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Boards and owners need to be stewards

Collaboration between investors, and delegation to directors, are essential to create resilient and responsible companies.

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Tata Steel exemplifies the idea of stewardship. Its owners do want a return on investment but they also feel a responsibility for the company as a living being, with relationships and intangible values not found on a balance sheet.

IN THE first quarter of 2015, Tata Steel reported sharp drop in profits in the face of competition from China, and raw material shortages.

But this is a company with a long history of battling back against adversity. The Tata Iron and Steel Company was first floated in 1907. In 1924, it

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