53 Commission of up to 1% of the net profit of the Company to the Non-executive Directors was approved by the members of the Company at the AGM held on July 27, 2018, for a period of five years, effective April 01, 2018. The Board approves, within the aforesaid limit as per the Remuneration Policy of the Company, the commission payable to each Non-executive Director. The Remuneration policy is disclosed on the website of the Company at www.atul.co.in/investors/policies. 3. Committees of the Board The Board has constituted the following Committees: • Audit Committee • Corporate Social Responsibility Committee • Investment Committee • Nomination and Remuneration Committee • Risk Management Committee • Stakeholders Relationship Committee 3.1. Audit Committee 3.1.1. Role i) Approving: • appointment of the Chief Financial Officer • transactions with related parties and subsequent modifications thereof ii) Conducting: • pre-audit discussions with the Auditors regarding the nature and scope of the audit and post-audit discussion to ascertain any areas of concern • valuation of undertakings or assets, wherever necessary iii) Formulating: • code of conduct and related matters • scope, functioning, periodicity and methodology for conducting the internal audit in consultation with the Internal Auditor iv) Reviewing: • adequacy of the internal audit function, including the structure of the Internal Audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit • compliance reports of all applicable laws as well as steps taken to rectify instances of non-compliances periodically • compliance with the provisions of the SEBI (Prohibition of Insider Trading) Regulations, 2015 at least once in a financial year and verify that the systems for internal control are adequate and are operating effectively • financial reporting process and the disclosure of financial information to ensure that the Financial Statements are correct, credible and sufficient • periodically with the Auditors the internal control systems, the scope of audit, including the observations of the Auditors and the Financial Statements before submission to the Board • reasons for substantial defaults, if any, in the payment to the depositors, the debenture holders, the members (in case of non-payment of declared dividends) and creditors • significant transactions and arrangements entered into by the unlisted subsidiary companies • the annual Financial Statements and Auditor’s Report with the Management before submission to the Board for approval with particular reference to: any change in accounting policies and practices compliance with accounting standards
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