THE NORMS SET BY IT FOR DISCHARGING FUNCTIONS.
4). THE NORMS SET BY IT FOR DISCHARGING FUNCTIONS
The Employees of the Company discharge their duties to carry out its various business operations in accordance with the objects prescribed in the Memorandum of Association of the Company and in line with the provisions of the all applicable statutory and rules and regulations framed there under. POWERGRID has well defined procedures and guidelines for discharge of various functions. These are highlighted below
1) Delegation of Powers
The Board of Directors of POWERGRID has delegated the decision-making authorities to the management under a well spelt out document called ‘Delegation of Power’
2) Procedures, Guidelines, Manuals
To facilitate smooth discharge of responsibilities by all the employees, the Corporation has developed a well defined systems and procedures in almost all the areas of its operations e.g. the elaborate facilitates transparent procurement, the operation manuals provide information to operational personnel for discharging their responsibilities, HR Manuals Volume-I,II & III and Employees Handbook etc.
3) Committees of independent eminent persons
To introduce a further layer of non-executive oversight in its Corporate governance system, POWERGRID has introduced certain committees of independent eminent persons relating to the following matters: (i) procurement; (ii) environmental & social safeguards; and (iii) research and development. The Board has also constituted several other Board sub-committees on functional matters such as the committee for award of contracts, committee on feasibility reports and revised cost estimates, Shareholders’/Investors’ Grievance Committee, Audit Committee, and Committee for bonds etc., to have better and more focused attention to these areas.
Improvements suggested by the experts are progressively incorporated in POWERGRID’s procedures. POWERGRID is committed to effective quality project management aligned its documented Quality Management System to the requirements of lSO-9001 (1994) and achieved certification in July 1995. An Integrated Management System by integrating the requirements of ISO 9001: 2000 (Quality Management System), ISO 14001: 2004 (Environmental Management System) and OHSAS 18001: 1999 (Occupational Health and Safety Management System) has been developed.
4) Guidelines of Ministry of Power, Department of Public Enterprises etc.
POWERGRID being a Public Sector Enterprise follows the Government of India guidelines issued from time to time by Ministry of Power, Department of Public Enterprises, etc.
5) Guidelines of Chief Vigilance Commission
POWERGRID being a Public Sector Enterprise follows the guidelines of Chief Vigilance Commission.
6) Accounting Policies
The Financial statements of POWERGRID are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and applicable Accounting Standards in India. The Financial Statements adhere to the relevant presentational requirement of the Companies Act, 1956.