Shri Sontosh Mohan Dev, Union Minister for Heavy Industries and Public Enterprises presented the SCOPE Meritorious Awards in Specialized Fields 2004-05 here today. Six Companies received these awards. They are: Steel Authority of India Limited (Environmental Excellence and Sustainable Development), Gujarat Alkalies and Chemicals Limited (Good Corporate Governance), Neyveli Lignite Corporation Limited (Corporate Social Responsibility and Responsiveness ), Indian Oil Corporation Ltd (Research & Development and Innovation)., NTPC Limited (Best Practices in Human Resource Management), and National Backward Classes Finance & Development Corporation ( Best Managed PSE set up under Section 25 of the Companies Act).
Presenting the Awards, Shri Dev said that the UPA Government had been taking concerted efforts to help CPSEs improve their performance and in this regard an Ad-hoc Group of Experts (AGE) was set up under the Chairmanship of Dr. Arjun Sen Gupta to advise on issues of autonomy, audit, vigilance, accountability etc. These are issues having a strong bearing on the performance of the PSEs. Some of the AGE’s recommendations pertaining to increasing financial and functional autonomy to Navratna, Miniratna and other profit making PSEs had already been implemented, the Minister Said. Shri Dev further stated that the Group of Ministers (GoM) would meet here on November 13, 2006 to decide on the other recommendations of the AGE to improve the efficiency of PSEs in the ever-growing competitive world.
The aims and objectives of SCOPE Meritorious Awards are to recognize significant achievements of member enterprises in various fields leading to business excellence and competitive advantage; to encourage and motivate them; to achieve higher goals of excellence; and, to reward those enterprises which have demonstrated extra ordinary skills and have made a mark in chosen fields which have been primarily responsible for growth/turnover of the enterprise.
Shri Sontosh Mohan Dev also inaugurated the 2nd Directors Conclave on Corporate Governance. “Good corporate governance is all about transparency, accountability and protecting rights of all the stakeholders through which it helps an organization to improve its efficiency, performance and profitability”, the Minister observed. Corporate Governance emerged as an important tool for development and growth of any corporate entity. “But, it assumes greater significance in the case of public sector since large public funds are invested in them”, Shri Dev said.
Dr. R.C. Panda, Secretary, Ministry of Heavy Industries and Public Enterprises delivered the Key-note Address and Shri Sarthak Behuria, Chairman, SCOPE presided over the function. Dr. S.M. Dewan, Director General, SCOPE gave Welcome Address.
MG: PM
(Release ID :21825)