Company Overview Financial Statements Notice Statutory Reports 7 Rudolf Atul Chemicals Ltd | Annual Report 2019-20 17. Key Managerial Personnel and other employees 17.1 Appointments and cessations of Key Managerial Personnel Mr Milind Phatak ceased to be the Chief Financial Officer effective February 12, 2020. Mr Rajas Khaladkar was appointed as the Chief Financial Officer of the Company effective February 13, 2020 in place of Mr Milind Phatak. 17.2 Remuneration The Remuneration Policy of the Key Managerial Personnel and other employees consists the following: 17.2.1 Components: i) Fixed pay a. Basic salary b. Allowances c. Perquisites d. Retirals ii) Variable pay 17.2.2 Factors for determining and changing fixed pay: i) Existing compensation ii) Education iii) Experience iv) Salary bands v) Performance vi) Market benchmark 17.2.3 Factors for determining and changing variable pay: i) Business performance ii) Individual performance iii) Grade 18. Analysis of remuneration There is no employee who falls within the criteria provided in Sections 134(3)(q) and 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Thus, the disclosure of the information in respect thereof is not applicable. 16.2 Policy on appointment and remuneration is displayed on the website of the Company at www.racl.net.in/investors.html The salient features of the Policy are as under: 16.2.1Appointment While recommending appointment of the Directors, the Nomination and Remuneration Committee considers the following factors: i) Qualification: well-educated and experienced in senior leadership positions in industry | profession ii) Trait: positive attributes and qualities iii) Independence: criteria prescribed in Section 149(6) of the Companies Act, 2013 for the Independent Directors, including no pecuniary interest and conflict of interest 16.2.2 Remuneration of the Non-executive Directors i) Sitting fees: up to ` 10,000 for attending a Board, Committee and any other meeting ii) Commission: up to 1% of net profit as may be decided by the Board based on the following factors: a. Membership of Committee(s) b. Profit c. Attendance d. Category (Independent or Non-independent ) 16.2.3 Remuneration of the Managing Director This is given under para number 17.2. 16.3 Familiarisation programs for Independent Directors The Company has familiarisation programs for its Independent Directors. It comprises, amongst others, presentations by and discussions with the Senior Management on nature of the industries in which it operates, its vision and strategy and its organisation structure.
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