••• Boards Report under the Companies Act, 2013 ••• • Boards Report has been made more informative and includes extensive disclosures like - (i) extract of annual return in the prescribed form; (ii) companys policy on directors appointment and remuneration including the criteria for determining qualifications, positive attributes, independence of a director etc. ; (iii) a statement of declaration by independent directors; (iv) explanations or comments by the Board on every qualification, reservation or adverse remark or disclaimer made by the auditor in his report and by the company secretary in practice in his secretarial audit report; (v) particulars of loans, guarantees, or investments made; (vi) particulars of contracts or arrangements entered into; (vii) the conservation of energy, technology absorption, foreign exchange earnings and outgo in the prescribed manner; (viii) statement indicating development and implementation of a risk management policy for the company including identification therein of elements of risk, if any, which in the opinion of the Board may threaten the existence of the company; (ix) the details about the policy developed and implemented by the company on corporate social responsibility initiatives taken during the year in case of listed companies and other prescribed class of companies, a statement indicating the manner in which formal annual evaluation has been made by the Board of its own performance and that of committees and individual directors. • The Directors Responsibility Statement shall also include the statement that the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate andoperating effectively. • The Boards Report is to be signed by the Chairperson of the company if he is authorized by the Board and where he is not so authorized, it shall be signed by at least two directors, one of whom shall be a managing director, or by the director where there is one director. (Clause 134).
Posted on: Wed, 23 Oct 2013 11:40:08 +0000
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