The Board of Directors (“BoD”) of a Public Listed Company and certain specific unlisted Public Companies have  to constitute a Nomination & Remuneration Committee.

Division of Duties: The Committee is to identify persons qualified to become BoD members, and suggest persons who may be appointed as BoD members or in senior management in accordance with the criteria laid down. Further, the Committee is required to formulate the criteria for determining the qualifications, positive attributes and independence of BoD members and recommend to the BoD a policy relating to remuneration of the BoD members, key managerial personnel and other employees. [...]

Composition: The Committee consists of a minimum of 3 or more non-executive BoD members of which at least 1/2 must be IDs. Though the Chairperson of the Company may be member of the Committee, such person cannot chair the Committee.

Appointment/Dismissal Competence: The appointment and removal of a member of the Nomination & Remuneration Committee is by a Resolution passed by the BoD. An individual ceasing to be a BoD member automatically ceases to be a member of the Committee.

Alternates: Alternates may be appointed following the same procedure as appointment of an alternate BoD member.

NB! The processes for appointment and dismissal of Nomination & Remuneration Committee members are not described in more detail at the LCB site.