Company Overview Financial Statements Notice Statutory Reports 19 Rudolf Atul Chemicals Ltd | Annual Report 2023-24 (` lakhs) No. Name Remuneration during the year Sitting fees Salary and perquisites Commission Total Non-executive Directors 4. Ulrich Hambrecht - - - - 5. Gopi Kannan Thirukonda - - - - 6. Sudhir Merchant 1,00,000 - 3,00,000 4,00,000 7 Sujal Shah 90,000 - 3,00,000 3,90,000 8 Oliver Kusterle - - - - 1for part of year Sitting fees of up to ` 30,000 per meeting constitute fees paid to the Non-executive Directors for attending the Board, Committee and other meetings as approved by the Board. Commission of up to 1% of the net profit of the Company to the Non-executive Directors was approved by the members of the Company at the AGM held on August 18, 2023, for a period of five years effective April 01, 2024. The Board approves, within the aforesaid limit, the commission payable to a Non-executive Director. 3. Committees of the Board The Board has const i tuted the fol lowing Committees: • Audit Committee • Corporate Social Responsibility Committee • Nomination and Remuneration Committee 3.1. Audit Committee 3.1.1 Role a) Approving: i) appointment of theChief Financial Officer ii) transactions with related parties and subsequent modifications thereof b) Conducting: i) pre-audit discussions with the Auditors regarding the nature and scope of the audit and post-audit discussion to ascertain any area of concern ii) valuation of undertakings or assets, wherever necessary c) Formulating: i) code of conduct and related matters ii) scope, functioning, periodicity and methodology for conducting the internal audit in consultation with the Internal Auditor d) Reviewing: i) adequacy of the internal audit function, including the structure of the internal audit department, staffing and seniority of the official heading the department, repor t ing structure coverage and frequency of internal audit ii) compliance reports of all applicable laws aswell as steps taken to rectify instances of non-compliances periodically iii) financial reporting process and the disclosure of financial information to ensure that the Financial Statements are correct, credible and sufficient iv) periodical ly with the Auditors, the internal control systems, the scope of audit, including the observations of the Auditors and the Financial Statements before submission to the Board
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