The document outlines issues with governance structures in the Tata Group, which consists of Tata Trusts that own 66% of Tata Sons, an investment company that owns stakes in operating companies like the recipient's company. The author, Cyrus Mistry, expresses concerns that the lack of checks and balances on the Tata Trusts' governance poses risks, and that a new governance framework is needed to protect stakeholders' interests in Tata Sons and operating companies. He also details his strategy and initiatives to strengthen the Tata Group since becoming chairman in 2012, before being abruptly removed in 2016.
The document provides information about the Tata Group, a major Indian conglomerate. It discusses the group's founding in 1868 by Jamsetji Tata. It details the evolution of the group over time with the establishment of various companies. It also discusses key people involved with the group like Ratan Tata and Cyrus Mistry, including Mistry's removal as chairman of Tata Sons in 2016 which led to tensions. The future leadership and direction of the large Tata Group is currently uncertain as it searches for a new long-term chairman.
The Tata Group is a large Indian multinational conglomerate founded in 1868 and headquartered in Mumbai, India. It operates in over 100 countries and comprises over 100 companies in sectors including IT, steel, engineering, energy, and automotive. Some major Tata companies include Tata Consultancy Services, Tata Steel, Tata Motors, Tata Power, and Taj Hotels. The Tata Group is owned and led by Tata Sons and is renowned for its philanthropic activities through established institutes and trusts.
The Tata VS Mistry case involved a controversy over Cyrus Mistry's removal as chairman of Tata Sons. Mistry had been appointed chairman in 2012 but was removed by the board in October 2016. Reasons for his removal included conflicts of interest with his family's business, decisions made without board approval, and attempts to change the strategies of Tata companies. His removal damaged the reputation of the Tata Group and caused stock prices of Tata companies to fall. The removal was challenged in courts and eventually N Chandrasekaran was appointed as the new chairman in January 2017. The case highlighted issues of corporate governance in large Indian companies.
Cyrus Mistry was appointed chairman of the Tata Group in 2012 but was removed in 2016. He faced many challenges in managing the large conglomerate, including turning around struggling businesses like Tata Steel UK. Mistry aggressively pursued selling off unprofitable units and reducing dividends, angering shareholders. Tensions grew as Mistry tried to install his own team and centralize performance tracking, while emphasizing profitability across all diverse businesses. Ultimately, Mistry's removal was due to his failure to stabilize Tata Steel, aggressive cost-cutting, and combative relationship with executives and shareholders like the Tata Trusts.
Entire TATA MISTRY DISPUTE based on the Information available on the Internet. It contains the Claims of Mr.Cyrus Pallonji Mistry and all remarks made by NCLT and NCLAT.
1. Cyrus Mistry, age 43, has been selected as the new chairman of Tata Sons, replacing Ratan Tata who is retiring after leading the company for over 20 years.
2. While Mistry and Tata differ in age and background, with Mistry being younger and coming from the Shapoorji Pallonji family which has had a long relationship with Tata, both are described as humble and low-profile.
3. The selection of Mistry over Tata's half-brother Noel, who was seen as the heir apparent, came as a surprise to some given Noel's rising career in leadership roles in various Tata companies in recent years.
Jamsetji Tata was an Indian pioneer industrialist who founded the Tata Group, India's biggest conglomerate. He is regarded as the "Father of Indian Industry." He established several important companies, including Tata Steel and the Taj Mahal Hotel in Mumbai. While he did not live to see some of his major projects completed, such as the planned iron and steel company, his sons and relatives helped build the Tata Group into the business empire it is today. The Tata Group remains one of India's largest companies, with interests in many industries.
Ratan Tata is the current Chairman of Tata Group, India's largest conglomerate established by earlier generations of his family. He studied in India and the US, obtaining management degrees. He joined Tata Group on his grandmother's insistence and was appointed Chairman in 1991. Under his leadership, Tata Group saw major acquisitions and the listing of companies on international stock exchanges. Ratan Tata is known for his dignified, ethical leadership and motivating employees.
The document provides information about the Tata Group, a major Indian conglomerate. It discusses the group's founding in 1868 by Jamsetji Tata. It details the evolution of the group over time with the establishment of various companies. It also discusses key people involved with the group like Ratan Tata and Cyrus Mistry, including Mistry's removal as chairman of Tata Sons in 2016 which led to tensions. The future leadership and direction of the large Tata Group is currently uncertain as it searches for a new long-term chairman.
The Tata Group is a large Indian multinational conglomerate founded in 1868 and headquartered in Mumbai, India. It operates in over 100 countries and comprises over 100 companies in sectors including IT, steel, engineering, energy, and automotive. Some major Tata companies include Tata Consultancy Services, Tata Steel, Tata Motors, Tata Power, and Taj Hotels. The Tata Group is owned and led by Tata Sons and is renowned for its philanthropic activities through established institutes and trusts.
The Tata VS Mistry case involved a controversy over Cyrus Mistry's removal as chairman of Tata Sons. Mistry had been appointed chairman in 2012 but was removed by the board in October 2016. Reasons for his removal included conflicts of interest with his family's business, decisions made without board approval, and attempts to change the strategies of Tata companies. His removal damaged the reputation of the Tata Group and caused stock prices of Tata companies to fall. The removal was challenged in courts and eventually N Chandrasekaran was appointed as the new chairman in January 2017. The case highlighted issues of corporate governance in large Indian companies.
Cyrus Mistry was appointed chairman of the Tata Group in 2012 but was removed in 2016. He faced many challenges in managing the large conglomerate, including turning around struggling businesses like Tata Steel UK. Mistry aggressively pursued selling off unprofitable units and reducing dividends, angering shareholders. Tensions grew as Mistry tried to install his own team and centralize performance tracking, while emphasizing profitability across all diverse businesses. Ultimately, Mistry's removal was due to his failure to stabilize Tata Steel, aggressive cost-cutting, and combative relationship with executives and shareholders like the Tata Trusts.
Entire TATA MISTRY DISPUTE based on the Information available on the Internet. It contains the Claims of Mr.Cyrus Pallonji Mistry and all remarks made by NCLT and NCLAT.
1. Cyrus Mistry, age 43, has been selected as the new chairman of Tata Sons, replacing Ratan Tata who is retiring after leading the company for over 20 years.
2. While Mistry and Tata differ in age and background, with Mistry being younger and coming from the Shapoorji Pallonji family which has had a long relationship with Tata, both are described as humble and low-profile.
3. The selection of Mistry over Tata's half-brother Noel, who was seen as the heir apparent, came as a surprise to some given Noel's rising career in leadership roles in various Tata companies in recent years.
Jamsetji Tata was an Indian pioneer industrialist who founded the Tata Group, India's biggest conglomerate. He is regarded as the "Father of Indian Industry." He established several important companies, including Tata Steel and the Taj Mahal Hotel in Mumbai. While he did not live to see some of his major projects completed, such as the planned iron and steel company, his sons and relatives helped build the Tata Group into the business empire it is today. The Tata Group remains one of India's largest companies, with interests in many industries.
Ratan Tata is the current Chairman of Tata Group, India's largest conglomerate established by earlier generations of his family. He studied in India and the US, obtaining management degrees. He joined Tata Group on his grandmother's insistence and was appointed Chairman in 1991. Under his leadership, Tata Group saw major acquisitions and the listing of companies on international stock exchanges. Ratan Tata is known for his dignified, ethical leadership and motivating employees.
Ratan Tata is the former chairman of Tata Sons and headed the Tata Group from 1991 to 2012. He received a bachelor's degree in architecture from Cornell University in 1962. After joining the Tata Group in 1962, he took over as chairman in 1991 and led the company's expansion globally through strategic acquisitions. Under his leadership, the Tata Group became one of India's largest multinational business conglomerates, with revenues of over $100 billion and operations in more than 100 countries. Some of his major accomplishments include launching the Tata Nano, the world's cheapest car, and acquiring British brands like Tetley, Jaguar Land Rover, and Corus Steel.
