pic148 - REPORT ON CORPORATE GOVERNANCE Company's...

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9th Annual Report C M Y K 15 • Company's Philosophy on Code of Corporate Governance Corporate Governance for the company means achieving high level of accountability, efficiency, responsibility and fairness in all areas of operation. Our workforce is committed towards the protection of the interest of the stakeholders viz. shareholders, creditors, investors, customers, employees, etc. Our policies consistently undergo improvements keeping in mind our goal of maximisation of value of all the stakeholders. • The goal is achieved through: Infusion of best expertise in the Board Consistent monitoring and improvement of the human and physical resources Introducing regular checks and audits and continuous improvements in already well-defined systems and procedures. Board / Committee meetings at short intervals to keep the Board informed of the recent happenings. • Board of Directors 1. Composition of the Board The company meets this requirement as is stipulated by the code of corporate governance as the Board of Directors has only one executive director out of ten directors and the Chairman of the Board is a non-executive Director. The composition of the Board is as under: The Board of PNB Gilts is headed by Sh. S.C.Gupta, who is also the Chairman and Managing Director of Punjab National Bank. He was earlier the Chairman and Managing Director of Indian Overseas Bank. Presently, he is Chairman of Governing Board of IBPS and holds position of Director in United India Insurance Co. Ltd. Sh. C.P. Swarankar is the Executive Director of Punjab National Bank. Prior to his appointment as Executive Director of Punjab National Bank, he has held various senior positions in the bank in both field and administrative offices during his 35 years of banking experience. He is also Director of PNB Housing Finance Ltd. Dr. O. P.Chawla is an academician. He was earlier Director of National Institute of Bank Management, Pune. He is also Director of S. Kumars Landmarc Leisure Corporation Ltd. and Tops Security Ltd. Dr. Kamal Gupta was earlier Technical Director of the Institute of Chartered Accountants of India. Maral Overseas Ltd., Malana Power Company and AD Hydro Power Limited. Sh. S. K. Soni has rich experience of thirty two years in Banking industry. He retired from Oriental Bank of Commerce as Chairman and Managing Director. He is also Director of Bank of Punjab. Sh. R. S. Lodha, Chairman of BDO Lodha, is a Chartered Accountant. He is serving as a Director of various companies and Institutions prominent among them are Alfred Herbert(I) Ltd., Birla Corporation Petrochemicals Corporation Ltd., Lodha Capital Markets Ltd., Mazbat Tea Estate Ltd., National Securities Depository Ltd., The Punjab Produce Holdings Ltd., SBI Life Insurance Co. Ltd., UTI
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pic148 - REPORT ON CORPORATE GOVERNANCE Company's...

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