The document summarizes key ethical lessons that can be learned from the business practices of Tata Steel and Wipro Ltd.
For Tata Steel, the lessons are around having a strong commitment to core values like integrity, responsibility and sustainability. This is shown through their CSR policy and efforts to reduce environmental impact and CO2 emissions. Steel is also highlighted as a very recyclable material.
For Wipro, the lessons include ensuring proper accounting, financial reporting and disclosures. Employees should avoid conflicts of interest and protect company assets. Applicable employees must adhere to the code of ethics, which includes maintaining confidentiality and seeking guidance on any issues. Compliance with the code is confirmed in writing.
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Ethical issues followed by TATA Steel ltd.
1. Q-2.Ethical lessons which can be learn from various business houses?
Ans. (A) Ethical lessons by TATA Steel –
Tata Steel Tata Steel is the second largest steel producer in Europe and has its main steelmaking plantsin
the UK and Holland.It suppliessteel and related services to major industries such as construction,vehicle
production and packaging.Business ethics means ‘taking the right course’. Acting ethically takes into
account all the factors of doing business.These include production,business processes and the company’s
behaviorwith its customers and the communities in which it operates.It is about doing the right thing in
everything the company does. Tata Steel has five core values which define the ethics of the company:
integrity,understanding,excellence,unity and responsibility.These values are evident in everything that it
does and drive the ethical behaviorof the company. For Tata Steel, taking responsibility for tackling the
challengesof sustainability followsnaturally from this ethical stance.The Tata Steel definition of
sustainability is‘an enduring and balanced approach to economic activity,environmental responsibility
and societal benefit’. Sustainability is about meeting the challenges of ensuring that future generationscan
enjoy the same kind of lifestyle people enjoy today.
A commitment to ethical behaviorisoften shown in the corporate social responsibility (CSR) policy of a
business. Businesses are no longerjudged solely on their ability to deliver goods and services but also on
the manner of delivery and how they impact on society and the environment.Its approach to CSR ensures
that Tata Steel can tackle the relevant sustainability challenges and in particular satisfy all its relevant
stakeholders.Through saving energy and waste, Tata Steel can work more efficiently and reduce costs.
Acting responsibly also benefitsits reputation.This enhances the image of Tata Steel as an environmentally
committed and responsible business, giving good PR in a competitive world market.
Steel is one of the best materials to use to ensure sustainability.Steel is a unique material because it is truly
recyclable – when steel is recycled it becomes new steel and not an inferior product.It can be re-used over
and over again.Steel is the most recycled material on Earth. The impact of making steel can be viewed as
an investment in a material which will be used again and again,rather than a one-off, making steel a very
‘green’ material.Sustainability isabout much more than CO2, but one of the major challenges of
sustainability isto reduce CO2 emissions which may contribute to climate change.Tata Steel is working to
reduce these emissions using new technology and practices.
2. (B). Ethical lessons by WIPRO LTD –
WIPRO LIMITED Code of Ethics for Principal Executive Officer and Senior Financial Officers (Adopted in 2002, July 2010 and
further amended in July 2013) 1. Introduction The Spirit of Wipro represents the core values of Wipro Limited (“Wipro”). In
line with the requirements under Section 406 of the Sarbanes Oxley Act, 2002 (‘SOX’) and the applicable Securities and
Exchange Commission (SEC) rules, this Code of Ethics has been prepared for the purpose of ensuring compliance with financial
reporting by Principal Executive Officer and Senior Financial Officers (as defined below) and for documenting the obligations
and responsibilities under Wipro’s Code of Business Conduct and Ethics (‘COBC’) that directly relate to these officers’ financial
and accounting roles. This Code is intended to supplement obligations imposed by COBC.
LESSONS-
a. Always reveal Proper Accounting, Financial reporting and Disclosures-
Applicable Employees, in the performance of their duties and to the extent of their roles and
responsibilities,shall to the best of their knowledge:
i. Ensure the integrity of financial records.
ii. Perform their dutiesin accordance with applicable laws,rules and regulations across
geographiesin which Wipro operates. Applicable Employees are expected to acquire knowledge
of the appropriate mandatory requirements relating to their respective functions and
responsibilities.
iii. Protect Wipro’s assets from any misuse or theft. This includes computers, office equipment,
laptops,desktops,servers, handheld communication devices (e.g.BlackBerry phones) and any
othertangible assets as well as intangible assets such as financial data,corporate information,
etc. recorded in any form or contained in any media.
iv. Maintain confidentiality and security of individual systemlogin credentials and passwordsat all
times, including accounting passwords,payment passwords, other access passwords, password
devices (e.g. RFID devices) etc.
b. Conflicts of interest-
A conflict of interest exists where the personal interests or benefits of one person or entity conflict with
the interestsor benefits of Wipro. Performance and responsibilities to Wipro shall not, at any time, be
subordinated to personal gain or advantage.Applicable Employees must devote their full attention to the
business interestsof Wipro and are expected to avoid personal activities and financial interests which
could conflict with theirperformance or responsibilities to Wipro. Applicable Employees shall not seek
gain for themselves or others through the misuse of their positions. Personal 4 involvement including
financial interests/ dealingswith a competitor,client, external auditors and audit team members,
supervisors, subordinate employees or peers of Wipro that has the potential ofaffecting the employee's
3. ability to exercise good judgment for Wipro creates an actual or potential conflict of interest. None of the
Applicable Employee including his/ her immediately family members may receive improper personal
benefits as a result of the employee’s position at Wipro. For more details and situations,Applicable
Employees are advised to refer the COBC – Conflict of Interest Policy.
c. Adherence of Compliance to this Code -
The Department/ Function Heads of various finance and accounting functions and Human Resources
Department shall take initiativesto ensure that this Code is understood by team members who perform
finance and accounting functionsincluding the preparation ofguidelines to meet specific local
requirements and circumstances. Applicable Employees having any questions regarding the specifics of
any aspect of the Code can seek guidance from his/ her Function or department head. Applicable
Employees must follow the procedure outlined in the COBC to raise any concerns if they notice or believe
there exists a potential breach of this Code. Complaints may also be submitted anonymously. Any
person who in good faith reports a breach by another employee of this Code will be protected from
retaliation in any form. Also, reasonable efforts will be made to maintain confidentiality about the identity
of the complainant if so sought by the complainant.
d. Confirmation of Compliance-
Every Applicable Employee shall submit in writing or electronically to the effect that he/she has read the
Code and agrees to comply with the Code.