The Tata Group is a large Indian multinational conglomerate holding company headquartered in Mumbai, India. It comprises over 100 operating companies in seven business sectors which have established operations in more than 85 countries worldwide. The Tata Group was founded in 1868 by Jamsetji Tata and has grown significantly over the years to become one of the largest private sector business conglomerates in India.
Ratan Tata has led the Tata Group, India's largest conglomerate, since 1991. Under his leadership, the Tata Group has expanded into various sectors such as engineering, energy, chemicals, services, consumer products, information systems, automobiles, and philanthropy. The Tata Group operates over 80 companies and is India's largest private employer with over 200,000 employees. It has transformed from a diversified industrial group into a global enterprise through strategic acquisitions and expanding into new business lines and international markets.
Tata Group is an Indian conglomerate founded in 1868 with over 100 operating companies. It has diversified into many industries including chemicals, consumer products, services, engineering, energy, steel, and core sciences. The group pioneered many firsts in India such as the first steel plant, first power plant, first luxury hotel chain, and first passenger car. It is known for its strong focus on employee welfare and corporate social responsibility initiatives in areas like healthcare, education, and women's empowerment.
Jamsetji Tata (1839-1904) was an Indian pioneer industrialist who founded the Tata Group. He was born in Navsari, Gujarat and studied at Elphinstone College. In 1868, he founded a trading company that would later become the Tata Group. Some of Jamsetji Tata's major accomplishments include founding Tata Steel, which became India's largest steel company, and the Indian Institute of Science. Though he envisioned starting a steel company, hydroelectric plant, and hotel, only the Taj Mahal Palace Hotel was completed in his lifetime. Jamsetji Tata is credited with building the foundations of the Tata Group and India's industrial development.
Ratan Tata is an Indian businessman who served as the Chairman of Tata Sons. He joined the Tata Group in 1962 and succeeded his uncle as Chairman in 1991 [1]. Under his leadership, the Tata Group expanded globally with major acquisitions and launched new businesses [2]. Some of his key achievements include launching Tata Indica, India's first indigenously manufactured car, acquiring Tetley and Corus Steel, and leading TCS's expansion [3]. However, some of his decisions also faced criticism from environmentalists and concerns around the Corus acquisition price. In 2016, he was reappointed as interim chairman after Cyrus Mistry was removed from the role.
Ratan Tata and Tata group of industriesRohit Singh
Ā
Ratan Tata is an Indian businessman and former chairman of Tata Sons. He took over as chairman in 1981 and led the company's expansion from a large domestic business into a global conglomerate. Some key accomplishments include acquiring Tetley Tea, launching Tata Sky and Tata Docomo, purchasing Jaguar Land Rover, and introducing the Tata Nano as the cheapest car in the world. Under Tata's leadership, the group diversified into various industries and established a presence in over 100 countries. He stepped down as chairman in 2012 after leading the company for over 30 years.
This document provides background information on Ratan Tata, the former chairman of Tata Group. It discusses his childhood and family background, early career working for Tata Steel, and achievements as chairman where he led major acquisitions and expansions of Tata companies globally. As a strategic leader, Ratan Tata is praised for his visionary and risk-taking approach to transforming the Tata Group into a multi-national conglomerate.
Ratan Tata is a renowned Indian industrialist and philanthropist. Over 65% of his wealth is invested in charitable trusts focused on improving quality of life and human development in India. He believes philanthropy is about nation building, not just developing institutions. Throughout his career, Tata has helped expand the Tata Group into various sectors through strategic acquisitions and partnerships, transforming it into a global conglomerate. He is admired for his visionary leadership and generous philanthropy.
The Tata Group is India's largest and most trusted multinational conglomerate that was founded in 1868 by Jamsetji Nusserwanji Tata. It has operations in over 80 countries across 6 continents and its companies export products and services to more than 120 nations. The Tata Group employs over 475,000 people. It was initially established as a trading company and has since expanded to include companies in various sectors such as steel, power, aviation, chemicals and consumer goods. The Tata Group has a strong organizational culture that places high importance on ethics, moral values, open communication and valuing employee opinion.
Ratan Tata led the Tata Group's transformation into a global conglomerate through strategic acquisitions. However, the Group's reputation for integrity was questioned during the 2010 2G spectrum scandal. Phone conversations revealed the Tata Group received preferential treatment obtaining telecom licenses. While Ratan Tata denied wrongdoing, the Supreme Court later cancelled Tata Teleservices' licenses. As Tata prepared to retire, maintaining the Group's values during further expansion posed an ongoing challenge.
JRD Tata was the son of Mr. Ratanji Dadabhai Tata. He played a critical role in increasing India's scientific, medical, and artistic capabilities. He joined the Tata Group in 1925 and helped modernize it into new areas such as telecom, passenger cars, retail, and biotech. Under his leadership, Tata Steel became the world's lowest-cost steel producer. He also introduced India's first indigenous car, the Indica, and later the Tata Nano, which nearly doubled the value of Tata Motors. JRD Tata passed away in 1993 in Geneva at the age of 89.
ETHICAL LEADERSHIP: RATAN TATA AND INDIAāS TATA GROUPAnshul Gupta
Ā
This document provides an overview of ethical leadership at the Tata Group in India. It discusses how under the leadership of Ratan Tata, the group emphasized principles of integrity, trust, and social responsibility. However, in 2010 the group was implicated in India's 2G spectrum scandal, bringing its reputation into question. The document examines the challenges of operating ethically in emerging markets prone to corruption, and whether ethical leadership can help address these challenges.
The document provides an overview of the Tata Group, a large Indian multinational conglomerate. It discusses the group's history dating back to 1868, its expansion into various sectors such as engineering, energy, chemicals, and consumer products. It also mentions some of the group's acquisitions, awards, innovation initiatives, philanthropic activities, and controversies surrounding land acquisition. The Tata Group operates over 80 companies and is India's largest private employer with over 400,000 employees worldwide.
Ratan Tata has had a significant impact leading the Tata Group. He took over as chairman in 1991 and expanded the company's global operations, pursuing major acquisitions like Tetley, Corus Steel, Jaguar Land Rover. Under his leadership, the Tata Group launched new products like the Tata Nano and grew to become one of India's largest conglomerates with over $100 billion in revenue. Ratan Tata will be retiring in 2012 at age 75, and the board is still searching for a successor to lead the company into the future.
Ratan Tata has had a long and successful career leading the Tata Group. Under his leadership from 1991 to 2012, the Tata Group expanded significantly into new industries and global markets. Some key accomplishments include launching the Tata Indica car in 1998, acquiring Tetley and Corus Steel, and purchasing Jaguar Land Rover from Ford. Tata is recognized for encouraging innovation and taking risks on projects like the ultra-low-cost Tata Nano. He demonstrates visionary and inspirational leadership qualities with a focus on ethics, social responsibility, and creating opportunities for India.
Ratan Tata had a shaky start in the Tata Group, with his first two assignments, Nelco and Empress Mills, facing difficulties. However, he turned Nelco around before economic issues caused problems again. He was appointed chairman of Tata Industries in 1981. As chairman, he strengthened the Tata Group's values of integrity, understanding, excellence, unity and responsibility. Ratan Tata received several honors for his business leadership and transforming the Tata Group into a global brand while maintaining its values.
Ratan Tata graduated from Cornell University with a degree in architecture and engineering. He joined Tata Steel in 1962 and took over as chairman of Tata Group in 1991. During his tenure, Tata Group's revenues grew over 30 times and it made several strategic acquisitions including Tetley, Jaguar Land Rover, and Corus Steel. He is recognized for transforming Tata into a global conglomerate and launching affordable cars like the Nano to fulfill his vision of an "automobile for the common man." Ratan Tata received several prestigious awards for his leadership and philanthropy including India's second highest civilian honor Padma Vibhushan.
