Germany-based chemical company BASF has been named the world’s most transparent chemical company globally, in a new global ranking by non-governmental organisation Transparency International. BASF was also the top rated German-headquartered company of any industry.
Transparency in Corporate Reporting scored 105 of the top publicly-traded companies based on their public commitment to transparency. Company scores were based on public availability of information about anti-corruption systems, transparency in reporting on how they structure themselves, and the amount of financial information they provide for each country they operate in.
“This type of reporting responds to the pressing need for improvements in corporate transparency and helps restore public trust. Companies in Asia, including India are therefore increasingly embracing this trend even though there are no legal requirements. Our triple bottom line reporting sets benchmarks in governance and promotes transparent communication and open dialogue with the communities in which we operate,” said Prasad Chandran, Chairman, BASF Companies in India & Head South Asia.
BASF India has been publishing an integrated report since 2009. The BASF in India Report 2011 documents the development, progress and performance of the company’s activities in India across the three spheres of local influence – economy, ecology and society.
Several of BASF’s social projects aim to improve governance standards and fight corruption in India. Through the ‘Million Minds’ project, BASF in India focuses on sensitising the citizens of India to the evils of corruption and encourages them to take a firm stand against it. BASF’s ‘Good Governance Icon Series’ is a unique initiative within the ‘Million Minds’ project that highlights the achievements of men and women of high integrity who have upheld the highest levels of good governance while succeeding in their fields.
BASF in India also runs a ‘Seminar Series on Corporate Governance and Business Ethics’ at educational institutes. The idea is to instill good practices among future corporate citizens – i.e., students who are on the threshold of entering corporate India – and offer training on the practical aspects of governance and ethical issues.
EP News Bureau — Mumbai