POLICY ON DIVERSITY OF BOARD OF DIRECTORS

 

 

 

 

 

 

VEDANT ASSET LIMITED

CIN: U74900JH2015PLC003020

Registered Office: 3rd Floor, Gayways House Pee Pee Compound Ranchi Jharkhand 834001, India

Telephone No.: +91- 9304955502 ; E-mail: cs@vedantasset.com

Website: www.vedantasset.com

 

 

POLICY ON DIVERSITY OF BOARD OF DIRECTORS

 

PREFACE

The Board of Directors (“Board”) of Vedant Asset Limited (“Company”) has decided to consider and formulate a policy on diversity of the composition of the Board by the name of Policy on Diversity of Board of Directors (“Policy”). The Policy sets out the approach to have a diversity on the Board of the Company in terms of thought, experience, knowledge, perspective, gender, race, ethnicity or cultural background in the Board, in compliance with the applicable laws, rules and regulations applicable to the Company.

 

PURPOSE

 

This policy is largely framed to address the importance of a diverse Board in harnessing the unique and individual skills and experiences of the members in a way that collectively benefits the organization and the business as a whole. The basic essence of the Policy is to provide a framework for leveraging on the differences within the expertise of the Board, offering a broad range of perspectives that are directly relevant to the business.

 

INTERPRETATION

 

Any words used in this policy but not defined herein shall have the same meaning ascribed to it in the Articles of Association of the Company and /or the Companies Act, 2013 or Rules made there under. In case of any dispute or difference upon the meaning/interpretation of any word or provision in this Policy, the same shall be referred to the Committee and the decision of the Committee in such a case shall be final.

 

POLICY

 

The Company believes that a diverse Board will–

 

a.  Enhance the quality of decision making and ensure better business performance.

b.  Encourage diversity of perspectives thereby fuelling creativity and innovation.

c.   Complement and expand the skills, knowledge and experience of the Board as a whole.

d.  Provide for better Corporate Governance.

 

A diverse Board will include and make good use of the differences in the skills, knowledge, industry experience, background, gender, race, ethnicity, cultural background and other qualities of the individual members as a whole. All Board appointments will be done on merit, in the context of skills as required for the areas of our business operations, management and also expertise in the fields of regulatory, legal, business development, human capital management, strategic planning, marketing and general administration.

 

 

NOMINATION AND APPOINTMENT

 

The Nomination and Remuneration Committee (‘Committee’) of the Board shall:

a.  Review and assess the composition of the Board.

b.  Identify appropriate qualified personnel to occupy Board position.

c.   Suggest appropriate expertise and diversity requirements.

d.  Manage the process of recruiting new members to the Board and defining requisite skills.

e.  Ensure that selection process is formal and thorough and non-discriminatory.

f.   Review and report any changes in relation to the diversity of the Board.

 

The Committee shall also review the Board composition in terms of the size of the Board, the composition of executive and non-executive directors and the composition of independent directors, each of which shall being accordance with the requirements of the Articles of Association of the Company, the Companies Act, 2013, the Listing Agreements and other statutory / regulatory requirements.

 

 

MONITORING, TRACKING AND REPORTING

 

The Committee shall support laying down a succession plan and drive the understanding of talent across the organization and support development program for the Board. As part of the exercise, it will also plan for the evolution of non-executive directors over the medium term to maintain appropriate mix of skills, age and diversity on the basis of gender, race, ethnicity, country of origin and cultural background.

 

The Company shall make necessary disclosures about the policy as per the requirements of the Listing Agreement and the Companies Act, 2013. The policy shall be made available on the website of the Company.

 

 

AMNENDMENT

 

The Board may subject to the applicable laws amend any provision(s) or substitute any of the provision(s) with the new provision(s) or replace the Policy entirely with a new Policy.

 

 

 

DISSEMINATION OF THE POLICY

 

The Company shall disclose the Policy on its website.