PURSUANT TO THE PROVISIONS OF THE ACT, AND THE SEBI LISTING REGULATIONS, THE BOARD HAS CARRIED OUT AN ANNUAL EVALUATION OF ITS OWN PERFORMANCE AND THAT OF ITS COMMITTEES AS WELL AS PERFORMANCE OF THE DIRECTORS INDIVIDUALLY. FEEDBACK WAS SOUGHT BY WAY OF A STRUCTURED QUESTIONNAIRE COVERING VARIOUS ASPECTS OF THE BOARD’S FUNCTIONING SUCH AS ADEQUACY OF THE COMPOSITION OF THE BOARD AND ITS COMMITTEES, BOARD CULTURE, EXECUTION AND PERFORMANCE OF SPECIFIC DUTIES, OBLIGATIONS AND GOVERNANCE AND THE EVALUATION WAS CARRIED OUT BASED ON RESPONSES RECEIVED FROM THE DIRECTORS. THE EVALUATION IS PERFORMED BY THE BOARD, NOMINATION AND REMUNERATION COMMITTEE AND INDEPENDENT DIRECTORS WITH SPECIFIC FOCUS ON THE PERFORMANCE AND EFFECTIVE FUNCTIONING OF THE BOARD AND INDIVIDUAL DIRECTORS. IN LINE WITH SEBI CIRCULAR NO. SEBI/HO/CFD/CMD/CIR/P/2017/004, DATED JANUARY 5, 2017, THE COMPANY ADOPTED THE CRITERIA RECOMMENDED BY THE SEBI. THE PERFORMANCE EVALUATION OF THE CHAIRMAN AND NON-INDEPENDENT DIRECTORS WAS ALSO CARRIED OUT BY THE INDEPENDENT DIRECTORS. THE PERFORMANCE OF THE DIRECTORS, THE BOARD AS A WHOLE AND COMMITTEE OF THE BOARD WERE FOUND TO BE SATISFACTORY.DURING THE YEAR UNDER REVIEW, THE PERFORMANCE EVALUATION OF THE BOARD, COMMITTEES AND DIRECTORS WAS CONDUCTED BASED ON THE CRITERIA, FRAMEWORK AND QUESTIONNAIRES APPROVED BY THE NOMINATION AND REMUNERATION COMMITTEE AND THE BOARD. THE DETAILS OF THE PERFORMANCE EVALUATION EXERCISE CONDUCTED BY THE COMPANY ARE SET OUT IN THE CORPORATE GOVERNANCE REPORT. |