Independent directors are Hardly IndependentPuneet_Piyush
Ā
The document discusses the role and responsibilities of independent directors on company boards in India according to Clause 49 of the listing agreement. It states that independent directors should comprise at least one third of boards where the chairman is non-executive, and half where the chairman is executive. Independent directors are responsible for ensuring accurate financial reporting, risk management and legal compliance. However, many current independent directors hold multiple roles and have close ties with company promoters, weakening their independence. Reforms are needed to improve independent director qualifications, time commitments, and true independence from company management.
Role And Responsibilities Of Independent DirectorsRobin Kapoor
Ā
The document discusses the role and responsibilities of independent directors under corporate governance regulations and laws. It provides context on why independent directors are needed due to modern corporations having a variety of stakeholders apart from shareholders. It then summarizes key principles from OECD guidelines on the role of independent directors in ensuring transparent governance, protecting shareholder and stakeholder rights, and providing oversight of management. The document also discusses definitions of independent directors in various codes and potential legal liabilities.
Ratan Tata is the former chairman of Tata Sons and headed the Tata Group from 1991 to 2012. He received a bachelor's degree in architecture from Cornell University in 1962. After joining the Tata Group in 1962, he took over as chairman in 1991 and led the company's expansion globally through strategic acquisitions. Under his leadership, the Tata Group became one of India's largest multinational business conglomerates, with revenues of over $100 billion and operations in more than 100 countries. Some of his major accomplishments include launching the Tata Nano, the world's cheapest car, and acquiring British brands like Tetley, Jaguar Land Rover, and Corus Steel.
The Tata Group is a large Indian multinational conglomerate holding company headquartered in Mumbai, India. It comprises over 100 operating companies in seven business sectors which have established operations in more than 85 countries worldwide. The Tata Group was founded in 1868 by Jamsetji Tata and has grown significantly over the years to become one of the largest private sector business conglomerates in India.
Ratan Tata has led the Tata Group, India's largest conglomerate, since 1991. Under his leadership, the Tata Group has expanded into various sectors such as engineering, energy, chemicals, services, consumer products, information systems, automobiles, and philanthropy. The Tata Group operates over 80 companies and is India's largest private employer with over 200,000 employees. It has transformed from a diversified industrial group into a global enterprise through strategic acquisitions and expanding into new business lines and international markets.
Tata Group is an Indian conglomerate founded in 1868 with over 100 operating companies. It has diversified into many industries including chemicals, consumer products, services, engineering, energy, steel, and core sciences. The group pioneered many firsts in India such as the first steel plant, first power plant, first luxury hotel chain, and first passenger car. It is known for its strong focus on employee welfare and corporate social responsibility initiatives in areas like healthcare, education, and women's empowerment.
Jamsetji Tata (1839-1904) was an Indian pioneer industrialist who founded the Tata Group. He was born in Navsari, Gujarat and studied at Elphinstone College. In 1868, he founded a trading company that would later become the Tata Group. Some of Jamsetji Tata's major accomplishments include founding Tata Steel, which became India's largest steel company, and the Indian Institute of Science. Though he envisioned starting a steel company, hydroelectric plant, and hotel, only the Taj Mahal Palace Hotel was completed in his lifetime. Jamsetji Tata is credited with building the foundations of the Tata Group and India's industrial development.
Ratan Tata is an Indian businessman who served as the Chairman of Tata Sons. He joined the Tata Group in 1962 and succeeded his uncle as Chairman in 1991 [1]. Under his leadership, the Tata Group expanded globally with major acquisitions and launched new businesses [2]. Some of his key achievements include launching Tata Indica, India's first indigenously manufactured car, acquiring Tetley and Corus Steel, and leading TCS's expansion [3]. However, some of his decisions also faced criticism from environmentalists and concerns around the Corus acquisition price. In 2016, he was reappointed as interim chairman after Cyrus Mistry was removed from the role.
Ratan Tata and Tata group of industriesRohit Singh
Ā
Ratan Tata is an Indian businessman and former chairman of Tata Sons. He took over as chairman in 1981 and led the company's expansion from a large domestic business into a global conglomerate. Some key accomplishments include acquiring Tetley Tea, launching Tata Sky and Tata Docomo, purchasing Jaguar Land Rover, and introducing the Tata Nano as the cheapest car in the world. Under Tata's leadership, the group diversified into various industries and established a presence in over 100 countries. He stepped down as chairman in 2012 after leading the company for over 30 years.
This document provides background information on Ratan Tata, the former chairman of Tata Group. It discusses his childhood and family background, early career working for Tata Steel, and achievements as chairman where he led major acquisitions and expansions of Tata companies globally. As a strategic leader, Ratan Tata is praised for his visionary and risk-taking approach to transforming the Tata Group into a multi-national conglomerate.
Ratan Tata is a renowned Indian industrialist and philanthropist. Over 65% of his wealth is invested in charitable trusts focused on improving quality of life and human development in India. He believes philanthropy is about nation building, not just developing institutions. Throughout his career, Tata has helped expand the Tata Group into various sectors through strategic acquisitions and partnerships, transforming it into a global conglomerate. He is admired for his visionary leadership and generous philanthropy.
The Tata Group is India's largest and most trusted multinational conglomerate that was founded in 1868 by Jamsetji Nusserwanji Tata. It has operations in over 80 countries across 6 continents and its companies export products and services to more than 120 nations. The Tata Group employs over 475,000 people. It was initially established as a trading company and has since expanded to include companies in various sectors such as steel, power, aviation, chemicals and consumer goods. The Tata Group has a strong organizational culture that places high importance on ethics, moral values, open communication and valuing employee opinion.
Ratan Tata led the Tata Group's transformation into a global conglomerate through strategic acquisitions. However, the Group's reputation for integrity was questioned during the 2010 2G spectrum scandal. Phone conversations revealed the Tata Group received preferential treatment obtaining telecom licenses. While Ratan Tata denied wrongdoing, the Supreme Court later cancelled Tata Teleservices' licenses. As Tata prepared to retire, maintaining the Group's values during further expansion posed an ongoing challenge.
JRD Tata was the son of Mr. Ratanji Dadabhai Tata. He played a critical role in increasing India's scientific, medical, and artistic capabilities. He joined the Tata Group in 1925 and helped modernize it into new areas such as telecom, passenger cars, retail, and biotech. Under his leadership, Tata Steel became the world's lowest-cost steel producer. He also introduced India's first indigenous car, the Indica, and later the Tata Nano, which nearly doubled the value of Tata Motors. JRD Tata passed away in 1993 in Geneva at the age of 89.
ETHICAL LEADERSHIP: RATAN TATA AND INDIAāS TATA GROUPAnshul Gupta
Ā
This document provides an overview of ethical leadership at the Tata Group in India. It discusses how under the leadership of Ratan Tata, the group emphasized principles of integrity, trust, and social responsibility. However, in 2010 the group was implicated in India's 2G spectrum scandal, bringing its reputation into question. The document examines the challenges of operating ethically in emerging markets prone to corruption, and whether ethical leadership can help address these challenges.
The document provides an overview of the Tata Group, a large Indian multinational conglomerate. It discusses the group's history dating back to 1868, its expansion into various sectors such as engineering, energy, chemicals, and consumer products. It also mentions some of the group's acquisitions, awards, innovation initiatives, philanthropic activities, and controversies surrounding land acquisition. The Tata Group operates over 80 companies and is India's largest private employer with over 400,000 employees worldwide.
