VIGNANA JYOTHI INSTITUTE OF MANAGEMENT

A
Report
On
Annual Report analysis
For

By
Vangaveti Sravani-191300
Battula Surabhi-191310
Table of contents
S. No Content Page no
About HUL
Hindustan Unilever Limited is the largest fast moving consumer goods company in India
with a heritage of over 80years. More than 9 out of 10 Indian households use one or more of
its products. There are almost 44+ brands across 14 distinct categories and 8+ million outlets
across India.
The categories include Fabric Solutions, Home and Hygiene, Life Essentials, Skin Cleansing,
Skin Care, Hair Care, Colour Cosmetics, Oral Care, Deodorants, Tea, Coffee, Ice Cream &
Frozen Desserts, Foods, Health Food Drinks (HFD), and it is part of the daily life of millions
of consumers.
The portfolio includes the leading brands like Surf excel, Rin, Wheel, Sunlight, Vim, Pureit,
Lux, Lifebuoy, Dove, Fair & Lovely, Pond’s, Vaseline, Clinic Plus, Sunsilk, Indulekha,
Lakme, Pepsodent, Closeup, Axe, Brooke Bond, Lipton, BRU, Kwality Wall’s, Knorr and
Kissan. The merger of GlaxoSmithKline Consumer Healthcare Limited (GSK CH), has
resulted in acquisition of iconic brands like Horlicks and Boost.
Values:
 Integrity- to do the right thing in every decision that is made and supporting Unilever
in long term success.
 Respect- to treat the people with dignity, honesty and fairness and celebrate the
diversity of the people.
 Responsibility- to take care of the people and to serve the world in which they
operate.
 Pioneering – to have a passion for leading our industry, winning in the market, and
intelligent risk-taking
Vision:
To grow our business, whilst decoupling our environmental footprint from our growth and
increasing our positive social impact delivered through the Unilever Sustainable Living Plan.
Strategy:
A belief that sustainable business drives superior performance lies at the heart of the Unilever
Compass – our strategy to create long-term value for our stakeholders.

Purpose-To make sustainable living commonplace.

 Brands with purpose grow
o Improve people’s health, confidence and well-being with brands that combine
superior experiences, bold innovation and a strong sustainable living purpose
o Improve the health of the planet with brands that regenerate nature, fight climate
change, and conserve resources for future generations
o Contribute to a fairer and more socially inclusive world with brands that champion
human rights, stand up for equality and distribute value fairly
 Companies with purpose last
o Deliver long-term, superior value by reshaping our portfolio, and being a fast, low
cost and fully digitised Company
 o Serve people everywhere through data-driven relationships and channel availability
o Use our scale for good by building trust through transparency and new purpose-led
business models
 People with purpose thrive
o Create capability through lifelong learning by inspiring and enabling people to never
stop growing and take charge of their well-being
o Unlock capacity for growth by being truly agile, always simplifying and leading for an
inclusive future of work
o Deepen our culture of pioneering by driving performance through leadership and
innovation in all we do

