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CSR and Corporate Governance at Thomas Cook India


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CSR, Corporate Governance, Thomas Cook India

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CSR and Corporate Governance at Thomas Cook India

  1. 1. Corporate Governance and CSR Activities of Thomas cook India GROUP - 7
  2. 2. CORPORATE GOVERNANCE • “ the exercise of authority over the members of a corporate community. It is based on rules that define power relationships among shareholders, boards of directors and managers.” POWER TRIANGLE Board of Directors ShareholdersManagement 8/29/2013 Group 7 2
  3. 3. FACTOR INFLUNCING CORPORATE GOVERNANCE 1 • The Owner-Ship Structure 2 • The Financial Structure 3 • Functioning of company Boards 4 • Legal, political and regulatory environment 8/29/2013 Group 7 3
  4. 4. MECHANISMS FOR CORPORATE GOVERNANCE Corporate Governance Companies Act SEBI Corporate Control Shareholder’s Participation Statutory Audit Code of Conduct 8/29/2013 Group 7 4
  5. 5. CLAUSE 49 – SEBI (SOX Equivalent) 1. 50% Board with independent directors for company headed by Executive Chairman 2. Independent Audit Committee 3. Disclose Remuneration of Directors, Management and shareholders 4. Disclose Rights issue, preferential issue 5. CEO/CFO Certification 8/29/2013 Group 7 5
  6. 6. THOMAS COOK - BOD 8/29/2013 Group 7 6
  7. 7. THOMAS COOK – 49 Clause • Thomas cook has filed compliance status for all years since 31st Dec 2005 • Remuneration of both non-executive and executive directors given • Details about Stock Options given • Audit Committee headed by Lovelock and L • One Director – Vinayak K Prohit- Financially literate (CA) 8/29/2013 Group 7 7
  8. 8. Awards & Recognitions • 2003 wins corporate governance award. • Golden Peacock Award. • initiated by the Institute of Directors (IOD), with World Environment Foundation (WEF), Federation of Indian Chamber of Commerce and Industry (FICCI), World Council for Corporate Governance (WCFCG) and Centre for Corporate Governance. • Mr menon stated that they have formed committees to monitor and guide various aspects of business. This helped them to steer well during turbulent times like gulf war an sars . • Govt of India tourism Award-Best Travel Agency. • Won this earlier in 2002. 8/29/2013 Group 7 8
  9. 9. Corporate Social Responsibility • Corporate initiative to assess and take responsibility for the company's effects on the environment and impact on social welfare. The term generally applies to company efforts that go beyond what may be required by regulators or environmental protection groups. 8/29/2013 9Group 7
  10. 10. Components of Corporate Social Responsibility • Consumers • Suppliers • Employees • Local community • Environment 8/29/2013 10Group 7
  11. 11. CSR strategy of Thomas cook • Education and Industry • Charity and cause related marketing • Corporate community engagement • Employee volunteering 8/29/2013 11Group 7
  12. 12. Aviation and climate change. • Problem- man-made climate changes like rising sea levels and pollution a reality and one that poses a serious threat to populations around the world. • Solutions by Thomas cook- Carbon reduction 8/29/2013 12Group 7
  13. 13. Supporting destination communities • Problem- Some of the regions our customers visit for their holidays are very poor or have social and environmental challenges. • Solutions by Thomas cook- Sustainable Tourism Policy, we see it as our responsibility to support these communities, not only with the income that tourism provides but also by helping them to address their social and environmental concerns. 8/29/2013 13Group 7
  14. 14. Protecting children • Problems-A distressing by-product of the tourism industry is that it creates opportunities for children to be exploited sexually. Solutions by Thomas cook- Thomas Cook Group is partnering with the international organisation ECPAT (End Child Prostitution, Child Pornography and the Trafficking of Children for Sexual Purposes). 8/29/2013 14Group 7
  15. 15. Partnering with suppliers Problem- One of the challenges of tackling sustainability issues is that responsibility for environmental and social impacts is often shared. Solutions- Thomas cook has partnered with Travelife which supports hoteliers to implement sustainability measures and to help customers reduce their impacts. By training there employees as Travelife auditors, we can encourage the hotels to win Travelife awards. 8/29/2013 15Group 7
  16. 16. Thomas cook’s take on quality • With their vision of ‘going further to make dreams come true’, it is important to them that our holidays offer the highest-quality experiences to our customers. Managing the quality of their products is also good for business. 8/29/2013 16Group 7
  17. 17. Animal welfare • Tourism impacts on animals in and around destination communities: both those in tourist attractions like dolphinariums, and those whose habitats holidaymakers enter, such as turtles that lay their eggs on beaches. Under the EU Amsterdam Treaty, it was recognised that all vertebrate animals are capable of feeling pain and distress. 8/29/2013 17Group 7
  18. 18. CSR- Thomas Cook India • Thomas Cook Cares – focus on women empowerment, education, health, environment and wildlife, arts and crafts • Sets aside Rs. 10 Lakh every year for this purpose, under 5 employees nominated as trustees 8/29/2013 Group 7 18
  19. 19. Jeevan Jyot Centre • in collaboration with Nirmala Niketan College for Social work, Mumbai • Strategic support for people affected by STDs • Apprise the affected adults about various government schemes for financial and rehabilitative support 8/29/2013 Group 7 19
  20. 20. Residential School, Kolhapur • For 50 mentally challenged students from villages around Kolhapur • Take care of basic amenities for both teachers and students 8/29/2013 Group 7 20
  21. 21. Education • Center of Learning- MOU with IITTM to start PGDM (International Tourism Business) • Thomas Cook will provide practical exposure and training • Disha – a platform which invites research papers on tourism management Note: Dr. Mishra held the post of director, IITTM in 1983. 8/29/2013 Group 7 21
  22. 22. Other Notable Events • Cancer detection camps on World No Tobacco Day (May 31) • Planting 200+ sapling on world Environment day 8/29/2013 Group 7 22