Variable pay limits require deferred payment, ban on equity-linked compensation, and malus/clawback for key management. Compensation norms require a capped variable pay component with a significant deferred portion, prohibit ESOPs and other equity linked instruments for key management, and include malus and clawback arrangements. Policies must consider the entity's financial condition, revenues, industry comparability, average compensation for similar ranks, role and responsibilities, avoidance of short term risk incentives, and periodic review. Board approval is required for the managing director's compensation, and existing appointments must conform and be submitted to the Board within the specified transitional period.