Page 76 - Tata_Chemicals_yearly-reports-2017-18

In terms of remuneration mix or composition, ʀ The Company provides the rest of the employees a
performance linked bonus. The performance linked
ʀ The remuneration mix for the MD/EDs is as per the
bonus would be driven by the outcome of the
contract approved by the shareholders. In case of any
performance appraisal process and the performance of
change, the same would require the approval of the
the company.
shareholders.
¾ Remuneration payable to Director for services rendered in
ʀ Basic/fixed salary is provided to all employees to ensure
other capacity.
that there is a steady income in line with their skills and
experience. The remuneration payable to the Directors shall be inclusive
of any remuneration payable for services rendered by such
ʀ In addition to the basic/fixed salary, the company
director in any other capacity unless:
provides employees with certain perquisites, allowances
and benefits to enable a certain level of lifestyle and a) The services rendered are of a professional nature; and
to offer scope for savings and tax optimisation, where
b) The NRC is of the opinion that the director possesses
possible. The company also provides all employees
requisite qualification for the practice of the profession.
with a social security net (subject to limits) by covering
medical expenses and hospitalisation through ¾ Policy implementation
re-imbursements or insurance cover and accidental
The NRC is responsible for recommending the remuneration
death and dismemberment through personal accident
policy to the Board. The Board is responsible for approving and
insurance.
overseeing implementation of the remuneration policy.
ʀ The Company provides retirement benefits as applicable.
ʀ In addition to the basic/fixed salary, benefits, perquisites
and allowances as provided above, the company On behalf of the Board of Directors
provides MD/EDs such remuneration by way of
commission, calculated with reference to the net profits
of the company in a particular financial year, as may be
determined by the Board, subject to the overall ceilings Bhaskar Bhat R. Mukundan
stipulated in Section 197 of the Act. The specific amount Director Managing Director & CEO
payable to the MD/EDs would be based on performance
as evaluated by the Board or the NRC and approved by Mumbai, 18 May, 2018
the Board.

74 Annual Report 2017-18