Abstract
The rigorous corporate governance frameworks in Company Law and Securities and Exchange Board of India regulations, have not prevented incidents of fraud in listed companies in India. The top management should therefore play a critical role, by fostering desirable organisational culture, clarifying clear boundaries of organisational behaviour and also enunciating value statements and requisite policies in the company.
Bharat Earth Movers Limited (BEML) (see https://www.bemlindia.in/) which is in a tough and competitive business environment, has codified its values statement ‘BEML FIRST’ (Focus on Customer, Innovation & Technology, Reliability & Quality, Speed & Responsiveness and Trust & Teamwork). Taking support of its committed workforce and leveraging technology, the company has set high standards in corporate governance, and has zero tolerance to unethical behaviour. BEML has a well-established Enterprise Resource Planning (ERP), an online file management system and a committee of functional directors which plays a major role in taking critical decisions, bringing in transparency in business processes and decision-making in the company.
