Tata Steel has decided to review Corus? corporate governance structure. The Indian steel major is currently executing an integration programme at Corus. Corus has also decided to suspend its ethics programme for the time being to ensure alignment with the policies of the Tatas.
?We are reviewing Corus? corporate governance structure following its acquisition,? sources in Tata Steel said. The initiative is part of the integration of Corus? operations with Tata Steel.
The integration process is currently in full swing, spearheaded by some of the Indian steel maker’s top executives including deputy managing director T Mukherjee, who has been camping in the United Kingdom since the past few months. In light of the change in control, Corus Group has decided to suspend the last phase of its code of ethics and anti-fraud programme.
?The initiative has been suspended in order to ensure alignment with the policies and procedures of Tata Steel. This work is, therefore, now an objective for later in 2007,? the official said.