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Small Highlights of the amendments:
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Requirement of filing form MR-1 with respect to appointment of CS/CFO & CEO has been omitted
Following disclosures required to be made by a listed Company with respect to managerial remuneration in the Directors report has been dispensed with:
- the explanation on the relationship between average increase in remuneration and company performance;
- comparison of the remuneration of the Key Managerial Personnel against the performance of the company;
- variations in the market capitalisation of the company, price earnings ratio as at the closing date of the current financial year and previous financial year and percentage increase over decrease in the market quotations of the shares of the company in comparison to the rate at which the company came out with the last public offer in case of listed companies, and in case of unlisted companies, the variations in the net worth of the company as at the close of the current financial year and previous financial year;
- comparison of the each remuneration of the Key Managerial Personnel against the performance of the company;
- the key parameters for any variable component of remuneration availed by the directors;
- the ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess of the highest paid director during the year
Following changes have been made in disclosures with respect to employee drawing salary of Rs 60 lakhs or more:
The limit of disclosure in respect of remuneration is increased from Rs 60 Lakhs to Rs 1.02 crore per financial year and from Rs 5 Lakhs to Rs 8.5 Lakhs per month
Details of only top 10 employee in terms of remuneration drawn shall be given. Currently details of all employees is required.
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