1.
GROUP REPORT FOR BUSINESS
ETHICS

2.
DEPARTMENT OF HUMAN RESOURCE
MANAGEMENT

3.
SESSION: 2022-24

4.
Assignment on

5.
‘Ethical Governance System of Grasim
Industries and

6.
V.E Commercials Post Covid-19
pandemic’

7.
SUBMITTED TO-

8.
ACKNOWLEDGEMENT

9.
esteemed institute, the Xavier Institute of Social
Service. At the same time, we are also very
fortunate to be taught under the esteemed
guidance of Dr. Shyamal Gomes, who not only
encourages us to give our best but also supports us
in every possible manner. We would also like to
extend our heartfelt gratitude to the employees of
Grasim Industries and V.E Commercials for giving
us their time and attention.

10.
constant encouragement, support, and guidance
from all the Teaching staff of the HR Department
which helped us in completing our project work.
Also, I would like to extend our sincere esteems to
all staff for their timely support.

11.
We perceive this opportunity as a big milestone in
our career development. We will strive to use
gained skills and knowledge in the best possible
way, and we will continue to work on their
improvement, to attain desired career objectives.

12.
Last but not the least, we would like to thank our
family members for their constant support
throughout the completion of the project.

13.
CONTENT

14.
Introduction
4-7

15.
Grasim Industries Ltd (Aditya Birla Group)

16.
V.E Commercials

17.
Problem Statement
8-10

18.
Ethical Governance

19.
Corporate Governance

20.
Literature Review
11-13

21.
Research Methodology
14-15

22.
Data Analysis
16-20

23.
CSR Activities at Grasim Industries
21-23

24.
CSR Activities at V.E Commercial
24-25

25.
Social Audit at Grasim Industries
26-28

26.
Social Audit at V.E Industries
29-30

27.
Major Findings
31

28.
Recommendations for Ethical
Organisation 32-33

29.
Conclusion
34

30.
References
35

31.
Group Details and Contribution
36

32.
Integrity: Integrity for us means not only
financial and intellectual integrity but
encompasses all other forms as are generally
understood.

33.
Commitment: On the foundation of Integrity,
doing all that is needed to deliver value to all
stakeholders. Staying committed to the mission
and vision is also important.

34.
Passion: An energetic, intuitive zeal that arises
from emotional engagement with the organization
that makes work joyful and inspires each one to
give his or her best.

35.
Seamlessness: Thinking and working together
across functional groups, hierarchies, businesses,
and geographies.

36.
Speed: Continuously striving to finish before
deadlines and choosing the best rhythm to
optimize organizational efficiencies.

37.
A company's board of directors is the primary
force influencing corporate governance.

38.
Bad corporate governance can cast doubt on a
company's operations and its ultimate profitability.

39.
Corporate governance entails the areas of
environmental awareness, ethical behaviour,
corporate strategy, compensation, and risk
management.

40.
The basic principles of corporate governance are
accountability, transparency, fairness, and
responsibility.

41.
LITERATURE REVIEW ON ETHICAL
GOVERNANCE

42.
framework, while CSR is generally understood to
be about how companies manage the business
processes to produce an overall positive impact on
society. To align the continuous upgrading of
quality and excellence in a business environment
with ethical corporate governance and corporate
social responsibility the Greek Chapter of the
European Business Ethics Network (EBEN)
developed the Business Ethics Excellence (BEE)
Model. This paper analyses the Business Ethics
Excellence Model, investigates how its
implementation can enable organisations to reach
sustainable excellence, and presents the initial

43.
ownership have the highest and majority focus of
research in India. In terms of the relationship of
corporate governance with other areas, the results
exhibited that financial performance has been a
major concern in prior research. The study makes
a novel contribution to the strand literature of
corporate governance in India. It highlights the
substantial knowledge gaps in this field and
provides a potential agenda for academicians,
research organizations, and funding agencies for
future research.

44.
performance (CGP) index is developed to measure
the corporate governance score of Indian
companies. Though there is a significant
improvement in corporate governance structures
implied by Indian companies the number of
independent directors inducted in the board
decreases after the reforms in period 2. All the
sectors under study show a significant
improvement in following corporate governance
practices after the reforms. The study reported a
significant relationship between integrated
framework of total corporate social performance

45.
Grasim Industries Ltd and V.E. Commercials
provided vast information about the companies,
and their CSR initiatives which include
healthcare, education, business development,
women empowerment, etc.

46.
Annual report of company: We could delve deeper
into these companies to attain insights about the
quarterly profit and loss, social auditing reports
with the help of this annual report of the
companies.

47.
Research Papers and Journals: the research papers
provided us greater knowledge on how to conduct
social audit surveys, what can be the relevant
questions that can be posed to the company to get
the right information.
• Strengths of Qualitative Research:
• Limitations of Qualitative Research:

48.
for the identification of Biodiversity and water-
related issues. It has the potential to analyze the
following: 1. Climate Hotspots - Adverse climate
2. Natural Hazards - Flood/Earthquake 3. Solar
Energy - for renewable energy study 4. Wind
Pattern - for wind energy 5. Air - Air Quality /
Pollution. Aditya Birla’s subsidiary, UltraTech has
also conducted scenario analysis for physical as
well as transition risks. This includes RCP 8.5,
RCP 6, RCP 4.5 and RCP 2.6 scenarios. All four
scenarios have been considered to assess the
impact of temperature and precipitation changes in
areas where the Company operates.

49.
Over 1,50,000 meal packets were prepared and
distributed from manufacturing plant facilities of
VECV at Pithampur and Dewas.

50.
Another 4,500 packets per day were further
distributed to help the underprivileged and
vulnerable sections of the society.

51.
In association with a local NGO, Action Aid,
VECV had already reached out to over 500
construction workers in Bhopal to assist them with
food and sanitation kits.

52.
Organizations have realised that to maintain a
decent brand image for themselves, and to be
ethical in nature; they need to give back to the
society that offers them the resources that they use
for business purposes.

53.
children. It focuses on improving the standard of
living in society and has a broader sense of
approach with respect to ethics. Grasim’s efforts
in developing the tribal community need to be
applauded since they have invested great efforts,
time, and energy.

54.
on their own employees, which is also something
that needs to be appreciated. They care for the
well-being of their employees and make sure the
employees are comfortable so that they can
perform better.

55.
difference owing to their scale of business. While
both organizations have tried to support society in
their own ways, one can simply not overlook the
scale of impact Grasim has had on society. On the
other hand, VE Commercials’ impact on its
employees is also huge, since the decision to keep
its employees’, interest ahead will certainly
benefit the organization by bringing in the loyalty
of the employees as well.

56.
Grasim’s operations are also directed by the
Aditya Birla Centre for Community Initiative and
Rural Development and VE Commercials does the
activities on its own by keeping aside a proportion
from its profits.

57.
about the difference they can bring to society and
that is what is very important. The intent to
perform the activities is more important since that
will lay the path to conducting more and more
activities as per the funds.

58.
nature of operations in both organizations is very
different so their ways of conducting themselves
were not alike. However, both organizations cared
to protect their employees and thought of their
well-being. They have also tried to help society by
raising help as much as they could.

59.
seriously. There are meetings to check on the
progress and whether they wish to release an
official statement or not is their own decision to
take, they do make sure to make amendments to
their organization as an when required.