Ratan Tata has had a significant impact leading the Tata Group. He took over as chairman in 1991 and expanded the company's global operations, pursuing major acquisitions like Tetley, Corus Steel, Jaguar Land Rover. Under his leadership, the Tata Group launched new products like the Tata Nano and grew to become one of India's largest conglomerates with over $100 billion in revenue. Ratan Tata will be retiring in 2012 at age 75, and the board is still searching for a successor to lead the company into the future.
Ratan Tata has had a long and successful career leading the Tata Group. Under his leadership from 1991 to 2012, the Tata Group expanded significantly into new industries and global markets. Some key accomplishments include launching the Tata Indica car in 1998, acquiring Tetley and Corus Steel, and purchasing Jaguar Land Rover from Ford. Tata is recognized for encouraging innovation and taking risks on projects like the ultra-low-cost Tata Nano. He demonstrates visionary and inspirational leadership qualities with a focus on ethics, social responsibility, and creating opportunities for India.
Ratan Tata had a shaky start in the Tata Group, with his first two assignments, Nelco and Empress Mills, facing difficulties. However, he turned Nelco around before economic issues caused problems again. He was appointed chairman of Tata Industries in 1981. As chairman, he strengthened the Tata Group's values of integrity, understanding, excellence, unity and responsibility. Ratan Tata received several honors for his business leadership and transforming the Tata Group into a global brand while maintaining its values.
Ratan Tata graduated from Cornell University with a degree in architecture and engineering. He joined Tata Steel in 1962 and took over as chairman of Tata Group in 1991. During his tenure, Tata Group's revenues grew over 30 times and it made several strategic acquisitions including Tetley, Jaguar Land Rover, and Corus Steel. He is recognized for transforming Tata into a global conglomerate and launching affordable cars like the Nano to fulfill his vision of an "automobile for the common man." Ratan Tata received several prestigious awards for his leadership and philanthropy including India's second highest civilian honor Padma Vibhushan.
Independent directors are Hardly IndependentPuneet_Piyush
Ā
The document discusses the role and responsibilities of independent directors on company boards in India according to Clause 49 of the listing agreement. It states that independent directors should comprise at least one third of boards where the chairman is non-executive, and half where the chairman is executive. Independent directors are responsible for ensuring accurate financial reporting, risk management and legal compliance. However, many current independent directors hold multiple roles and have close ties with company promoters, weakening their independence. Reforms are needed to improve independent director qualifications, time commitments, and true independence from company management.
Role And Responsibilities Of Independent DirectorsRobin Kapoor
Ā
The document discusses the role and responsibilities of independent directors under corporate governance regulations and laws. It provides context on why independent directors are needed due to modern corporations having a variety of stakeholders apart from shareholders. It then summarizes key principles from OECD guidelines on the role of independent directors in ensuring transparent governance, protecting shareholder and stakeholder rights, and providing oversight of management. The document also discusses definitions of independent directors in various codes and potential legal liabilities.
Cyrus Mistry is an Irish-Parsi businessman who was selected to be the next Chairman of Tata Sons, taking over from Ratan Tata in December 2012. He is the youngest son of construction magnate Pallonji Mistry and graduated from Imperial College London with a degree in civil engineering. Under his leadership, Shapoorji Pallonji Group expanded significantly in construction and diversified into infrastructure development. He has served on the boards of many Tata companies since 2006 and was chosen as the consensus successor to Ratan Tata due to his experience, family connections, and compatibility with Tata.
The presentation discusses various aspects of Corporate Governance and involved issues, keeping in view the recent developments and controversies arose in conglomerates such as Tata and Infosys. It aims at portraying the extant position in filed of Corporate Governance vis-a-vis a pragmatic view of what it would be.
Ratan Tata was born in 1937 in Bombay, India. He was raised primarily by his grandmother after his parents separated when he was young. He earned engineering and business degrees from Cornell and Harvard. Tata joined the Tata Group in 1962 and became chairman in 1991. Under his leadership, Tata transformed the company into a global business through acquisitions like Tetley, Jaguar Land Rover, and Corus. He launched initiatives like the Tata Nano, India's cheapest car, before retiring in 2012. Tata is recognized for his vision, leadership, ethics, and transforming the Tata Group into a major multinational conglomerate.
Corporate Governance: Designing a service that adds valueRichard McLean
Ā
If project governance can slow down delivery, an organisation's corporate governance - which is often further removed from delivery teams - can be an even bigger blocker, an even greater hurdle to get over. This case study is the story of how at the Food Standards Agency we're changing corporate governance so that it supports delivery.
Corporate governance is a key area in the 'environment' surrounding delivery teams. It has the power to massively impact (or even block) delivery, yet it is traditionally very rigid and waterfall. At the Food Standards Agency, we're thinking about who 'uses' the corporate governance, and using service design thinking to shape the service so that it is responsive to their user needs.
GlaxoSmithKline (GSK) has a strong code of conduct that emphasizes honesty, integrity, and compliance with all legal and regulatory requirements. GSK provides guidance and support for employees, backed by rigorous auditing and disciplinary action for misconduct. The code promotes ethical business practices that benefit stakeholders, and employees are encouraged to seek advice regarding ethical situations.
Corporate governance refers to the structures and processes used to direct and manage companies in the interests of all stakeholders. The basic principles of corporate governance include accountability, transparency, fairness, integrity, responsibility and commitment. Good corporate governance enhances company performance, access to capital, and long-term prosperity while providing barriers against corruption. Both public and private sectors benefit from good corporate governance through better management, resource allocation, and reduced financial risk.
The document discusses various aspects of corporate governance including:
1. The history and key concepts of corporate governance such as the separation of ownership and control.
2. The roles of boards of directors, accountants, banks, creditors, shareholders and regulations in ensuring good corporate governance.
3. Emerging issues like the Sarbanes-Oxley Act and reforms in the Philippines.
CSR in India is in a very nascent stage. It is still one of the least understood initiatives in the Indian development sector. It is followed by a handful of public companies as dictated by the very basis of their existence, and by a few private companies, with international shareholding as this is the practice followed by them in their respective foreign country. Thus the situation is far from perfect as the emphasis is not on social good but rather on a policy that needs to be implemented. But the situation is changing, CSR is coming out of the purview of ādoing social goodā and is fast becoming a ābusiness necessityā. The ābusiness caseā for CSR is gaining ground and corporate houses are realizing that āwhat is good for workers - their community, health, and environment is also good for the businesses.
The Tata Group is one of India's largest and oldest business conglomerates, founded in 1868. It operates in over 100 countries across seven business sectors. The Tatas are known for their leadership in industries like steel, automobiles, IT, and more. They also have a strong commitment to ethics and social responsibility, with the majority of profits going to philanthropic causes. Looking to the future, the Tatas aim to build world-class businesses through innovation while balancing interests of shareholders, employees, and society.
Ratan Tata is a renowned Indian businessman and chairman of Tata Group, one of India's largest conglomerates. He took over as chairman in 1991 and greatly expanded the company, growing its revenues to over $100 billion by 2011. Under his leadership, Tata Motors acquired Jaguar Land Rover, and he oversaw the launch of affordable cars that increased Tata's presence in emerging markets. Tata focused on developing new technologies and bringing high-quality jobs to India. He retired in 2012 after leading the company for more than 20 years and establishing it as one of the largest global business groups.
Ratan Tata is a renowned Indian businessman who served as the chairman of Tata Group from 1991 to 2012. Under his leadership, Tata Group expanded significantly through strategic acquisitions such as Tetley, VSNL, Corus Steel, Jaguar Land Rover, and became a global conglomerate. Tata is praised for his vision, integrity, and pushing Indian companies to become globally competitive while maintaining the values of the Tata Group like ethics and community responsibility. The document discusses Tata's principles, leadership skills, social initiatives, and some of the major achievements and awards he received during his time as chairman.
