The Company constituted “Nomination and Remuneration Committee” to recommend the Board of Directors, the compensation and remuneration of Directors and Senior Managerial Personnel.
The role of Nomination and Remuneration Committee is as follows:
- Determining / recommending the criteria for appointment of Executive, Non-Executive and Independent Directors to the Board;
- Determining / recommending the criteria for qualifications, positive attributes and independence of Directors;
- Identifying candidates who are qualified to become Directors and who may be appointed in Senior Management and recommending to the Board their appointment and removal;
- Recommend to the Board a policy, relating to the remuneration of the directors, key managerial personnel and other employees;
- Reviewing and determining fixed component and performance linked incentives for Directors along with the performance criteria;
- Determining policy on service contracts, notice period, severance fees for Directors and Senior Management;
- Evaluating performance of each Director and performance of the Board as a whole;
The Committee also plays a role of a Compensation Committee and is responsible for administering the Stock Option Plan and Performance Share Plan of the Company and determining eligibility of employees for stock options.
The Committee comprises three Non-Executive cum Independent Directors, Mr. Pankaj Shrimali, Chairman of the Committee, Mr. Vivek Kumar and Ms. Deepa Verma, members of the Committee.