of the business to seek continuous
improvements in the working of the Company.
PLANT/UNITEXECUTIVE MANAGEMENT
Comprises several strategic SBUs
Responsible for overall execution and empowerment through decentralised decision making.
Promoting Ethical Business
Adhering to ethical practices in every aspect of business is crucial to us at HZL. Cultivating an
honest and transparent environment that ultimately reflects in our dealings with stakeholders
strengthens their confidence in us. Our Business Ethics and Code of Conduct, established in
compliance with Foreign Corrupt Practices Act and UK Bribery Act, 2010, address matters of
ethical conduct in our work environment, business practices, and relationship with internal and
external stakeholders through the values and principles enshrined therein. The Code guides
our behaviour and helps us to:
Dow Jones
Sustainability
Indexes
In the Dow Jones Sustainability Index under mining & metal industry group 'Codes of Business Conduct' category
Scored 90 against the industry avg. of 70
Promote ethical handling of conflicts of interest
Full, fair, accurate and timely disclosure of reports and documents that HZL files with relevant authorities
Prompt internal reporting to the appropriate persons identified in the Code
Compliance with applicable government rules and regulations
All the Board members, executives and new employees annually affirm compliance with the
Code. Every year all employees give their sign-off for compliance with COC. An Ethics
Committee has been constituted to orient and address the principles and standards. The
committee takes various initiatives to spread awareness about the Company's Code of
Conduct and whistle-blower policy.
Anti-Bribery and Anti-Corruption
In line with our policy to conduct all our businesses in an ethical and honest manner, we take a
zero-tolerance approach to bribery and corruption. We are committed to acting fairly and with
integrity in all our business dealings and relationships, and reducing bribery and the potential
for corruption in our entire value chain, from the beginning to the final sale and delivery of our
goods to the customers. Employees shall not offer or provide undue monetary or facilitation
payments, any other advantage to any person or persons, including public officials, customers,
employees or any associated persons in violation of laws and the officials' legal duties to
obtain or retain business.
We are a signatory to the United Nations
Global Compact and abide by the UNGC
Principle 10 which states that business
should work against corruption in all its
forms including extortion and bribery. All
our employees and suppliers are made
aware of the same through our Code of
Conduct training, and are expected to
follow them rigorously. All our operations
are regularly assessed for the risk of
corruption.
During FY 2017-18, there have been no
reported legal cases on anti-competitive
behaviour, anti-trust and monopoly
practices. There were no fines levied on
us for non-compliance with laws and
regulations.
Slavery and Human Trafficking
At HZL, we are committed to upholding human rights and dignity aligned with national and
international regulations. Consistent with the disclosure obligations under the UK Modern Slavery
Act 2015, we are committed in our approach to tackling modern slavery in our business and
supply chain. We expect all our contractors, suppliers and business partners to strictly follow the
same high standards we have set for all our business units. We ensure there is no use of forced,
compulsory or trafficked labour, or anyone held in slavery or servitude in any part of our business
and we expect our suppliers to apply the same high standards to their own organisations and
supply chain. This year we have modified our Human Rights policy, and Supplier and Contractor
Sustainability Management policy to ensure compliance towards MSA.
Any complaints under this policy are
reported to the Group Head - Management
Assurance, who is independent of operating
management and business. The Head
Management ensures thorough
investigation of complaints and submits
regular reports to the Company's Audit
Committee for review. During the reporting
period all whistle-blower complaints
were satisfactorily resolved, and all customer
complaints were suitably addressed.
Encouraging Fair Practices
We have put in place a whistle-blower mechanism at HZL which provides our employees and
business partners with opportunities to report any unethical practice within the Company. Our
whistle-blower policy ensures that the identity of the whistle-blower is kept confidential. We
also have in place the safety whistle-blower programme to foster safety across our operations.
This portal allows employees to reach out to the senior management to report safety violations
and concerns on site. An escalation mechanism to higher authorities enables immediate
action regarding violations of serious nature. This portal is accessible to all employees,
including contractual employees, and from any network. Complaints can be reported
pertaining to the following areas:
| 1 |
Fraud against investors, securities fraud, mail or wire fraud, bank fraud, or fraudulent statements. |
| 2 |
Violations of any rules and regulations applicable to the Company and
related to accounting and auditing matters. |
| 3 |
Intentional error or fraud in the preparation, review or audit of any financial
statement of the Company. |
| 4 |
Any violation to the Company's ethical business practices as specified in
the Company's Code of Conduct policy. |
Safety Whistle-Blower
Portal
To foster safety and for faster actions on
closer of unsafe conditions at site along
with escalating the serious nature of
unsafe acts observed and closed, there is a safety
whistle-blower portal wherein
employees can provide details which
would be directly communicated to the
corporate. To facilitated easy access to all the employees,
including employees of the contractor, the
portal is accessible from any network.
Hotline Number:
 |
000-800-100-1681 |
 |
hzlwhistle.blower@vedanta.co.in |
Web based reporting platform:
 |
http://www.vedanta.ethicspoint.com |
