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- Board to have adequate number of Independent Directors, at least one-third
- Induction of reputed professionals such as Accountants and Lawyers as independent directors
- Independent directors to declare compliance with independence criteria annually
- Audit Committee to be entirely made up of independent directors, with key non-independent board members as permanent invitees, if required
- All members of the Audit Committee to have knowledge of and exposure to financial matters
- At least one Audit Committee member to have experience in accounting/auditing
- Board and Audit Committee members to go through structured training sessions to update themselves on Company specific (business familiarization, industry updates, complex transactions, etc) and Environmental (relevant global and Indian regulations, relevant accounting standards, etc) matters
- Annual formal performance review of Board and Audit Committee to take place, including of individual executive and non-executive Board members
- Board and Audit Committee meetings to be of sufficient duration to allow discussion of issues in depth
- All non-executive Board members would have to rotate through the Audit Committee.