Growth Culture:
The aim is to shape a Growth Culture based on three tenets: Human, Purposeful and
Accountable. The company remains committed to listening to the employees and build these
insights into actions. In the annual employee survey, UniVoice garnered a participation from
94% of the workforce this year, reaching around 15,000+ employees. The survey showed
improvements across all dimensions. Overall Engagement stood at 90%, 94% of the
employees believe it have the right strategy to win and 90% of employees believe it care
about their well-being. The employee voice through these encouraging scores is testimony to
the actions and how employees experience the company every day.
Diversity and inclusion:
Company continues to place significant importance on diversity and inclusion (D&I) in the
workplace. Active steps have been taken over the years to improve gender balance, with a
focus on managerial and senior leadership levels. The Company achieved 41.43% gender
balance at the managerial level (WL2+) in March 2020 vs 39.94% in March 2019. The
Gender Balance for senior leadership positions (WL4+) improved from 19.05% in March
2019 to 33.33% in March 2020. The progress continues on Annexure to the Report of Board
of Directors (Continued) account of enablers such as focusing on hiring top women talent
across work levels, providing career development and mentorship opportunities, agile
working and parental support.
In March 2020, Company launched the #HULStandsforWomenSafety initiative in partnership
with Son Rise and UN Women to encourage each employee to take the HeForShe Pledge.
Your Company is committed to cover 1 lakh+ women through an awareness programme on
safety in 2020 and pay it forward by encouraging other like-minded organisations to join the
movement.
In 2019, your Company launched a host of enablers to improve gender inclusion in the
workplace. In addition to the head office, the Company this year rolled out at various offices
of the Company state of the art day care facilities and also rolled out site creches in 15 of its
factory sites this year.
The Company continues to provide agile / flexible working arrangements, a formal career
break policy and parental support to employees of all genders and orientations. Career by
Choice continues to be your Company’s flagship ‘back to work’ programme for women
returning from a career break by giving them a platform to transition back to mainstream
work.
  Inclusion of Persons with Disability (PwD): The company is committed in
including persons with disability into the employment ecosystem and workforce.
Additionally, it is building an accessible workplace for persons with disability with
over 17 of the sites already audited and work underway to convert them. In 2019, the
Company launched Voluntary Self Disclosure and Reasonable Accommodation
Policy to enable employees to discreetly disclose their disability and avail support.
 LGBTQ+ Inclusion: The Company conducted its first PRIDE celebration in 2019 to
create awareness about diversity of genders and orientations and build a culture of
allyship through theatre-based inclusion workshops, screening of India’s first
internationally acclaimed LGBTQ+ movie Sisak and celebration of game changers
from the community. The Company has ensured provision of 22 all Gender Inclusive
Restrooms across its main offices in 2019.
A Winning Employer Brand
The Company continues its title of ‘No. 1 Employer of Choice’ in the FMCG industry for the
past 11 years. It continue to have meaningful and deep engagements with campus students to
build our brand amongst them and attract the best talent for the Company. Driven by the
‘leaders build leaders’ philosophy; it created an environment where people get big
responsibilities early on in their career and are also able to constantly experiment. The
Company’s flagship management trainee programme, the Unilever Future Leaders
Programme (UFLP), has been the training ground for many inspiring leaders across the
Company and Unilever, and provides extensive cross-functional experience through live
projects and assignments.
List of Leaders:
Executive Directors:
 Sanjiv Mehta- Chairman and Managing Director
 Srinivas Phatak- Executive Director, Finance & IT and Chief Financial Officer
 Pradeep Banerjee / Pradeep Banerjee Associates LLP. (up to 31st December 2019)
 Wilhelmus Uijen- Executive Director, Supply Chain (with effect from 1st January
2020)
 Dev Bajpai- Executive Director, Legal & Corporate Affairs and Company Secretary
 Geetu Verma (up to 30th June 2018)
 BP Biddappa (up to 31st May 2019)
 Anuradha Razdan- Executive Director, Human Resources (with effect from 1st June
2019)
 Priya Nair- Executive Director, Beauty & Personal Care
 Sandeep Kohli- Executive Director, Beauty & Personal Care (up to 31st January
2020)
 Prabha Narasimhan- Executive Director, Home Care (with effect from 1st February
2020)
 Sudhir Sitapati- Executive Director, Foods & Refreshment
 Srinandan Sundaram- Executive Director, Sales and Customer Development
 Vibhav Sanzgiri- Executive Director, Research & Development (with effect from 1st
June 2019)
(b) Non-executive Directors:
 Harish Manwani (up to 29th June 2018)
 Aditya Narayan S. Ramadorai- Independent Director (up to 29th June 2019)
 O. P. Bhatt- Independent Director
 Sanjiv Misra- Independent Director
 Kalpana Morparia- Independent Director
 Leo Puri- Independent Director (with effect from 12th October 2018)
 Ashish Gupta- Independent Director (with effect from 31st January 2020)
Competencies of Directors:
Skills Description
Leadership experience of Experience in leading well-governed large organisations, with
running large enterprise an understanding of organisational systems and processes
complex business and regulatory environment, strategic
planning and risk management, understanding of emerging
local and global trends and management of accountability and
performance
Experience of crafting Experience in developing long-term strategies to grow
Business Strategies consumer / FMCG business, consistently, profitably,
competitively and in a sustainable manner in diverse business
environments and changing economic conditions.
Understanding of Experience of having managed organisations with large
Consumer and Customer consumer / customer interface in diverse business
Insights in diverse environments and economic conditions which helps in
environments and leveraging consumer insights for business benefits.
conditions
Finance and Accounting Leadership experience in handling financial management of a
Experience large organisation along with an understanding of accounting
and financial statements.
Experience in overseeing Experience in overseeing large and complex supply chain
large and complex Supply operations, management of innovations, understanding of
Chain emerging technologies including digital information
technologies and their disruptive impact
Understanding use of Understanding the use of digital / Information Technology
Digital / Information across the value chain, ability to anticipate technological
Technology across the driven changes & disruption impacting business and
FMCG value chain appreciation of the need of cyber security and controls across
the organisation
Experience of large Experience of having served in large public companies in
companies and diverse industries to provide Board oversight to all
understanding of the dimensions of business and Board accountability, high
changing regulatory governance standards with an understanding of changing
landscape regulatory framework.
 Leo Puri
Srinivas Phatak

