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    <title>INDEPENDENT DIRECTORS</title>
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    <description>The listing agreement&#039;s regulatory regime mandates a board structure with a significant non executive presence and specified proportions of independent directors tied to the chair&#039;s status; it defines independent director criteria (absence of material pecuniary ties, recent executive or professional associations, commercial dependence, and limited shareholding). Remuneration for non executive and independent directors must be board fixed and shareholder approved with limits on stock options. Audit committee leadership must be an independent director who attends the annual meeting, and vacated independent director positions must be filled within a prescribed period unless independence thresholds remain satisfied.</description>
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