Section 178 of CA 2013 : Section 178: Nomination And Remuneration Committee And Stakeholders Relationship Committee
CA 2013
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Explanation using Example
Imagine XYZ Corp is a listed public company with a diverse board of directors. As per Section 178 of The Companies Act, 2013, XYZ Corp is required to establish a Nomination and Remuneration Committee (NRC). This committee must have at least three non-executive directors, with more than half being independent directors. The CEO of XYZ Corp, who is also the chairperson, can be a member of the NRC but cannot chair it.
When XYZ Corp is looki...
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