Financial Daily from THE HINDU group of publications
Tuesday, Apr 18, 2006
Financial Daily from THE HINDU group of publications Tuesday, Apr 18, 2006 |
|
|
|
|
|
Industry & Economy
-
Petroleum Corporate - Corporate Governance ONGC signs pact with Transparency International Our Bureau
New Delhi , April 17 Oil and Natural Gas Corporation Ltd has entered into a memorandum of understanding (MoU) with Transparency International (TI), India to institutionalise transparency in its public procurement practices. The MoU was signed on Monday by the ONGC Chairman and Managing Director, Mr Subir Raha, and the former Chief of Naval Staff, Admiral R. K. Tahliani, who is spearheading TI India. A statement issued by ONGC states that this is the first corporate in the country, in both the public and private sector, to adopt the Integrity Pact in its procurement and contract practices. While the pact has been adopted in the ONGC contract system since July-August 2005, the MoU was formalised on Monday. Integrity Pact is a tool devised by TI worldwide to fight corruption in public contracting, thus contributing to improve the credibility of public procedures and administration. The model of the ONGC document is based on the Berlin Airport reconstruction project and meets the legal criteria for a multinational bidding project. The Integrity Pact will begin when a bidder submits an expression of interest (EoI) or purchases the bid document (ONGC countersigns the pact) and will end after the execution of the contract when all payments are made to the satisfaction of both the contacting parties. The independent external monitor will be chosen upfront and will be involved from day one, and all complaints by any party would be directly referred to the Monitor. The independent external monitors will be drawn from a panel of eminent people, chosen by the Central Vigilance Commissioner. A list of independent external monitors has already been drawn up for ONGC.
More Stories on : Petroleum | Corporate Governance | Oil & Natural Gas Corporation Ltd
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2006, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|