Aditya Narayan

O.P. Bhatt

Dr. Sanjiv Misra

Kalpana Morparia
Dev Bajpai

Wilhelmus Uijen

Dr. Ashish Gupta

Skills

Sanjay Mehta
Leadership experience of running      
     
large enterprise
Experience of crafting Business      
     
Strategies
Understanding of Consumer and      
     
Customer Insights in diverse
environments and conditions
Finance and Accounting Experience      
     
Experience in overseeing large and  
 
complex Supply Chain
Understanding use of Digital /   
  
Information Technology across the
FMCG value chain
Experience of large companies and       
      
understanding of the changing
regulatory landscape

The criteria for appointment to the Board include:

 Composition of the Board, which is commensurate with the size of the Company, its
portfolio, geographical spread and its status as a listed Company
 Desired age and diversity on the Board
 Size of the Board with optimal balance of skills and experience and balance of
Executive and Non-Executive Directors consistent with the requirements of law
 Professional qualifications, expertise and experience in specific area of relevance to
the Company
 Balance of skills and expertise in view of the objectives and activities of the Company
 Avoidance of any present or potential conflict of interest
 Availability of time and other commitments for proper performance of duties
 Personal characteristics being in line with the Company’s values, such as integrity,
honesty, transparency, pioneering mindset.
Corporate Policies
Code of Business Principles / Whistle Blower Policy

The Code of Business Principles (‘the Code’) is the Company’s statement of values and represents
the standard of conduct which all employees are expected to observe in their business endeavours.
The Code reflects the Company’s commitment to principles of integrity, transparency and fairness. It
forms the benchmark against which the world at large is invited to judge the Company’s activities.
The copy of the Code is available on the website of the Company at
https://www.hul.co.in/about/who-weare/purpose-and-principles/.

The Company has adopted a Whistle Blower Policy, as part of vigil mechanism to provide
appropriate avenues to the Directors and employees to bring to the attention of the management
any issue which is perceived to be in violation of or in conflict with the Code of the Company.

The Company has provided dedicated e-mail addresses [email protected] and

[email protected] for reporting such concerns. Alternatively, employees can also send written
communications to the Company. The employees are encouraged to voice their concerns by way of
whistle blowing and all the employees have been given access to the Audit Committee. No personnel
have been denied access to the Audit Committee pertaining to the Whistle Blower Policy. The
Company Secretary is the designated officer for effective implementation of the policy and dealing
with the complaints registered under the policy. All cases registered under the Code and the Whistle
Blower Policy of the Company, are reported to the Management Committee and are subject to the
review of the Audit Committee. The Whistle Blower Policy is available on the website of the
Company at https://www.hul.co.in/investor-relations/corporate-governance/.

Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition

and Redressal) Act, 2013:

The Company is committed to ensuring that all employees work in an environment that not only
promotes diversity and equality but also mutual trust, equal opportunity and respect for human
rights. The Company is also committed to provide a work environment that ensures every woman
employee is treated with dignity, respect and afforded equal treatment.

The Company has formulated a Policy on prevention of Sexual Harassment in accordance with the
provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and the Rules made thereunder which is aimed at providing every woman at
the workplace a safe, secure and dignified work environment.

Your Company has constituted Internal Committees (IC). While maintaining the highest governance
norms, the Company has appointed external independent persons who work in this area and have
the requisite experience in handling such matters, as Chairpersons of each of the Committees.

 Number of Complaints filed during the FY 2019-20 - 3

 Number of Complaints disposed off during the FY 2019-20 – 2
 Number of Complaints pending as on 31st March 2020 - 1

The Complaints which were pending as on 31st March 2020 were disposed off at the time of
adoption of this Report by Board. The Company endeavours to complete the inquiry process within
the stipulated period of 90 days.

