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Introduction

 The Nomination & Remuneration Committee is a specialized committee formed by the Board of Directors whose key role will be the preparation of recommendations to the Board regarding all proposed nominations. The Nomination & Remuneration Committee Charter establishes a comprehensive and transparent corporate framework for appointment of Directors and senior management of the Company in an effective manner.

Composition 

• The Nomination & Remuneration Committee should comprise of minimum three members (3).
• At least one of its members shall be an independent member.
• The chairman of this committee should be a non-executive BOD member.
• Also, there should be a Secretary of the committee.

 

 

Responsibilities of the Committee

Recommending for nomination and remuneration for the BOD membership, BOD committees, and senior management
Review annually the requirements regarding the appropriate skills needed for the BOD membership.

Prepare a detailed annual report of all the remuneration given to the BOD and the senior management whether such remuneration is in monetary amounts, interests, or benefits, whatever was its nature or name. This report should be presented to the company’s general assembly for approval.

The Committee must oversee remuneration related disclosures required in annual statutory reporting and provide advice to the Board on those disclosures.