Two Indian firms, Reliance Industries and Oil & Natural Gas Corporation (ONGC), were ranked in the top 30 in Transparency International’s latest report, Transparency in Corporate Reporting.
Transparency International, a non-profit organization fighting against corruption and malpractices, ranked Reliance Industries and ONGC 9th and 26th, respectively, after evaluating 124 global companies on various aspects of transparency.
The global giants were selected from the Forbes list of the world's biggest publicly traded companies. They were ranked on the basis of measures they took to prevent corruption, information about subsidiaries and holdings, and key financial information about foreign operations.
“The Transparency International report shows that as Indian multinationals become increasingly competitive on a global scale, they are maintaining the same or higher levels of ethics and transparency as their global counterparts from the developed world,” says David Kunselman, senior portfolio manager with Excel Funds Management Inc., manager of the Excel India Fund, the largest and longest running mutual fund in Canada focused on investing in India. “This certainly enhances our confidence in Indian companies,” he adds.
The report noted that ONGC and Reliance were two of only four global firms that “disclosed tax payments in almost all the foreign countries where they operate.”
Source: The Excel Investment Counsel