Corporate Governance
Corporate Governance
Philosophy and Code of Governance
The Company’s philosophy on Corporate Governance is based on the principles of transparency, compliance of laws, procedures and meeting ethical standards to take care of the interest of all the stakeholders and work towards Sustainable Development. It believes that all operations must be spearheaded towards attaining the final objective of enhancing stakeholders value.

The Company’s vision is to become a significant global player in the aerospace industry and is working towards this objective by expanding its capacities and becoming globally competitive. As a growth strategy, the Company has adopted the best practices in the area of Corporate Governance, much beyond the regulatory framework. The following good governance practices have been put in place:  
  • Well laid-down administrative setup to facilitate decentralised and transparent decision making
  • Compliance of applicable Laws, Rules & Regulations
  • Accuracy and transparency in disclosures regarding operations, performance and financial position
  • Conduct, Discipline and Appeal Rules for Employees
  • Voluntary Secretarial Audit to ensure compliance of laws
Board of Directors
The Board of Directors is entrusted with the responsibility of the management, general affairs and direction of the Company with requisite powers and authority. The Board sets the goals, both short and long term, defines the policies and programmes and oversees its implementation. It has constituted eight Sub-Committees to facilitate smooth and efficient flow of the decision-making process.
Composition
Your Company being a Government Undertaking, the appointment / nomination of all the Directors is done by thePresident of India, through the Ministry of Defence. The Board of Directors headed by an Executive Chairman, has an appropriate mix of Executive, non-Executive (official) and Independent Directors.

The composition of the Board is in line with the Guidelines on Corporate Governance issued by the Department of Public Enterprises, Government of India. The Board of Directors consists of 17 Directors, i.e. 9 Whole Time Directors, including the Chairman, 2 Part-Time Official Directors and 6 Part-Time Non-Official / Independent Directors.