<h1>Proposed Changes to Managerial Personnel Rules: Limit Form MR-1, Simplify Rule 5 Disclosures, No Changes to Form MR-3.</h1> Proposed amendments to the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, suggest restricting Form MR-1 to managerial personnel only, excluding CS, CFO, and CEO. The Committee recommends simplifying disclosures under Rule 5, focusing on top ten employees by remuneration and those earning over Rs. 102 lakh annually. Regarding Secretarial Audit, the Committee concluded that Secretarial Auditors should ensure board processes and systems are in place for compliance with applicable laws, without changes to Form MR-3 requirements.