The Company believes that sound corporate
practices based on openness, credibility
and accountability are essential to its
long-term success. These practices will
ensure the company, having regard to competitive
exigencies, conducts its affairs in such
a way that would build the confidence of
its various stakeholders in it and its Boards'
integrity.
To successfully implement the principles
of corporate governance, Great Eastern Shipping
has made the following 3 committees:
Audit Committee
The Audit Committee has been setup to oversee
the Company's financial reporting process
and the disclosure of its financial information
to ensure that the financial statement is
correct, sufficient and credible. It deals
with the recommendation on the appointment
and removal of external auditor, and the
adequacy of internal control systems.
The Committee is also responsible to look
into the reason for any default in the payment
to the depositors, debenture holders, shareholders
(in case of non payment of declared dividends)
and creditors.
Remuneration
Committee
The Remuneration
Committee determines the Company's policy
on specific remuneration packages for Wholetime
Directors including pension rights and any
other compensation related matters. The Committee
works on the policy of compensating the Wholetime
directors commensurate to the earnings of
the Company and the efforts put in by them
for achieving the same. At present the Committee
has no scheme for the Wholetime Directors
or employees for grant of stock option.
Shareholder / Investor Grievance Committee
The Investor Grievance Committee ensures
redressal of the shareholder and investor
complaints relating to transfer of shares,
non receipt of balance sheet, the complaints
in respect to non receipt of dividends/interests/payments
on redemption of preference shares, debentures,
bonds or such other instruments which are
redeemable.
