Business Ethics and Corporate Governance, Second Edition

PROVISIONS AND REQUIREMENTS OF CLAUSE 49

1. Composition of board: The board should be composed of in the following manner: In case of full time chairman, 50 per cent non-executive directors and 50 percent executive directors.
2. Constitution of the audit committee: The audit committee should have three independent directors with the chairman having sound financial background. The finance director and the head of the internal audit should be special invitees and a minimum of three meetings should be convened every year.
3. The audit committee: The audit committee is responsible for review of financial performance on half-yearly/annual basis; appointment/removal/remuneration of auditors; review of internal control systems and its adequacy.
4. Remuneration ...