Nomination and Remuneration Committee to set compensation policy for key management personnel, with disclosure and fixed tenures. A recognised stock exchange or recognised clearing corporation must constitute a Nomination and Remuneration Committee with a majority of public interest directors and chaired by a public interest director; that Committee shall determine compensation of key management personnel under a compensation policy aligned with norms in PART - I of Schedule - II. The Board must approve the managing director's compensation and any changes require prior Board approval. Compensation for key management personnel must be disclosed in the report under section 134 of the Companies Act, 2013, including the ratio of each key management person's compensation to the median employee compensation, and non-director key management tenure is a fixed period set by the Committee.