THE NOMINATION & REMUNERATION COMMITTEE (NRC) OF THE BOARD REASSESSED THE FRAMEWORK, METHODOLOGY AND CRITERIA FOR EVALUATING THE PERFORMANCE OF THE BOARD AS A WHOLE, INCLUDING BOARD COMMITTEE(S), AS WELL AS PERFORMANCE OF EACH DIRECTOR(S) AND CONFIRMS THAT THE EXISTING EVALUATION PARAMETERS ARE IN COMPLIANCE WITH THE REQUIREMENTS AS PER SEBI GUIDANCE NOTE DATED JANUARY 5, 2017 ON BOARD EVALUATION. THE EXISTING PARAMETERS INCLUDES EFFECTIVENESS OF THE BOARD AND ITS COMMITTEES, DECISION MAKING PROCESS, DIRECTORS’/ MEMBERS’ PARTICIPATION, GOVERNANCE, INDEPENDENCE, QUALITY AND CONTENT OF AGENDA PAPERS, TEAM WORK, FREQUENCY OF MEETINGS, DISCUSSIONS AT MEETINGS, CORPORATE CULTURE, CONTRIBUTION AND MANAGEMENT OF CONFLICT OF INTEREST. BASIS THESE PARAMETERS AND GUIDANCE NOTE ON BOARD EVALUATION ISSUED BY SEBI, THE NRC HAD REVIEWED AT LENGTH THE PERFORMANCE OF EACH DIRECTOR INDIVIDUALLY AND EXPRESSED SATISFACTION ON THE PROCESS OF EVALUATION AND THE PERFORMANCE OF EACH DIRECTOR. THE PERFORMANCE EVALUATION OF THE BOARD AS A WHOLE AND ITS COMMITTEES, NAMELY, AUDIT COMMITTEE, NOMINATION AND REMUNERATION COMMITTEE AND STAKEHOLDERS’ RELATIONSHIP COMMITTEE, AS WELL AS THE PERFORMANCE OF EACH DIRECTOR INDIVIDUALLY WAS CARRIED OUT BY THE ENTIRE BOARD OF DIRECTORS. THE PERFORMANCE EVALUATION OF THE NON-INDEPENDENT DIRECTORS AND THE BOARD OF DIRECTORS, AS A WHOLE WAS CARRIED OUT BY THE INDEPENDENT DIRECTORS IN THEIR MEETING HELD ON MARCH 21, 2023. THE DIRECTORS EXPRESSED THEIR SATISFACTION WITH THE EVALUATION PROCESS. |