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- Concept of “materiality” to be formally defined by the Audit Committee to provide clarity for identification of related party transactions, reviewing independence of directors, etc
- Company to have adequate processes to capture the information required for various disclosures under the Listing Agreement, the Companies Act, and other industry specific or licensing-related regulations
- Any changes in accounting policies would have to be tracked and adequately justified. All such changes to be disclosed in the annual report
- All related party transactions and actual or potential conflicts of interest at Senior Management and Board level to be disclosed to the Audit Committee.
- All significant contracts and arrangements entered into by the company would have to be disclosed to the Board/Audit Committee on a periodic basis.