Corporate Governance guidelines and disclosures
Board of Directors
Board must meet at least at least four times a year, with a maximum time gap of four months between two successive meetings.
They must disclose following to their shareholders:
• Dates of the meetings
• The attendance of the members in the meetings
• Remuneration of each director
• Annual, quarter, half year operating plans, budgets and updates
• Quarterly results of company and its business segments
• Details of joint ventures and collaborations
• Transactions involving payment towards goodwill, brand equity and intellectual property
• Any materially significant sale of business and investments
• Foreign currency and other risks and risk management
• Any regulatory non-compliance
Board of Directors: Audit Committee
• Audit Committee is mandatory
• Must have minimum of three members, all non-executive directors, the majority of whom are independent
• Chairman must be an independent director, and must be present at the annual shareholders’ meeting to answer audit or finance related questions
• At least one member must be an expert in finance/accounts
• Must have at least three meetings per year, including one before finalization of annual accounts
• Must meet with statutory auditors and internal auditors; have the powers to seek any financial, legal or operational information from the management; obtain outside legal or professional advice
Board of Directors
Board must meet at least at least four times a year, with a maximum time gap of four months between two successive meetings.
They must disclose following to their shareholders:
• Dates of the meetings
• The attendance of the members in the meetings
• Remuneration of each director
• Annual, quarter, half year operating plans, budgets and updates
• Quarterly results of company and its business segments
• Details of joint ventures and collaborations
• Transactions involving payment towards goodwill, brand equity and intellectual property
• Any materially significant sale of business and investments
• Foreign currency and other risks and risk management
• Any regulatory non-compliance
Board of Directors: Audit Committee
• Audit Committee is mandatory
• Must have minimum of three members, all non-executive directors, the majority of whom are independent
• Chairman must be an independent director, and must be present at the annual shareholders’ meeting to answer audit or finance related questions
• At least one member must be an expert in finance/accounts
• Must have at least three meetings per year, including one before finalization of annual accounts
• Must meet with statutory auditors and internal auditors; have the powers to seek any financial, legal or operational information from the management; obtain outside legal or professional advice