Page 89 - Tata Steel One Report 2024-Eng-Ebook HY

Business Operation and Performance Driving Business Towards Sustainability
Corporate Governance Policy Financial Statements Attachments
Principle 3: Fair Business Practice
TSTH Responsible Procurement Policy outlines the fair business practices by which TSTH conducts business, and we expect our suppliers to adopt similar principles.
“TCoC has specified the ethics requirement for all employees of the Tata group to adhere to and aims that everyone in the Company’s supply chain shall acknowledge all concerned requirements. To demonstrate compliance with this requirement, suppliers shall present evidence showing that these requirements are already included in the policy and/or their operations.”
Tata Code of Conduct has identified the fairness of business operation, and the Company expects that its suppliers shall apply this principle as well.
Code of conduct: TCoC shall be attached to every contract made with suppliers. In addition, the Company sends a letter signed by the President & CEO together with the Tata Code of Conduct handbook to suppliers and contractors to be a channel for reporting to the Company as soon as there is a violation of the Tata Code of Conduct. The Company shall maintain payment conditions for suppliers and concerned parties who comply with agreements, rules, and laws only.
Principle 4: Human Rights
We expect our suppliers to develop procedures to ensure all human rights in their business and to encourage their suppliers to do likewise.
“The Company respects the human rights of employees and the communities in which it operates, and the Company is committed to promoting these principles with its suppliers.”
The Company expects that its suppliers will develop and implement policies and procedures to ensure that human rights are maintained in their business operations and to encourage their suppliers to perform the same.
Code of conduct: Group accident insurance must be provided for the contractor’s employees. The Company has a policy of inspecting all operations of contractors and suppliers to ensure that their employees comply with relevant laws and regulations. Besides, the Company has followed work procedures and criteria for supplier selection and evaluation to ensure that the suppliers are qualified to develop suppliers through workshops and special projects.
Principle 5: Local Community Development
We expect our suppliers to contribute to the social and economic development of the communities in which they operate.
“The Company business operation philosophy is; the community is not just another stakeholder in business but is in fact, every purpose of its existence.”
The Company expects that its suppliers will devote themselves to society, economy, and community development in the area in which the Company operates.
Code of conduct: The procurement team attends workshops and social responsibility activities. The team also provides support to the Company’s suppliers to attend the Companies’ social responsibility activities for community development and fair business operations.
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