1) The Tata Group has a long history of corporate social responsibility (CSR) initiatives dating back to its founder Jamsetji Tata in the 1860s. Nearly two thirds of Tata Group equity is held by philanthropic trusts that give away 8-14% of annual profits.
2) Under Ratan Tata's leadership from 1991-2012, the Tata Group further institutionalized CSR and pursued a triple bottom line approach of maximizing financial, social and environmental returns. The Group focuses on initiatives like education, healthcare, disaster relief, and rural development.
3) Studies show the Tata Group spends more on CSR annually than any other Indian corporate house. Through dedicated organizations like the
This document provides an overview of the structure and culture of the Tata Group, a large Indian conglomerate. It discusses how the Tata Group is structured differently than typical Western conglomerates, with its holding companies Tata Sons and Tata Industries owning controlling stakes in diverse business companies. It also describes the unique "Tata-ness" culture that binds the group together. The document outlines various group-level initiatives and services provided to companies, such as the Brand Equity Business Promotion agreement and the Tata Business Excellence Model, which help promote synergies and a common identity across the decentralized group.
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Microsoftās Digital Transformation Framework
McKinseyās Ten Guiding Principles of Digital Transformation
Forresterās Digital Transformation Framework
IDCās Digital Transformation MaturityScape
MITās Digital Transformation Framework
Gartnerās Digital Transformation Framework
Accentureās Digital Strategy & Enterprise Frameworks
Deloitteās Digital Industrial Transformation Framework
Capgeminiās Digital Transformation Framework
PwCās Digital Transformation Framework
Ciscoās Digital Transformation Framework
Cognizantās Digital Transformation Framework
DXC Technologyās Digital Transformation Framework
The BCG Strategy Palette
McKinseyās Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
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13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bonoās Six Thinking Hats
17. Stage-Gate Model
18. Toyotaās Six Steps of Kaizen
19. Microsoftās Digital Transformation Framework
20. Design for Six Sigma (DFSS)
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Representation by Cyrus P Mistry(5-12-16)
1. INDEX: Annexure Statement
Foreword...................................................................................................... 1
My Appointment.......................................................................................... 2
Strategy........................................................................................................ 3
Structure....................................................................................................... 6
Erosion of Governance................................................................................. 8
Governance Breakdown ............................................................................... 9
Flagrant Widespread Breakdown ............................................................... 11
Way Forward .............................................................................................. 12
REPRESENTATION UNDER SECTION 169 OF THE COMPANIES ACT, 2013.
IN RESPECT OF SPECIAL NOTICE FOR REMOVAL OF
MR. CYRUS P. MISTRY AS DIRECTOR
2. 1. It is not often that you as shareholders would have received either a special notice for
removal of a director (āSpecial Noticeā) or a representation from the director
concerned. We indeed live in unique times. In the ordinary course, one would not
expect a representation about a proposal to remove a director when the controlling
shareholder seeks to do so. But this extraordinary general meeting has been called in
extraordinary circumstances. It is my duty to place before you a full perspective of facts
and factors that are in play.
2. I am not addressing this letter to you as shareholders alone, but as key stakeholders in
an institution that has been an integral part of the industrial and socio-economic
development of India. At the outset, I cannot help note that this is a critical juncture in
the history of the Tata Group, a group founded by people of noble intention, nurtured
and tended to by men and women of great vision, setting up institutions along the way
that have come to deļ¬ne India and her development.
3. Our Founderās words resonate with all of us who are a part of the Tata Group:
āIn a free enterprise, the community is not just another stakeholder in business, but is
in fact the very purpose of its existence.ā
4. Jamsetji Tata and his sons Sir Dorabji Tata and Sir Ratan Tata were visionary leaders who
thought beyond the present, envisioning a future for a stronger India. They truly built
not only an industrial empire but were the force behind the Tata Group building
institutions such as the Indian Institute of Science, The Tata Institute of Fundamental
Research, The Tata Institute of Social Sciences and the Tata Memorial Hospital. Their
actions and legacy outlive them individually, and have beneļ¬tted India for a century and
beyond.
5. The Tata Group today has over 660,000 committed employees and over 4 million
shareholders. All our stakeholders are tied together by a belief in the institution and the
values it stands for, as articulated by our Founders. Today I am going to ask you to take
a view on the future of the Tata Group that goes beyond immediate commercial
interests. Today, I urge you to do the right thing, to draw on your strength of character,
to eļ¬ect reform, and to ensure transparency of governance in order to protect an
institution we all, and indeed all in this nation, cherish.
Foreword
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3. My Appointment:
6. My familyās relationship with the Tata Group goes back nearly 75 years. This relationship
was further cemented by a signiļ¬cant stake in Tata Sons over the past 50 years. Our
association has so far been a matter of great pride. On a personal note, I have served on
the boards of multiple Tata operating companies, and since August 2006, on the Tata
Sons Board. Neither my family nor I have thought that our ownership of a substantial
equity stake in Tata Sons gave us a special position in the Tata Group.
7. In 2010, I was placed on the Selection Committee, which was then conducting a search
for a replacement to Mr. Ratan Tata as Group Chairman. After an unsuccessful initial
exploration, both Mr. Ratan Tata and his close personal friend, one Lord Kumar
Bhattacharya approached me individually to be a candidate to chair Tata Sons. After
giving it some thought, I politely declined. Between the businesses that I had built and
those where I had engineered turnarounds, there was enough to give me a sense of
satisfaction as well as challenge. However, as the search progressed, despite
interviewing several global leaders, the Selection Committee was unable to locate a
suitable candidate. I was again asked to reconsider. After consulting my family, and on
being assured by Mr. Ratan Tata that I would be given a free hand, I accepted in the
broader interests of the Tata Group.
8. I had then been somewhat aware of the business challenges and opportunities created
by the acquisition spree that had come to deļ¬ne the Tata Groupās proximate history
before my entry. However, this view as a Tata Sons director had not exposed me to the
gravity of the threats to which the Tata Group was exposed. On a deeper understanding
of the challenges, my resolve only got stronger.
9. I was determined to make the Tata Group stronger and resilient to endure future
challenges. I did not join the Tata Group to craft a personal image for myself. I did not
give any interviews to the press, but instead, used my time to communicate widely to
the internal community that mattered to me the most ā the 660,000 employees of the
Tata Group, who toil to build and maintain the good name of the Tata Brand. I wanted
to set an example by being an accessible Chairman for the employees rather than for
the media to help build a manicured stature. My focus was on reinforcing the
institutional brand āTataā. All my actions as Chairman, as well as my actions since I was
abruptly removed on October 24, 2016, have been driven by this objective: building the
Tata Group as an institution that endures, and protecting the Tata Group from threats
from without and within.
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4. 10. Towards this end, it became evident to me that the Tata Group needs the highest norms
of corporate governance ā something beyond just the imagery that the name evokes
and something that is truly institutionalized with rigour and discipline. That approach
faces a severe challenge from the complex inter-relationships between the Tata Trusts
and Tata Sons, and between Tata Sons and Tata Group companies, such as your
Company. Governance failure at any of these three levels poses the most serious risk to
the future of the wonderful institution of the Tata Group.
11. These past four years have been highly satisfying and rewarding. None of what we
achieved would have been possible but for the tireless eļ¬orts of Tata Groupās devoted
employees and other stakeholders, whose commitment to values, business ethics and
integrity, is truly remarkable. None of what I speak of in this representation in relation
to the breakdown of corporate governance is attributable to this Team Tata. The āTata
Valuesā that Tata Group employees hold close, deserve special protection from the
breakdown of value systems at the leadership level. It is the interest of these committed
employees and stakeholders that is at stake. It is for them that the breakdown in
governance needs repair.
