ITC – The FERA Violation Controversy

Committee

Members

Chairman

Functions

Audit Committee

The committee consists of five non-executive directors including four independent directors. The head of Internal Audit, the representatives of the Statutory Auditors and the Director accountable to the Board for the Finance function are permanent invitees to the audit committee.

One of the Independent Directors, selected by the Board.

Supervises the financial reporting process and disclosure of the company’s financial data, recommends the appointment and removal of external auditors, reviews the annual financial statements of the company before submission to the board and reviews the internal audit functions and reports, and the financial and risk management policies of the company.

Legal & Safety Audit Committee

Comprises of four Non-Executive Directors that include three independent directors.

One of the non- Executive Directors, selected by the Board.

The committee ensures the compliance of statutory requirements and safety standards in the company.

Compensation
Committee

Comprises of six Non-Executive Directors selected by the Board that include four independent directors.

One of the Independent Directors, selected by the Board.

The committee advises the board on remuneration terms of executive directors and the senior management cadre (immediately below the executive director level).

Nominations Committee

The Executive Chairman and all Non-Executive Directors.

Executive Chairman.

The committee advises the board on the appointment of members of the board, corporate management committee and other top-level successions.

Investor Services Committee

Comprises of three Directors including two Independent Directors.

One of the Non- Executive Independent Directors.

The committee supervises the grievance redressal of shareholders and investors. It also supervises the approval of sub-division, transmission and issue of duplicate shares.