Throughout its functioning period, HPCL has upheld the important features like total transparency, integrity and accountability. The virtues are integrated into the system as prerequisite for achieving its Vision of becoming a major integrated energy major. HPCL's business relationships with its numerous domestic and international contractors and vendors of goods and services are steered constantly towards a well thought of direction with high transparency and ethical standard as guiding lights in the transaction process.
HPCL also supports The UN Global Compact's ten principles among which a prominent one is "Businesses should work against corruption in all its forms, including extortion and bribery". HPCL has taken up the charge to translate this ideal into business practice. It is all about being able to look beyond business, into the domain of initiating real changes.
HPCL has been among the first Public sector units to sign an MOU with Transparency International India (TII) in July 2007 for the implementation of the integrity Pact in procurement processes and contracts. The Integrity Pact has come into effect from 1st Sept 2007. The Integrity Pact is applicable for contracts of value above Rupees 1 Crore. The Integrity Pact and the appointment of Independent External Monitors (IEM) has been conceptualized to usher in greater transparency in the purchase process. Apart from ensuring a higher level of transparency, the process is also beneficial for resolving dispute through the IEM.
Under the above mechanism IEM(s) is/are appointed by HPCL in consultation with TII and Central Vigilance Commission (CVC). The implementation procedure is full of co-operation and monitoring of standard. HPCL has effortlessly stood the test of time to emerge as the organization with integrity and commitment to transparency.
Brief profile of the IEM(s) is as under:
Shri Ashwani Kumar was appointed as an Independent External Monitor of....
Shri Sunil Kumar Sharma was appointed as an Independent External Monitor...
Shri Jagdish Chander Sharma was appointed as....
C/o The Company Secretary,
HPCL, 6th Floor,
17, Jamshedji Tata Road,