Policy on Avoiding Conflict of Interest

The Board of Directors are responsible for ensuring that rules are in place to avoid conflict of interest
by the Board Members and the Management Committee. The Board has adopted the Code of
Conduct for the Members of the Board and Senior Management Team. The Code provides that the
Directors are required to avoid any interest in contracts entered into by the Company. If such an
interest exists, they are required to make adequate disclosure to the Board and to abstain from
discussion, voting or otherwise influencing the decision on any matter in which the concerned
Director has or may have such interest. The Code also restricts Directors from accepting any gifts or
incentives in their capacity as a Director of the Company, except what is duly authorised under the
Company’s Gift Policy. The Members of the Board and the Management Committee annually
confirm the compliance of the Code of Conduct to the Board. The Code of Conduct is in addition to
the Code of the Company. A copy of the said Code of Conduct is available on the website of the
Company at https://www.hul.co.in/investor-relations/corporate-governance/. In addition, Members
of the Board and Management Committee also submit, on an annual basis, the details of individuals
to whom they are related and entities in which they hold interest, and such disclosures are placed
before the Board.

The Members of the Board inform the Company of any change in their Directorship(s),
Chairmanship(s) / Membership(s) of the Committees, in accordance with the requirements of the
Act and Listing Regulations. Transactions with any of the entities referred above are placed before
the Board for approval. Details of all Related Party Transactions are placed before the Audit
Committee on quarterly basis.

Policy on dealing with Related Party Transactions

The Company has not entered into any Material Related Party Transaction during the year. In line
with requirements of the Act and Listing Regulations, your Company has formulated a Policy on
Related Party Transactions which is available on the website of the Company at
https://www.hul.co.in/investor-relations/corporate-governance/.

The Policy intends to ensure that proper reporting, approval and disclosure processes are in place
for all transactions between the Company and Related Parties.

This policy specifically deals with the review and approval of Material Related Party Transactions
keeping in mind the potential or actual conflicts of interest that may arise because of entering into
these transactions. All Related Party Transactions are placed before the Audit Committee for review
and approval. Prior omnibus approval is obtained for Related Party Transactions on a quarterly basis
for transactions which are of repetitive nature and / or entered in the ordinary course of business
and are at arm’s length. All Related Party Transactions entered during the year were in ordinary
course of business and on arm’s length basis. No Material Related Party Transactions, i.e.
transactions exceeding ten percent of the annual consolidated turnover as per the last audited
financial statements, were entered during the year by your Company.

During the year, the Board of Directors had adopted the updated Related Party Transaction Policy.

Policy on Material Subsidiary

The Company has adopted a Policy on Material Subsidiary in line with the requirements of the Listing
Regulations. The objective of this policy is to lay down criteria for identification and dealing with
material subsidiaries and to formulate a governance framework for subsidiaries of the Company. The
policy on Material Subsidiary is available on the website of the Company at
https://www.hul.co.in/investor-relations/corporate-governance/.

Policy on Dividend Distribution

The Board of Directors have adopted Dividend Distribution Policy in terms of the requirements of
Listing Regulations. The Policy is available on the website of the Company at
https://www.hul.co.in/investor-relations/corporate-governance/. The Dividend Distribution Policy
forms a part of this Report.

Share Dealing Code

The Company has instituted a mechanism to avoid Insider Trading and abusive self-dealing in the
securities of the Company. In accordance with the Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations, 2015 (‘SEBI PIT Regulations’), the Company has
established systems and procedures to prohibit insider trading activity and has framed a Share
Dealing Code. The Share Dealing Code of the Company prohibits the Directors of the Company and
other specified Corporate Governance (continued) employees dealing in the securities of the
Company on the basis of any Unpublished Price Sensitive Information (UPSI), available to them by
virtue of their position in the Company. The objective of this Share Dealing Code is to prevent misuse
of any UPSI and prohibit any insider trading activity, in order to protect the interest of the
shareholders at large. The Board of Directors of the Company have adopted the Share Dealing Code
and formulated the Code of Practices and Procedures for Fair Disclosure in terms of the
requirements of SEBI PIT Regulations. The details of dealing in Company’s shares by Specified
Employees (which include members of the Management Committee and Directors) are placed
before the Board for information on quarterly basis. The Share Dealing Code also prescribes sanction
framework and any instance of breach of Share Dealing Code is dealt with in accordance with the
same. A copy of the Share Dealing Code of the Company is made available to all employees of the
Company and compliance of the same is ensured.

The Share Dealing Code is available on the website of the Company at

https://www.hul.co.in/investor-relations/corporategovernance/dealing-in-hul-shares/index.html.

