"Creating an ethical culture means installing and maintaining a commitment to doing the right thing, this time and every time - so much so that it becomes entwined in the essential DNA of the firm."
William H. Donaldson
Chairman, US Securities and Exchange Commission
The corporate governance framework is there to encourage the efficient use of resources and equally to require accountability. It helps corporations to realize their corporate objectives, protect shareholder rights and meet legal requirements, to demonstrate to a wider public how they are conducting their business. Good corporate governance therefore contributes to sustainable economic development of the Companies by enhancing their performance and increasing their access to outside capital.
India has also understood the need and importance for such Corporate Governance and more accountability of the management towards its stakeholders, viz. shareholders, customers and employees. The Clause 49 of Listing Agreement with Stock Exchanges provides for such practices under Corporate Governance.
KPIT Cummins Infosystems Ltd has been complying with the said provisions in letter as well as in spirit to ensure transparency in corporate affairs. The Company is committed to good Corporate Governance and the Company's philosophy is aimed at conducting business ethically and efficiently in a transparent manner. Pursuant to the said Clause 49, your Directors present a detailed Compliance Report on Corporate Governance together with the Certificate from the Statutory Auditors.