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Business ethics Business ethics (also Corporate Ethics) is defined as the accepted set of moral values and codes of conduct applied in business practice and decision making. These applied ethics or professional ethics are defined by Its business or corporate policies and Is corporate standards of a business organization. Business ethics means taking the right course’. Acting ethically takes into account all the factors of doing business.
These include production, business processes, and the Meany’s behavior with its customers and the communities in which it operates. It is about doing the right thing in everything the company does. Data Steel Ltd. Has five core values which defines the ethics of the company: Integrity, understanding, Excellence, unity and Responsibility. These values are evident in everything that it does and drive the ethical behavior of the company. Sustainability Sustainability is the ability to continue a defined behavior indefinitely.
Sustainability is about meeting the challenges of ensuring that future generations can enjoy the same kind of lifestyles people enjoy today. This naturally involves taking a long-term perspective on balancing economic, environmental and social impacts of business The Three Pillars of Sustainability (Diagram) The principle of The Three Pillars of Sustainability says that for the complete sustainability problem to be solved all three pillars of sustainability must be sustainable. The three pillars are Social sustainability, Environmental sustainability and Economic sustainability.
Of the three pillars, the most important is environmental sustainability. If this is not solved, then no matter how hard we try the other pillars cannot be made strong cause they are dependent on the greater system they live within, the environment. The Data Steel Ltd. Sustainability policy states that Our policy is to conduct our activities in relation to economic progress, social responsibility and environmental expectations of our stakeholders. ‘ For Data Steel Ltd. , taking responsibility for tackling the challenges of sustainability follows naturally from this ethical stance.
Why… Data Steel Ltd. – a case study Data Steel Ltd. , in 2013 was listed as one of the “World’s most ethical companies” by the Deciphers Institute. Data Steel Ltd. In 2013 was ranked Indian’s most admired company by Fortune magazine. Data Steel Ltd. , in 2009 won the Prime Minister’s Trophy & Certification of Excellence in 2010 from the Government of India. Data Steel Ltd. , in 2009 won the “Golden Peacock” award for its corporate social responsibility initiatives. Data Steel Ltd. Is one of the oldest private sector business group.
Since its founding in 1907 it has been known for its philanthropy, not Just when corporate social responsibility became fashionable. From the earliest days, Data Steel has taken responsibility for the impact of its activities and led the way in employee welfare measures, social and community initiatives, and environment sustainability. The Group, encompassing its worldwide operations in India, Europe, Thailand, and Singapore, has been contributing extensively towards a wide range of socio-cultural, educational, sports, health, and emergency assistance programmer to ensure sustainable development.
The ethical and sustainability initiatives are integral to the way business is conducted at Data Steel Ltd. Together with a continual improvement philosophy has been the riving force for the Company’s excellence orientation for over a hundred years. Data Steel Ltd was one of the first Indian companies to adopt the stringent guidelines under the Global Reporting Initiatives. Steel is one of the best materials to use to ensure sustainability. Steel is a unique material because it is truly recyclable – when steel is recycled it becomes new steel and not an inferior product.
Since steel does not downgrade when recycled, it can be re-used over and over again. Steel is the most recycled material on Earth. The impact of making steel can be viewed as an investment in a material which will be used gain and again, rather than a one-off, making steel a very ‘green’ material. The Data Steel Approach and societal value by aspiring to be “a Global Benchmark in Value Creation and Corporate Citizenship”. It has been a pioneer in adopting Sustainability as a Policy, Data Steel Ltd is guided by the approach that wealth created must be continuously returned to society.
The responsibility of combining the three elements of society – social, environmental and economic – is of utmost importance to the way of life at Data Steel Ltd. It is the combination of these three elements that ensures that equines is sustainable for all stakeholders. Data Steel Ltd. Supports and propagates the principles of the United Nations Global Compact as a Founder Member, is a signatory to the World steel Sustainability Charter and supports the Affirmative Action programmer of the Confederation of Indian Industry.
From the earliest days, Data Steel Ltd. Has taken responsibility for the impact of its activities and led the way in employee welfare measures, social and community initiatives, and environment sustainability. The Group, encompassing its worldwide operations in India, Europe, Thailand, and Singapore, has been intriguing extensively towards a wide range of socio-cultural, educational, sports, health, and emergency assistance programmer to ensure sustainable development. In India, Data Steel Ltd. Entities to concentrate on safety, corporate social responsibility and climate change initiatives through its various social arms. Its sustainability activities encompass the company’s steel works, iron ore mines and collieries, reaching out to the city of Jackhammers, its pert-urban areas and over 800 villages in the states of Shorthand, Idiots and Chastiser. Keeping in mind the ultra diversity in India, the Company undertakes all its initiatives sensitively with special focus on the Affirmative Action communities – fulfillment of schedule castes/ tribes and preserving their culture & heritage.