Strategy:
12. When I took charge, I was an āoutsiderā to the inner workings of the Tata Group despite
being no stranger. Before I took oļ¬ce as Executive Chairman, the Board of Tata Sons
had a majority of āinsidersā ā individuals who had served for long in Tata Group
companies. When I took over, due to a variety of factors, ranging from the retirement
of individuals, strategic induction of fresh minds, and new company law requirements,
there was a marked shift in the composition of the Tata Sons Board. Therefore, most of
the directors of Tata Sons too were āoutsidersā.
13. Prior to any group-level strategy development and consequent portfolio decisions, I felt
a need to understand and assess the strategies of individual companies including your
Company. It soon became apparent that much of the Tata Groupās capital was locked
down in ļ¬ve āhot spotsā which were dragging down performance. These put the entire
Tata Group to risk and needed tackling on a war footing.
14. It was evident early on that our strategic risk management processes were not mature
and robust. Our decisions aļ¬ect not just shareholders, but every stakeholder, most
vitally, employees and their families. I am proud to say that today some of our
companies have in place the best enterprise risk management systems.
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5. 15. A mission and vision statement for the Tata Group was developed and unveiled in
July 2014. It would guide the strategy and provide a roadmap until 2025.
The Mission (why we exist), was formulated as:
āTo improve the quality of life of the communities we serve globally through long term
stakeholder value creation based on Leadership with Trustā.
The Vision (a dream with a deadline), was:
ā25% of the worldās population will experience the Tata commitment to improving the
quality of life of customers and communities. As a result, Tata will be amongst the 25
most admired corporate and employer brands globally, with a market capitalization
comparable to the 25 most valuable companies in the world.ā
16. Our strategy could not be only about repairing the āhot spotsā. We simultaneously had
to future-proof the Tata Group with outstanding performance ā companies such as TCS,
JLR, Titan, Voltas and others, which were leaders in their chosen markets. We started
down the journey of unraveling group company cross-holdings, the ļ¬rst of which was
Titan. We invested in growth platforms to move closer to the customer and sought to
create non-cyclical businesses particularly in the consumer products sector and
ļ¬nancial services. We also seeded next generation businesses in the digital and
healthcare space such as Tata Cliq, Tata IQ and Tata Health. Our investment in growth
over the last three years was in excess of USD 25 billion across the Tata Group,
substantially met from internal cash generation.
17. The enormity of the task at hand required a re-think of the Tata Group-level strategic
leadership structure to enable the operating companies including your Company to
harness the full potential of being part of the Tata Group. I hired, from internal and
external human resources, those I believed were the best people in domains such as
business development, corporate aļ¬airs, ethics, brand protection, human resources,
strategy, and technology management to create the Group Executive Council (āGECā).
The GEC was available on call to all operating companies who desired their assistance.
18. The GEC was not a āsuper boardā as some have made out, but was an enabling
think-tank to support management teams. It was always clear that the Managing
Director of an operating company reported to the Board and Chairman of that company,
ensuring no confusion in accountability for performance. We created another forum
with wider participation called the Group Strategy and Policy Forum (āGSPFā). Here, we
deliberated policy framework with CEOs of the Tata Group companies before rolling out,
to ensure alignment and practicality of implementation.
4 of 14
6. 19. The special retirement beneļ¬t plan (āSRBā) for senior management had been created in
the 1990s when salary levels in the Tata Group were very low. As salaries got aligned to
market levels, this plan had the potential to create a substantial future liability, without
being oriented to performance. Besides, it only covered CEOs and executive directors.
We rolled out Long Term Incentive Plan guidelines, that many companies are in the
process of adopting, covering a wider range of members in the leadership team, and
aligning them with a framework of value creation with focus on sustainable and
proļ¬table growth.
20. In the latter part of 2014, we introduced a Governance Guidelines Framework which
was developed with input from over 40 stakeholders, including many independent
directors. I believe this is one of the ļ¬nest documents reļ¬ecting changes in the
regulatory environment for corporate governance, benchmarked against global best
practices. It covered role and responsibility of the Board, independent directors and the
Chairman. It helped deļ¬ne a charter of responsibility for the various Board
sub-committees. Most importantly, it set out the process for evaluation of the Board, its
Chairman and other directors, which played a big role in board eļ¬ectiveness. In line
with my desire to improve the quality of Board deliberations, I reļ¬ned the Tata Business
Excellence Model for evaluation, which would give Boards an independent reļ¬ection of
the Companyās performance on multiple parameters, with particular importance
attached to strategy deployment. The identiļ¬ed strategic imperatives then became part
of the Board agenda for the year.
21. For the Tata Group, Corporate Social Responsibility cannot be divorced from the very
fabric of every Tata employeeās involvement. The Tata Group companies have had a
long history of positively impacting the communities we served ā be it in Jamshedpur,
Pune, Mithapur, Mundra or others. Many companies went beyond the immediate
communities and adopted causes aligned to their interests. We felt that the Tata Group
could play a role in catalysing and bringing to scale some of these initiatives across
companies.
22. The ļ¬rst was Tata Strive three years ago where we provided vocational training to
approximately 30,000 people. We believed that for the future of India, imparting skills
to the young people entering the work force was critical. A team of dedicated
individuals developed content for training, aligned to employability. Our vision was to
impact vocational training of over half a million people annually.
5 of 14
7. We also created Tata Engage, a successful volunteering platform. Over a span of three
years, we scaled up volunteering, to contribute over a million man-hours last year,
placing us in the global top 10 corporate volunteering programmes ā a testament to the
commitment of our Tata Family. With Tata Lead, our diversity initiative, we aspire to
have 1,000 women leaders in the Tata Group by 2020.
23. I do not intend to burden you with how your Company performed and what we did with
your Company, among other Tata Group companies that I chaired. A lot of it is already
in the public domain. You may want to see a snapshot of the highlights kept at
www.cyrusforgovernance.com/highlights.
Structure:
24. Tata Sons, a core investment company, is the promoter of Tata Group companies
including your Company. About 66% of the share capital of Tata Sons is held by Tata
Trusts. The Tata Trusts are āpublic charitable trustsā. The beneļ¬ciaries of these
public charitable trusts are the general public of India. These trusts are not family
trusts as one normally thinks of trusts carrying a family name.
ā¢ Since these trusts are solely for the beneļ¬t of the general public of India, they enjoy
many exemptions under law including exemptions from tax. The role, functions and
actions of the trustees of public charitable trusts are governed by special law. In the
absence of an appropriate governance structure and ethical behaviour of trustees, it
would become an inherent obligation of the government to remedy and repair
breakdown in the governance of such trusts. Therefore, in managing trust property,
the conduct of trustees who oversee the properties and functions of public
charitable trusts has to be of the highest order.
25. The governance of the Tata Trusts is even more sacrosanct. The very future of the Tata
Group lies in how the trustees govern the Tata Trusts, since the main trust property is
the holding of shares in Tata Sons. Trustees are required to discharge their ļ¬duciary
duties by applying their minds to matters before them, questioning, testing, debating,
checking and balancing. The conferment of all decision making power in one man or a
"high commandā among them is unethical, improper and a breach of trust. It is critical
that serious decisions of severe magnitude and consequence are not taken whimsically,
without much thought, or for unstated collateral objectives. It is necessary to have a
strong method of checks and balances in the trusteesā decisions, particularly if decisions
they take could indirectly give them personal beneļ¬ts.
6 of 14
8. 26. Likewise, if the trustees were to start managing the business, overstepping the entire
governance structure in Tata Sons (which, as a core investment company regulated by
the Reserve Bank of India, is required to have its own corporate governance standards),
the trustees would jeopardize their legal status including tax exemptions, and thereby
put to risk the very future of the Tata Group. The ethical conduct by trustees has to be
beyond doubt.
āTherefore, the very vision of the Founders could be under threat unless
governance of the Tata Trusts is reformed and subjected to a compliant
and transparent process of checks and balances.ā
27. Equally, the listed companies in the Tata Group have a majority public shareholding in
the hands of thousands of shareholders and other stakeholders, all of whom are again,
members of the public. Their interests need to be to be protected by the Boards of
Directors of the respective companies.
