Compensation and tenure of key management personnel: committee-determined pay policy, board approval for managing director, mandatory pay-ratio disclosure.

A Nomination and Remuneration Committee, majority public interest directors and chaired by a public interest director, must determine a compensation policy and set KMP compensation per prescribed norms; managing director compensation requires Board approval and prior Board consent for changes; KMP compensation and the ratio to median employee pay must be disclosed in the statutory report; non-director KMP tenure in a regulatory department is a fixed posting period decided by the Committee.

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