Corporate Governance

Monnet Group is committed to ethical corporate citizenship by following systematic processes of healthy governance practices and discharging societal responsibilities towards capital providers, business associates, stakeholders and employees, in conducting its affairs in a fair and professional manner and in maintaining the high standards. The Group and its companies have also a series of other measures such as having professional Directors on Board who have achieved prominence in their respective professional careers, adopting policies, effective systems and procedures and sharing of information with shareholders on a regular basis, through newspaper, audits and checks.

Board of Directors:

Monnet Ispat & Energy Limited; the flagship company of the Group, has strong and balanced Board of Directors. The Board is fully empowered to discharge the responsibility of strategic supervision of the Company. It consists of seven directors, i.e. an Independent & Non-executive Chairman, an Executive Vice Chairman & Managing Director, one Executive Director and four other Non-executive Directors. Two of these four directors are independent. The Board of Director’s meets at least once in a quarter to review the Company’s performance and financial results and more often, if considered necessary, to transact any other business. The intervening period between two Board Meetings is well within the maximum gap of four months as prescribed under Clause 49 of the Listing Agreement.

Committees of the Board

Currently, there are six Committees of the Board, i.e. Executive Committee, Finance Committee, Audit Committee,
Remuneration Committee, Investors/Shareholders Grievance Committee and Share Transfer Committee. These Committees have defined terms of reference. However, occasionally, the Board also assigns certain matters.

Audit Committee

The terms of reference of this Committee cover the matters specified for Audit Committees under Clause 49 of the Listing
Agreement as well as in Section 292A of the Companies Act, 1956.

Composition of Audit Committee
The Audit Committee comprises of three Independent Non Executive Directors and one Non-Executive Director and a Secretary in compliance of Clause 49 II (A) (i) of the Listing Agreement. Shri M.S. Gujral is the Chairman of the Committee, Shri G.C. Mrig, Shri P.L. Nene and Shri V.N. Kedia are the other Members of the Committee.