Employee Benefits:
Defined contribution plans

Contributions to defined contribution schemes such as employees’ state insurance, labour welfare
fund, superannuation scheme, employee pension scheme etc. are charged as an expense based on
the amount of contribution required to be made as and when services are rendered by the
employees. Company’s provident fund contribution, in respect of certain employees, is made to a
Government administered fund and charged as an expense to the Statement of Profit and Loss. The
above benefits are classified as Defined Contribution Schemes as the Company has no further
defined obligations beyond the monthly contributions.

Defined benefit plans

In respect of certain employees, provident fund contributions are made to a trust administered by
the Company. The interest rate payable to the members of the trust shall not be lower than the
statutory rate of interest declared by the Central Government under the Employees Provident Funds
and Miscellaneous Provisions Act, 1952 and shortfall, if any, shall be made good by the Company.
The liability in respect of the shortfall of interest earnings of the Fund is determined on the basis of
an actuarial valuation.

The Company also provides for retirement/post-retirement benefits in the form of gratuity,
pensions (in respect of certain employees), compensated absences (in respect of certain employees)
and medical benefits (in respect of certain employees) including to the employees of group
companies.

For defined benefit plans, the amount recognised as ‘Employee benefit expenses’ in the Statement
of Profit and Loss is the cost of accruing employee benefits promised to employees over the year
and the costs of individual events such as past/future service benefit changes and settlements (such
events are recognised immediately in the Statement of Profit and Loss). The amount of net interest
expense calculated by applying the liability discount rate to the net defined benefit liability or asset
is charged or credited to ‘Finance costs’ in the Statement of Profit and Loss. Any differences between
the expected interest income on plan assets and the return actually achieved, and any changes in
the liabilities over the year due to changes in actuarial assumptions or experience adjustments
within the plans, are recognised immediately in ‘Other comprehensive income’ and subsequently
not reclassified to the Statement of Profit and Loss.

The defined benefit plan surplus or deficit on the Balance Sheet date comprises fair value of plan
assets less the present value of the defined benefit liabilities using a discount rate by reference to
market yields on Government bonds at the end of the reporting period.

All defined benefit plans obligations are determined based on valuations, as at the Balance Sheet
date, made by independent actuary using the projected unit credit method. The classification of the
Company’s net obligation into current and non-current is as per the actuarial valuation report.

Termination benefits

Termination benefits, in the nature of voluntary retirement benefits or termination benefits arising
from restructuring, are recognised in the Statement of Profit and Loss. The Company recognises
termination benefits at the earlier of the following dates:

(a) when the Company can no longer withdraw the offer of those benefits; or

(b) when the Company recognises costs for a restructuring that is within the scope of Ind AS 37:
Provisions, Contingent Liabilities and Contingent Assets and involves the payment of termination
benefits.

Benefits falling due more than 12 months after the end of the reporting period are discounted to
their present value.

Share-Based Payments

Employees of the Company receive remuneration in the form of share-based payments in

consideration of the services rendered. Under the equity settled share-based payment, the fair value
on the grant date of the awards given to employees is recognised as ‘employee benefit expenses’
with a corresponding increase in equity over the vesting period. The fair value of the options at the
grant date is calculated by an independent valuer basis Black Scholes model. At the end of each
reporting period, apart from the non-market vesting condition, the expense is reviewed and
adjusted to reflect changes to the level of options expected to vest. When the options are exercised,
the Company issues fresh equity shares.

For cash-settled share-based payments, the fair value of the amount payable to employees is
recognised as ‘employee benefit expenses’ with a corresponding increase in liabilities, over the
period of non-market vesting conditions getting fulfilled. The liability is remeasured at each reporting
period up to, and including the settlement date, with changes in fair value recognised in employee
benefits expenses.

Employee Stock Option Plan (ESOP)

Details of the shares issued under Employee Stock Option Plan (ESOP), as also the disclosures in
compliance with SEBI (Share Based Employee Benefits) Regulations, 2014, are uploaded on the
website of the Company https://www.hul.co.in/investor-relations/annual-reports/hul-annual-
report-related-documents.html.
No employee has been issued share options during the year equal to or exceeding one per cent of
the issued capital of the Company at the time of grant.

