Procedure followed in the decision making process including channels of supervision and accountability
Overall management of the Company is vested with the Board of Directors of the Company, which is the highest decision making body within the Company. As per the provisions of the Companies Act, 1956 certain matters require the approval of the shareholders of the Company in General Meeting. The Board of Directors is accountable to the shareholders of the Company. SAIL being a Public Sector Enterprise (PSE), the Board of Directors of the Company is also accountable to the Government of India.
The day-to-day management of the Company is entrusted to the Chairman, the Whole Time Directors and other Officers of the Company, who exercise their decision-making as per delegation of powers. The company has well defined systems with respect to decision-making process. Generally, the proposals requiring decisions are initiated at the appropriate level of the executive, depending upon the nature with regard to financial implication, urgency, and importance of the matter. Wherever required, the concurrence of Finance is taken at the appropriate level as per the delegation of powers. In case of matters requiring consideration by more than two departments, a multi disciplinary committee consisting of executives of appropriate levels of the concerned departments is formed to expedite the decision-making. The Board of Directors approves matters which are beyond the powers delegated to Chairman.