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.
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.