To understand the entire operations and activities of the organisation, its broad objectives and its vision going forward, an induction programme is organised to the Directors at the time of their joining. These Familiarisation Programmes for Non Executive Directors irrespective of independent Directors are structured by the Company taking into cognizance the requirements of Companies Act, 2013 and the Listing Agreement.
The familiarisation programmes covers the following areas :
- On appointment, the Independent Directors are given the letter of appointment which details their definite role, rights and duties, Code of Conduct particularly with reference to Schedule IV of the Companies Act, 2013
- New Directors would be given a Welcome kit., which includes organisation structure, vision, mission, details about other Directors on the Board, the summary of terms of reference of committees of the Board, Major shareholders, the business model of the Company, Past years revenue and profit., etc. They will also be updated on the various enactments applicable including the Companies Act, 2013, SEBI Regulations., etc
- Post appointment on their availability at the Corporate Office of the Company , he / she will be introduced to the senior management personnel of the Company. Directors will have interactive session with senior management personnel and the discussion includes detailing business operations, strategies., etc.
Apart from above, during their tenure as Director, they will be informed regularly on the material events of the Company. Further at every Board meeting, they will be updated on the Business and Financial performance, Industry trends, the risk management system, significant legal issues etc.
The Independent Directors are expected to actively participate at the Committees / Board meetings, guide the management with their respective expertise. Besides the Independent Directors are expected to have a separate meeting at least once a year to do an objective evaluation of the Managing Director, Whole-time Directors and other Non Executive Independent Directors. The collective experience and views of Independent Directors would certainly add value to the Board and the Company.