Norms set by the company for discharge of its functions
The Company has well defined procedures and guidelines in the form of delegation of powers, laid down policies and guidelines, manuals, compliance of provisions of various statutes, rules and regulations, guidelines of Department of Public Enterprises and guidelines of Chief Vigilance Commission for smooth operations of the Company.
THE NORMS SET FOR DISCHARGE OF FUNCTIONS
The Company has well defined procedures and guidelines for discharge of various functions. These are highlighted below:
Delegation of Powers:
The powers of the Chairman and Managing Director and functional Directors ,the officers of the Company at various levels discharge their functions & responsibilities within the powers delegated to them by the Board of Directors under Book of Delegation of Powers.
The exercise of powers should not infringe the Companies Act, Govt. Guidelines and any other statutory/regulatory requirement. The delegation of powers is subject to observance of Memorandum of Association, Articles of Association, relevant policy, guidelines and administrative instructions of the Company. Subject to these, the CMD may exercise the full powers of the Board in between two Board meetings within the ambit of immediate exigencies where the decision cannot be processed through circular resolution .However, such decisions will be reported to the Board preferably at its next meeting.
In the Book of Delegated Powers, the powers are delegated commensurate with the requirement of the executives at various levels. The powers have been delegated at Assets/Basins/ units level so as to ensure timely decision making and decentralization of decision making process.
The powers are as per existing work requirement are for different levels. For work exigencies, the Executive Committee is authorised to sub delegate the powers vested in it to the executives below Board level in the interest of the work of the Company. However such sub-delegation be reported to the Board by the Company Secretary from time to time.
Laid down Policies and Guidelines:
ONGC is having laid down policies and guidelines governing major activities of the Company. While discharging the functions the officers need to follow these laid down policies and guidelines.
ONGC has procedural manuals covering all important activities viz. HR Manual, Material Management Manual, Accounts Manual, Internal Audit Manual and Operational Manuals. Manual ensures carrying of activities in a systematic and standardised manner and eliminate the scope of discretion. While discharging the functions covered by these Manuals, the officers are obliged to follow the provisions of these Manuals/Instructions/Guidelines.
Guidelines of Department of Public Enterprises :
ONGC being a PSU follows the guidelines of Department of Public Enterprises and directives of Government of India issued from time to time.
Guidelines of Chief Vigilance Commission :
ONGC being a PSU follows the guidelines of Chief Vigilance Commission (CVC)
Listing requirement :
ONGC being a listed company requires complying with the provisions of listing agreement with the Stock Exchanges and Rules and Regulations of SEBI.
Compliance with provisions of Statutes, etc:
While discharging the respective functions, officers are required to comply with the applicable provisions of Indian Constitution, Statutes Rules & Regulations.