28. Therefore, a Corporate Governance Framework that reconciles the need for a
transparent, ethical and legally compliant governance of the Tata Group operating
companies in the best interests of all stakeholders, and the need for governance of Tata
Trusts in a manner that does not risk the very purpose of their existence, is critical.
29. Originally, under company law, voting rights attached to shares of any company held in
trust were vested in the hands of a āpublic trusteeā, a government-appointed oļ¬cial.
Therefore, the governance of Tata Sons by trustees of Tata Trusts was subject to the
voting power being exercised by an authority of government in view of the public
interest involved. Even the public trustee could not get involved in the day-to-day
management of the company concerned. In the year 2000, company law was amended
to enable trustees under the relevant trust deeds to exercise the voting rights
themselves. This change led to a shift of immense power from the public trustee to the
hands of the trustees of Tata Trusts, bringing with it the corresponding obligation of
such trustees to be immensely responsible, and indeed ethical, in their own conduct.
30. The Articles of Association of Tata Sons provide a right to the Tata Trusts to nominate
one-third of directors of the Tata Sons Board (āTrustee-Nominated Directorsā). These
Trustee-Nominated Directors had a special veto right ā the power to say ānoā to
any decision of the Tata Sons Board. After I took charge as Executive Chairman, the
Articles of Association of Tata Sons were further modiļ¬ed to ensure that certain
decisions relating to operating companies of the Tata Group were mandatorily placed
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9. before the Tata Sons Board. Through this mechanism, individuals of competence could
apply their minds in taking decisions on the Tata Sons Board in the best interests of Tata
Sons. The Tata trusts would draw comfort from individuals of their choice who would be
involved in decision-making and beneļ¬t from their deliberations and from the input of
the independent directors of Tata Sons. This would enable them to protect the value of
the trust property viz. the shares of Tata Sons held by them in trust.
Erosion of Governance:
31. However, over time, this position got abused. Mr. Ratan Tata, 78, former Chairman, Tata
Sons and Mr. N.A. Soonawala, 81, former Vice-Chairman of Tata Sons, in their capacity
as trustees of Tata Trusts took the veto rights of the Trustee-Nominated Directors as
their entitlement to dictate to these directors how Tata Sons should conduct itself. They
interpreted the Articles of Association to mean that they could call for information and
seek discussions on any subject they considered material. In the view of these trustees,
the Board of Tata Sons was answerable to them and through the Trustee-Nominated
Directors, they could not only call for such information but also dictate what decisions
must be taken by Tata Sons.
32. The Trustee-Nominated Directors too were not only looking over their shoulder for
approval from Mr. Tata and Mr. Soonawala. They were also used merely as an agency of
indirect control by these trustees. Among other instances, control by these trustees can
be seen from them:-
ā¢ directly seeking information about not only Tata Sons but also about individual Tata
Group companies ā in one case, they decided to take umbrage for an acquisition in
line with strategy already approved by the Tata Sons Board with the full consent of
the Trustee-Nominated Directors;
ā¢ dictating decisions on starting a new business ā the starting of two aviation ventures
at the instance of Mr. Ratan Tata and purchases of the joint venture partnerās shares
within two years at a 100% pre-money equity valuation in a loss-making company.
Despite the issues in, and concerns surrounding Air Asia, the Board of Directors of
Tata Sons, at its meeting held on November 17 2016 (which I had not attended
and sought leave of absence), appears to have unanimously approved the full
investment of USD 25 million, which was on hold due to the ļ¬ndings /
recommendations of the auditors.
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10. ā¢ dictating to the Tata Sons Board how the Trustee-Nominated Directors must
comment on and amend minutes of Tata Sons Board Meetings; and
ā¢ getting involved in day-to-day businesses of listed Tata Group companies ā Mr. N.A.
Soonawala wanted to conduct discussions with management and merchant bankers
to dictate transaction structures.
33. Such conduct posted a serious moral hazard apart from a real legal risk to the very
foundation of the Tata Group, exposing the trustees, the directors and management of
Tata Sons as indeed the directors and management of the Tata Group operating
companies to risk of violating the need-to-know principle under securities regulations
for sharing unpublished price sensitive information. In recent weeks, a company
promoted by a recently-inducted Tata Sons director has been penalized by the securities
regulator for violating this very need-to-know principle.
Governance Breakdown:
34. On October 24, 2016, at the scheduled Board Meeting, without any prior notice, I was
purported to have been replaced by Mr. Ratan Tata, with him taking the title of āInterim
Chairmanā. Under the Articles of Association, a Selection Committee must be formed
for removal and replacement of the Chairman. None was formed. The Tata Group
retirement policy prohibiting directors above 75 years of age, initiated at the instance of
Mr. Ratan Tata, was repealed to bring in Mr. Ratan Tata, now approaching 79. In the
history of Tata Sons this was not the ļ¬rst disruption of the retirement policy for Mr.
Ratan Tataās beneļ¬t. The GEC too was disbanded overnight without notice.
35. Just two months before this Board Meeting, three new directors had been inducted into
the Tata Sons Board, two of them, at the personal request of Mr. Ratan Tata in his
capacity as shareholder of Tata Sons. This undermined the role of the Nomination &
Remuneration Committee (āNRCā) of Tata Sons. In good faith, in deference to Mr. Ratan
Tata, I did not seriously object. My team prepared an orientation programme for these
new directors to get a hang of the complex expanse of the Tata Group. This was
scheduled for November 2, 2016 and November 15, 2016. But even before that, these
three directors, who had attended but one other Board Meeting, voted their judgement
on my four-year tenure to replace me with Mr. Ratan Tata. At the Board Meeting, one
of them said to me that the illegal replacement (illegal, because it was contrary to law
and the Articles of Association) had been blessed by opinions of retired Supreme Court
judges and senior counsel. I was promised copies. Till date, none have materialized.
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11. 36. The NRC of Tata Sons had lauded my performance as Executive Chairman on June 28,
2016 and recommended a hike in remuneration for me and the GEC. This had been
unanimously accepted by the Tata Sons Board.
37. Since then, I have been subjected to false and selective leaks, insinuations and innuendo
about why the Tata Sonsā directors would have lost conļ¬dence in an Executive
Chairman. A public statement was made, letters were written to the Prime Minister and
to all employees, stakeholders and CEOs of Tata Group companies. No reasons were
given. I am told that at a meeting of CEOs of Tata Group companies Mr. Ratan Tata was
asked by a CEO why I was removed as Executive Chairman. Mr. Ratan Tata is reported to
have replied that āthe answer will probably go with me to my graveā. Therefore, the
impression sought to be created was that there was something unspeakable underlying
his inexplicable and unreasonable conduct. More importantly, the signal was that
Mr. Ratan Tata had an absolute right to do as he willed without having to explain
himself to anyone.
38. I wrote a conļ¬dential email to 16 individuals ā directors on the Tata Sons Board and
trustees of Tata Trusts ā expressing my thoughts on what they had just done. This mail
became available to the media, and indeed made news. Without basis, the Special
Notice that seeks to remove me as a director of your Company insinuates that the
leakage may be attributable to me. Having staged a coup without reasons, straws are
now being clutched at to manufacture reasons.
39. The Special Notice to remove me as director of your Company has been issued pursuant
to and as a consequence of these actions of Tata Sons. The notice does not contain even
a whisper of a reason for my replacement at Tata Sons as Executive Chairman with
Mr. Ratan Tata. In the same vein of injuring my reputation, the Special Notice alludes to
āa combination of several factorsā for my removal, but no factor is actually referred to.
