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INVESTOR RELATION |
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Stone India Limited acknowledges that the key to protecting Investors’ interest is sound corporate governance. The concept of corporate governance is entering a phase of global convergence. The driver behind this is the recognition that companies need to attract and protect all stakeholders, especially investors – both domestic and foreign. Global capital seeks its own equilibrium and naturally flows to where it is best protected and bypasses where protection is limited or non-existent. Stone India acknowledges that the company stands to gain by adopting systems that bolster investor trust through transparency, accountability and fairness.
The tide of regulation has risen to a high watermark and while there is compelling evidence of financial benefits to companies which adopt good governance practices, it has often been felt that the ethos of corporate governance still needs to sink in. Corporate irregularities continue to plague investors as regulators relentlessly strive to cleanse the system. Financial scandals often prompt an overhaul of regulation. But the efficacy of regulation can get negated when compliance becomes a box-ticking exercise with prohibitive costs. Again, there is no single model of good corporate governance. Principles, values and ethics cannot be typecast into a universal one-size-fits-all framework. Towards this end the company has a well laid out documents with respect to “Code of Business Conduct & Ethics” and “Whistle Blower Policy”. All employees abide by them in letter & spirit.
‘Spreading the Word: Changing Rules in Asia’, the title of Corporate Governance Watch 2004, an annual collaborative study of the corporate governance landscape of Asian markets undertaken by CLSA Asia Pacific Markets and the Asian Corporate Governance Association has concluded that there appears to be a clear correlation between companies and markets with strong corporate governance and superior returns over the long term. According to the study, India ranks among the top three in terms of corporate governance. With increasingly integrated capital markets, good corporate governance is of paramount importance for companies seeking to distinguish themselves in the global economy.
Stone India within its web of relationships with its borrowers, shareholders and other stakeholders has always maintained its fundamental principles of corporate governance – that of integrity, transparency and fairness. For Stone India, corporate governance is a continuous journey, seeking to provide an enabling environment to harmonise the goals of maximising shareholder value and maintaining a customer centric focus.
Stone India maintains that efforts to institutionalise corporate governance practices cannot solely rest upon adherence to a regulatory framework. Stone India’s corporate governance compass has been its business practices, its values and personal beliefs, reflected in the actions of each of its employees.
The Board of Directors fully support and endorse corporate governance practices as per the provisions of the listing agreements as applicable from time to time |
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