Annual Report-FY 2012-13 - Timex Group India

REPORT ON CORPORATE GOVERNANACEYour Company appreciates the need of upholding highest standard of Corporate Governance in its Operation. It has alwaysbeen an endeavor of the Company to adopt & implement best Practices of Corporate Governance, disclosure standards andenhancing shareholder value while protecting the interests of other stakeholders, clients, suppliers and its employees.As mandatory under Clause 49 of the Listing Agreement, the Company has complied with the conditions of CorporateGovernance by establishment of a framework for compliance with SEBI Regulations.A. MANADATORY REQUIREMENTSCORPORATE GOVERNANCE PHILOSOPHYCorporate Governance assumes a significant role in the business life of Timex. The driving forces of Corporate Governanceat Timex are its vision and core values, as described hereunder:VISIONThe Timex Group vision is anchored in our rigorous focus on long lasting relationships with our customers and ourcommitment to build the power of our brands, underpinned by our peoples will to win.By transforming ourselves into a truly Global Company and intent on globalizing the mindset of our people, we arebuilding one of the most powerful portfolios of brands in the watch and jewelry industry.Our vision for the future goes way beyond timekeeping. We will delight and surprise our customers through innovationin design, technology and application of our brands and deliver a superior customer experience. This will lead toenhanced values for our shareholders and increase returns on investments and assets.Deeply committed to our Corporate Social Responsibility and our values, we will build pride in our people and winthe best future talent for our Group.VALUES• The customer is our most important asset,• Corporate Social Responsibility is our foundation,• Truth, transparency and respect for our differences are our pillars of strength,• We work together to achieve Group goals,• Our core values encompass integrity, responsibility and courage,• We reward performance and results and we value a culture of discipline,• We are fair and listen to our people and we expect them to always look for a better way,• We protect our assets,• We want to win.12