DEFINITION AND PURPOSE
Globalization has not only significantly heightened business risks, but has also compelled Indian companies to adopt international norms of transparency and good governance. Business today is no longer just about the bottom line. A company is now more than the sum of its quantifiable parts: without a deeply ingrained set of core values and a humanistic outlook, a strong balance sheet alone does not guarantee a company’s success. At Century Real Estate, our governance policy recognizes the challenge of this new business reality in India.
Although we are a privately held Company, good governance underpins our every action and decision. Because we understand the value of the long-term view, and our solid history goes to proves this. Rather than settling for instant gains at any cost, we foster an atmosphere of credibility, trust and transparency. It is no great achievement to merely comply with the letter of the law; by going further than the mandatory and embracing the voluntary, we strive to create genuine wealth. While this value generation may begin in the workplace, it extends to all our stakeholders. By investing the Company with a social conscience, our customers, employees, investors and partners all benefit from increased accountability, a sense of fair play and commitment to the larger community.
Flowing from the concept and principles of Corporate Governance adopted by Century Real Estate, leadership within the Company is exercised at three levels. The Board of Directors at the apex carries the responsibility for strategic supervision of the Company. The Board of Directors at Century Real Estate is a balanced Board with an equal number of Executive and Independent Directors. The Independent Directors are eminent professionals from diverse fields who bring together vast experience and credibility and provide direction to the Management team in a dynamic economic and business environment.
The strategic management of the Company rests with the Executive Committee (EC) comprising the Executive Directors and members drawn from senior Management. Executive Committee is chaired by the Managing Director. The executive management of each department is vested with the Sub-Committee (SC). Each Sub-Committee is chaired by a member of the Executive Committee and the departmental/functional head is the Secretary. Each Sub-Committee is responsible for and totally focused on the management of its assigned department. The Management team headed by the Chief Executive Officer (CEO) of the Company is responsible for the execution and implementation of the various decisions taken at the Executive and Sub Committee.