The Special Notice also alludes to the ācollective wisdomā of Tata Sons seeking my
removal, which is said to be āabsolutely necessary for the future success of the Tata
groupā. One wonders if there was any āwisdomā at all, whether collective or otherwise,
in deciding that:
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12. ā¢ the Selection Committee need not be formed although required by the
Articles of Association;
ā¢ the recent appraisal by the NRC and the Board lauding my performance may
be ignored;
ā¢ appraisal of my performance by nearly 50 independent directors across various
Tata Group company Boards including your Company be ignored; and
ā¢ no reason at all need be given.
40. While two Tata Sons directors abstained, the directors who voted for my replacement
with Mr. Ratan Tata were:
ā¢ three newly-inducted directors who have had just one other Board Meeting to their
credit; and
ā¢ three Trustee-Nominated directors who were merely the agency of control by
Tata Trusts,
demonstrating lack of independent judgement, and disregard of their
ļ¬duciary duty, betraying the conļ¬dence reposed in them by stakeholders.
Flagrant Widespread Breakdown:
41. Since then, a ļ¬agrant disregard for governance and blatant penchant for misconduct
has been demonstrated ā just some examples:
ā¢ Tata Sons General Counsel pressuring Tata Motors Company Secretary to circulate an
unsigned legal opinion from a law ļ¬rm that is advising Tata Sons, to gag the
independent directors from expressing any view on my performance as Chairman of
Tata Motors;
ā¢ Tata Consultancy Services informing stock exchanges that its Chairman stood
replaced at the request of Tata Sons without either calling a Board Meeting or
passing a circular resolution of the Board;
ā¢ Tata Sons General Counsel threatening legal action against a member of the
disbanded GEC for airing his opinion on the unfair conduct by Tata Sons ā contrary to
current jurisprudence on the subject;
ā¢ Key managerial personnel of Tata Chemicals being asked to stage a mutiny against
their Board, with a signature campaign against a potential independent view being
expressed by independent directors, with an incentive that those who signed would
be āprotected by their promoterā;
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13. ā¢ Continued treatment of a director on Tata Global Beverages and Tata Steel Boards as
an āindependent directorā despite being the spouse of a newly-inducted
Trustee-Nominated Director of Tata Sons, who was also promptly made a trustee of
Tata Trusts;
ā¢ Attempting to repeat at the Tata Global Beverages Board, the cloak-and-dagger
conduct practised at the Tata Sons Board and disseminating false information to
stock exchanges;
ā¢ Seven days after the Tata Global Beverages Board Meeting, conveniently reporting
that the audio-video recording of the meeting had broken down, thereby nullifying a
record of proceedings ā only to be followed by an acknowledgement of illegality by
seeking to re-conduct the business of replacing me as Chairman, by circular
resolution;
ā¢ Tata Steel Board passing a circular resolution for change of Chairman of a Board
Meeting, minutes before a pre-scheduled Board Meeting. In parallel, The Guardian,
a newspaper in the UK carrying a report with extensive quotes from one Lord Kumar
Bhattacharya, who has no position in the Tata Group other than being a close
conļ¬dant of Mr. Ratan Tata that Tata Steel would remain committed to the UK for at
least a decade more;
ā¢ Mr. Nusli Wadia, a director on three Tata Group companies being sought to be
removed as director for having spoken up against such misconduct and
misgovernance (termed, āanti-Tata activityā), to intimidate other independent
directors of all companies;
ā¢ Undermining the authority of a listed Tata Group company ā Tata Motors was close
to ļ¬nalizing for the ļ¬rst time, a productivity-based agreement with labour unions.
Mr. Ratan Tata called the labour unions and asked their union leaders for their public
support and in return undermined the introduction of the incentive linked to
productivity. The union leaders were paraded before the waiting media and Tata
Motors did not get the beneļ¬t of a key work reform measure.
Way Forward:
42. What is the way forward from here? It is for you to decide if such nature and quality of
governance is acceptable to you in the oversight of your Companyās operations.
Necessarily, the governance framework needs urgent repair. This cannot happen in
isolation at the level of your Company. For the long-term interests of the Tata Group to
be protected and for the interests of all stakeholders to be secured, Governance Reform
is a must at the level of Tata Sons, and even more importantly, at the level of Tata Trusts.
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14. 43. Without Governance Reform, without checks and balances and without accountability
for conduct of the trustees, serious value erosion for you as members of your Company
is inexorable. There is a crying need to reclaim the glory of the Tata Group.
44. I have treated Mr. Ratan Tata with the respect and dignity that he can command. Indeed,
a retired chairman can always feel that his ālegacyā is under threat. But a retired
chairman can also move on without feeling insecure about his legacy and have the
emotional stature to know that what was once a right decision at one point in time may
not be a right decision at another point in time. Acknowledging that change is a
constant in the dynamic business world and gearing up to adapt to change is what
business leadership is made of.
45. I have made this representation with a sense of pride in what I have done in the past
four years, putting out of my mind, the unfairness I have recently experienced at the
Tata Sons Board. Your Company has no reason to be swayed by the conduct of Tata
Sons. Tata Sons does not guarantee any ļ¬nancial assistance for your Company. In fact,
your Company has done its best to help Tata Sons retain its equity ownership.
46. The Tata brand will remain valuable only so long as the conduct of the Tata Group is
consistent with what the values that the brand stands for. Your Company pays a royalty
to Tata Sons for use of the Tata brand. Inherent in this arrangement is a premise that the
Tata Trusts would conduct themselves in a manner that enables Tata Sons to retain the
sheen of the Tata brand by living the values, ethics and morals that the brand stands for.
47. During the last month many have asked me:
What is the end game? What is the solution? What do I want? Let me say,
this never was about me.
The entire Tata Group, as indeed your Company, is now at an inļ¬ection point. The world
is looking at us. Governments, Indian and foreign, employees, Indian and foreign,
corporates, Indian and foreign, indeed entire societies and industries are watching us.
The actions we collectively take now, is what will deļ¬ne the Tata Groupās future.
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15. 48. At the heart of the sustainability of the Tata Group is Governance Reform, throughout
the institution. This would mean the Government ensuring the working of the Tata
Trusts, which are public charitable trusts, the property of the people of India, have a
deļ¬ned, transparent governance structure. People who have been complicit or have
enabled ethical and legal transgressions or have demonstrated a blatant disregard for
good governance should not be allowed continue. The governance charter across the
Tata Group including the holding and operating companies requires repair to conform to
company law and global best pra tices viz. protection of interests of all stakeholders,
including minority shareholder The governance of Tata Trusts has to become more
accountable, transparent and the moral high ground that has been lost needs to be reclaimed.
49. It is at such times that it would be worth remembering our Founding Father. The Times
of India had this to say at the demise of Jamsetji Tata:
āHe was not a man who cared to bask in the public eye. He disliked public gatherings,
he did not care for making speeches, his sturdy strength of character prevented from
fawning on any man, however great, for he himself was great in his own way,
greater than most people realised. He sought no honour and he claimed no
privilege, but the advancement of India and her myriad peoples was with him an
abiding passion.ā
50. If I have been critical of past decisions, it was not to apportion blame but in an eļ¬ort to
redeem the future. My attempt to bring about reform was attempted to be cut short on
October 24, 2016. But I have said this before - the individual is irrelevant in the larger
scheme of things. The movement to reform cannot and will not be arrested. The Tata
Group is no one's personal ļ¬efdom: it does not belong to any individual, not to the
trustees of Tata Trusts, not to the Tata Sons directors, and not to the directors of the
operating companies. It belongs to all the stakeholders, including every one of you.
I therefore urge all you to think beyond the here and now. I urge you
to have your voice heard loud and clear. I ask you to be a part of
deļ¬ning the future.
Cyrus P Mistry
[December 5, 2016]
YOUR SUPPORT MATTERS. Visit www.cyrusforgovernance.com for more details.
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