42 Innovating for the new normal Maintaining the highest standards of ethics

Strong corporate governance is an integral part of our core values and is crucial to our business integrity, performance and sustainable growth. We, therefore, seek to consistently enhance our corporate governance performance by emphasising transparency and a fair and ethical work culture.
The Board of Directors is responsible for setting the Company’s long-term strategy and is assisted by ten Board Committees in implementing the strategy.

Committees and their responsibilities

i. Audit Committee
The Audit Committee oversees the Company’s financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, suficient and credible. It also recommends to the Board the appointment, reappointment, and if required, the replacement or removal of the statutory auditor and the fixation of audit fee, among other responsibilities.

ii. Nomination, Compensation and Corporate Governance Committee
The Audit Committee oversees the Company’s financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, suficient and credible. It also recommends to the Board the appointment, reappointment, and if required, the replacement or removal of the statutory auditor and the fixation of audit fee, among other responsibilities.

iii. Stakeholders’ Relationship and Securities Transfer Committee
The Stakeholders’ Relationship and Securities Transfer Committee looks into the redressal of shareholder and investors complaints or grievances such as transfer and transmission of securities; non-receipt of annual report, notice, declared dividends, interest, redemption amount, etc. and all other securities-holders related matters.

iv. Corporate Social Responsibility (CSR) Committee
The CSR Committee reviews and recommends any new CSR initiatives to be taken up by the Company and reviews the utilisation of budgets allocated for projects already undertaken.

v. Risk Management Committee (RMC)
The RMC reviews the risk management framework and risk appetite of the Company, examines the adequacy and effectiveness of the risk management policy, and ensures appropriate and adequate reporting to the Board, with recommendations where required.

vi. Asset-Liability Management Committee (ALCO)
The ALCO is responsible for managing the long-term and short-term liquidity position of the Company and functions under the overall supervision of the RMC of the Board.

vii. Financial Resources and Management Committee
The Financial Resources and Management Committee is responsible for overseeing and dealing with operational matters from time to time, such as investments, financial arrangements, and allotment of debentures and bonds.

viii.Debenture Committee
The Debenture Committee is responsible for the public issuance of the debentures of the Company.

Fair Practice Code

Manappuram Finance Ltd. has formulated the Fair Practice Code (FPC), which is applicable to all offices and employees of the Company.

Objectives