At LANCO, our objective is to create value for our stakeholders, including our shareholders, clients, employees, and communities. Good corporate governance standards that promote the principles of integrity, transparency, and accountability will protect and likely enhance our stakeholder value. Thus, we believe that good business practices, transparency in corporate financial reporting, and the highest levels of corporate governance are essential components of our success.
Consistent with this belief, today at LANCO:
- Excluding the CEO, all Board members are independent
- Board committees that address auditing, compensation, corporate governance, and nominating functions are comprised solely of independent directors
- Committee charters clearly establish the committees' roles and responsibilities
Corporate Governance Guidelines are regularly reviewed and updated in response to changing regulations and stakeholder concerns.
Our bylaws have recently been updated to provide for majority voting in uncontested director elections.
The company will continue to take any steps the Board believes will further improve our standards, controls, and accountabilities and, as additional regulations and recommendations on corporate governance are announced, will continue to make required changes to our policies.
"LANCO's corporate governance has been, and continues to remain, an important area of focus for LANCO's senior executives and Board of Directors. We have a track record of judiciously managing the business and disclosing our performance to investors. We will not only run our operations in accordance with Government of India regulations but also within the spirit of those regulations.
Corporate governance needs and practices continue to change, and I am proud that LANCO proactively amends its policies and oversight to keep current with, or remain ahead of, such change. We believe that keeping our policies and practices current and our oversight strong make us a better and more successful company."
L. Madhusudhan Rao, Executive Chairman