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Nomination and Remuneration Policy

Nomination and Remuneration Policy draft in term of Section 178 (3) of the Companies Act, 2013. This handy draft intends to help professionals to use and implement it with minor customization and save their time and efforts.

Chapter: XII

Section: 178

Rule: 6 of the Companies (Meeting of Board and its Powers) Rules, 2014

Approximate Time Saving: 1 day

Product Information

This document is meticulously drafted and made available in Microsoft Word format with "NRP Help Document"  which consists of relevant act, rules, schedule, draft agenda, draft minutes at one place. The help document  intends to  address the practicle aspects for framing and implementation of a Nomination and Remuneration Policy and thereby help you to save your precious time, money and effort.  

This will help you in the smooth implementation / adoption of Nomination and Remuneration Policy.  

The broad index of NRP help document' will consist of the following:

 

Sr. No.

Content

Page Number

1.

Section 178

2-3

2.

Rule -6 of the Companies (Meeting of Board and its Powers) Rules, 2014

4

3.

Draft Board Agenda- Constitution  of Nomination and Remuneration Committee

5

4.

Draft Board Minutes- Constitution  of  Nomination and Remuneration Committee

7

5.

Draft Agenda-  Nomination and Remuneration Committee - approval of  Nomination and Remuneration  Policy

8

6.

Draft Minutes-  Nomination and Remuneration Committee - approval of  Nomination and Remuneration  Policy

9

7.

Draft  Board Minutes- approval of  Nomination and Remuneration  Policy

10

Additional Information

Section 178

(3) The Nomination and Remuneration Committee shall formulate the criteria for determining qualifications, positive attributes and independence of a director and recommend to the Board a policy, relating to the remuneration for the directors, key managerial personnel and other employees.

(4) The Nomination and Remuneration Committee shall, while formulating the policy under sub-section (3) ensure that:

  1. the level and composition of remuneration is reasonable and sufficient to attract, retain and  motivate directors of the quality required to run the company successfully;
  2. relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and
  3. remuneration to directors, key  managerial personnel and senior management involves a balance between fixed and incentive pay reflecting short and long term performance objectives appropriate to the working of the company and its goals:

Provided that such policy shall be disclosed in the Board's report.

The following companies are required to frame / adopt Nomination and Remuneration Policy: 

(i)     all public companies with a paid up capital of ten crore rupees or more;
(ii)     all public companies having turnover of one hundred crore rupees or more;
(iii)     all public companies, having in aggregate, outstanding loans or borrowings or debentures or deposits exceeding fifty crore rupees or more.

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Nomination and remuneration-policy

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