Balancing economic prosperity, environmental responsibility and societal benefit, Data Steel Group aims to address the bigger global challenges primarily through its advanced steel products and efficient production processes. It is the steel products that reach out to millions of end users and the use of these create a wider impact from the sustainability perspective. As a good corporate citizen, the Company believes in investing in Research & Development for technologies to produce Steel that has less impact on the environment and processes that are more resource efficient.
Making ethical and sustainable decisions Taking decisions Data Steel Ltd. Builds ethical and sustainable practices into all areas of its operations. Steel has the benefit of being truly recyclable but it is produced by a process that produces CO emissions. One of the major challenges of sustainability is to reduce CO emissions which may contribute to climate change. Data Steel Ltd. s working to reduce these emissions using new technology and practices. For example, it has introduced technology to re-use gases produced at its the need for natural gas for power and helped reduce its CO emissions by nearly 300,000 tones.
While Data Steel Ltd. Is taking a responsible approach to its own operations, it is vital that balanced decisions are taken. This means not Just looking at CO emissions, but at the whole range of environmental, social and economic considerations. It also means taking a ‘life-cycle’ approach to decision-making – assessing products in terms f how they are made, used and finally disposed of. Often, Just one phase is included, typically Just manufacture or Just use-phase. However, Data Steel Ltd. Promotes life- cycle thinking so that decisions are taken on the basis of manufacture, use and end- of-life phases for any material or product.
Setting priorities Data Steel Ltd. Has continued to invest effort and resources in relation to the five key priorities that underpin its vision with regard to sustainability. These priorities are to: continue to achieve emission reductions invest in longer-term breakthrough technologies for producing low-carbon steels evolve new products and services that generate lower CO emissions through the life cycle actively engage the entire workforce in this challenge Lead by example within the global steel industry.
The challenges of ethical and sustainability practices There are current laws or regulations that encourage ethical and sustainable practices. For example, anti-pollution laws place strict limits on levels of CO emissions. Data Steel Ltd. , like any other company, must ensure it abides by these laws, but with its high ethical standards, it aims to go beyond the minimum required y law, making a positive contribution wherever possible. This approach to sustainability ensures that Data Steel Ltd. Can tackle the relevant sustainability challenges and in particular satisfy all its relevant stakeholders.
This is good for the environment, for the people that work with and for Data Steel Ltd. , for the communities in which Data Steel Ltd. Operates and also good for customers and therefore for business and profits. Through saving energy and waste, Data Steel Ltd. Can work more efficiently and reduce costs. Data Steel Ltd. Is committed to tackling the challenges of sustainability, This means hat it takes its responsibility towards both the environment and its communities seriously, balancing these against the need to make a profit.
It has put systems in place to meet international standards for environmental management such as IS014001. Governed by IS014001 and SHOOS 18001. The Company’s Steel Works is certified to AS 8000 and ISO 14001. The Sundae Chromites Mines of FAME and Ore Mines and Quarries (OMG) Division of the Company are AS 8000 compliant. Benefits of taking responsibility for sustainability Increased Sales and Market share: Consumers like to be associated with a company, which is ethical and has a positive image.
Many companies have become innovative and started contributing a certain portion of their sales to certain cause. This has two fold benefits; it increases the brand image as well as helps in differentiating the product from their direct competitors and hence increases in sales. Strengthened Brand Positioning: Through sustainability and ethical practices, companies can positively influence the perception of the people. Thus strengthening the brand image in the eyes of the consumers, community, regulators, employees and the suppliers.
Increased ability to attract, motivate and retain employees: Being a responsible corporate citizen with sensitivity towards social and environmental issues enhances Data Steel Ltd. ‘s corporate image. Such an image helps employees and communities ally with the corporate Vision and Mission, as they all feel alike and contribute towards a common goal. This benefits the company whose employees are better motivated to work for a company that they perceive as ‘doing the right thing.
Enhanced Corporate Image: A transparent ethical and sustainability policy helps in enhancing the image of a company, which helps in long term strategy. It allows the company to have certain respect in different circles and also provides a positive image of the top management. Increased appeal to investors and financial analysts: There are many financial institutions globally, which have made it part of their policy to study the ethical behavior and sustainability activities of the company before investing.