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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.

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