Pursuant to the approval of the Members at the Annual General Meeting held on July 23, 2012, the
Company adopted the ‘2012 HUL Performance Share Scheme’. In accordance with, the terms of the
Performance Share Plan, employees are eligible for award of conditional rights to receive equity
shares of the Company at the face value of ` 1/- each. These awards will vest only on the
achievement of certain performance criteria measured over a period of three years. The Company
confirms that the 2012 HUL Performance Share Scheme complies with the provisions of SEBI (Share
Based Employee Benefits) Regulations, 2014.

No shares were awarded to employees under the ‘2012 HUL Performance Share Scheme’ in the
financial year 2019-20.

The employees of the Company are eligible for Unilever PLC (the ‘Holding Company’) share awards
namely, the Management Co-Investment Plan (MCIP) and the SHARES Plan.

Eligibility:

The MCIP scheme has two sets of eligibilities

 For Managers, it allows eligible employees to invest up to 20% of their annual bonus and
 For eligible senior leaders to invest up to 100% of their annual bonus in the shares of the
Holding Company and to receive a corresponding award of performance related shares.

The awards under the MCIP plan vests after 4 years between 0-200% of grant level, depending on
the satisfaction of the performance metrics. Under the SHARES Plan, eligible employees can invest in
the shares of the Holding Company upto a specified amount and after three years, one share is
granted to the employees for every three shares invested, subject to the fulfilment of conditions of
the scheme. The Holding Company charges the Company for the grant of shares to the Company’s
employees based on the market value of the shares on the exercise date.

Compensation Management: pg.: 46, 78, 152

Employee Benefits

Particulars Year ended 31st March 2020 (Amount in Crores)

2020 2019
Salaries and wages, bonus etc 1,431 1,442
Contribution to provident funds and other funds 116 105
Defined benefit plan expense 32 28
Share based payments to employees 45 93
Workmen and staff welfare expenses 67 79
Total 1,691 1,747

Reward Policy

The Reward philosophy of the Company is to provide market competitive total reward opportunity
that has a strong linkage to and reinforces the performance culture of the Company. This philosophy
is set forth into practice by various policies governing the different elements of total reward. The
intent of all these policies is to ensure that the principles of Reward philosophy are followed in
entirety, thereby facilitating the Company to recruit and retain the best talent. The ultimate
objective is to gain competitive advantage by creating a reward proposition that inspires employees
to deliver Company’s promise to consumers and achieve superior operational results.

The guiding principles for Company’s reward policies / practices are as follows:

1. Open, Fair and Consistent: increase transparency and ensure fairness and consistency in reward
framework

2. Insight and Engagement: make reward truly relevant to the employees by using leading edge tools
that help the Company ‘hear’ how employees feel about their reward

3. Innovation: continuously improve Company’s reward through innovations based on insight,

analytics and Unilever’s expertise

4. Simplicity, Speed and Accuracy: simplify reward plans and processes and deliver the information
employees need quickly, clearly and efficiently

5. Business Results: Company’s business results are the ultimate test of whether reward solutions
are effective and sustainable.

Remuneration of managerial personnel’s:

Name of Director/KMP Ratio of remuneration of each director to

median remuneration of employee
Sanjiv Mehta 151.22
Srinivas Phatak 39.65
Pradeep Banerjee 44.30
Dev Bajpai 43.03
Wilhelmus Uijen 55.62

 The above chart shows ratio of remuneration of each executive director to the median
remuneration of the Employees of the Company for the financial year 2019-20, the
percentage increase in remuneration of Chief Executive Officer, Chief Financial Officer and
other Executive Director(s) and Company Secretary during the financial year 2019-20.
 The percentage increase in the median remuneration of Employees for the financial year
was 4.26%.
 The Company has 7,082 permanent Employees on the rolls of Company as on 31st March,
2020.
 Average increase made in the salaries of Employees other than the managerial personnel in
the financial year was 5.04%. The average increases every year is an outcome of Company’s
market competitiveness as against its peer group companies. In keeping with our reward
philosophy and benchmarking results, the increases this year reflect the market practice.
Your Company follows a rigorous practice of assessing the value of every role in the
Company and benchmark the same to the market. With respect to Management Committee
members, the Company has, after seeking the approval of Nomination and Remuneration
Committee of the Board, introduced a new grade for the members of the Management
Committee, considering the responsibilities and complexity of the roles involved.
Accordingly, salary increase in the range of 20% -25% was given for certain Management
Committee Members, effective 1st February 2020.
 It is hereby affirmed that the remuneration paid during the year is as per the Remuneration
Policy of the Company.