Business Ethics and Corporate Governance, Second Edition

CASE STUDY: ITC LIMITED: IS CORPORATE GOVERNANCE ONLY SKIN DEEP?

(This case is based on reports in the print and electronic media. The case is meant for academic purpose only. The writer has no intention to sully the reputations of the corporate or the executives discussed.)

COMPANY PROFILE

ITC is one of India’s foremost private sector companies with a market capitalization of over US$10 billion and a turnover of US$3 billion. Forbes magazine has rated it amongst world’s leading companies. Among India’s private sector corporations, ITC ranks third in pre-tax profits. ITC has evolved over the years from a single-product company to a multi-business corporation. Its businesses are spread over a wide spectrum. ITC has a diversified presence in cigarettes, ...