Home >> Board & Governance
Committees of the Board of Directors
To maintain its distance from direct operations while retaining reasonable control the Board has set up some special Committees to look at specific functions like audit, HR, Operations and Investments.
The Board of Bhartiya Samruddhi Finance Limited has constituted the following Committees:
* The Audit Committee looks at Risk Management & Assurance Policies, recommend to the Board the quarterly accounts for approval, interact with the Statutory Auditors and discuss in detail any areas of concern.
* The Human Resources Development Committee comprehensively review the HR Policy of the company which shall describe how the HR requirements for the Operational Policy will be addressed, in terms of recruitment, induction, training, and also detail out the policy for remuneration, performance incentives, promotions and procedures for disciplinary action and grievances redressal.
* The Risk Management Committee is responsible for reviewing and approving the risk management policies of the Company, assessment and monitoring of all risks associated with the operations of the Company and development and implementation of internal compliance and control systems and procedures to manage risk. The Committee meets every quarter.
* The Asset Liability Management Committee meets every quarter to develop, review and maintain a long term funding strategy, review short term funding plans, determine liquidity portfolio risk profile, Assess the risks in the balance sheet and Monitor structure of the Company's Assets and Liabilities.
* The Share Allotment and Transfer Committee meets for approval of share transfers and share allotments.
Appropriate powers and responsibilities have been delegated and guidelines laid down for constitution, attendance and quorum, powers and duties of the Committees. The Committees constitute a balanced mix of independent and executive directors. In addition to circulating the minutes of the Committee meetings to the Board, the Chairman of each of the Committees also informs the Board about important issues discussed or any areas of concern that need to be brought to the attention of the Board.
Similarly, other companies in the BASIX Group have constituted Committees of the Board: Indian Grameen Services has an Audit Committee while the Krishna Bhima Samruddhi Local Area Bank Limited which is governed by the Banking Regulation Act and the RBI Regulations has constituted the Audit Committee, the Executive Committee, the Credit Committee, the Risk Committee and the Asset Liability Management Committee.