{"id":46945,"date":"2023-10-23T14:31:38","date_gmt":"2023-10-23T09:01:38","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=46945"},"modified":"2024-05-30T12:04:55","modified_gmt":"2024-05-30T06:34:55","slug":"board-composition-structure-under-companies-act","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/board-composition-structure-under-companies-act\/","title":{"rendered":"Board Composition and Structure under the Companies Act, 2013 &#038; LODR Regulation"},"content":{"rendered":"<p style=\"text-align: justify;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-46957 size-full\" title=\"Board Composition and Structure \" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/10\/Copy-of-og-image-3-1.png\" alt=\"Board Composition and Structure \" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/10\/Copy-of-og-image-3-1.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/10\/Copy-of-og-image-3-1-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/10\/Copy-of-og-image-3-1-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/10\/Copy-of-og-image-3-1-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/10\/Copy-of-og-image-3-1-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/10\/Copy-of-og-image-3-1-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The Board Composition and structure are critical body, who are obliged to make strategic decisions and ensure corporate governance. This corporate management is regulated by two significant governmental bodies the Companies Act, 2013, and the <\/span><a href=\"https:\/\/www.sebi.gov.in\/legal\/regulations\/nov-2021\/securities-and-exchange-board-of-india-listing-obligations-and-disclosure-requirements-regulations-2015-last-amended-on-november-09-2021-_37269.html\"><b>SEBI (Listing Obligations and Disclosure Requirements) Regulations<\/b><span style=\"font-weight: 400;\">, 2015 (LODR Regulations).<\/span><\/a><span style=\"font-weight: 400;\"> In the present article, we are going to explore the board composition and structure under the Companies Act, 2013 &amp; <\/span><b>SEBI LODR Regulations.\u00a0<\/b><\/p>\n<h3 style=\"text-align: justify;\"><b>Table of Content<\/b><\/h3>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid#000000;\">\n<ul>\n<li><a href=\"#short\"><span style=\"font-weight: 400;\">Short Note on Board Composition<\/span> <span style=\"font-weight: 400;\">and Structure<\/span><\/a><\/li>\n<li><a href=\"#board\"><span style=\"font-weight: 400;\">What is Board Composition and Structure under the Companies Act, 2013<\/span><\/a><\/li>\n<li><a href=\"#composition\"><span style=\"font-weight: 400;\">Board Composition and Structure under <\/span><b>SEBI LODR Regulations<\/b><\/a><\/li>\n<li><a href=\"#end\"><span style=\"font-weight: 400;\">End Notes<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"short\" style=\"text-align: justify;\"><b>Short Note on Board Composition and Structures<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Board composition and structure means how the board of directors of the company is organized, performed, and composed. In corporate governance, the board of directors play a vital role in shaping the strategic direction, overseeing its performances, and representing the shareholder&#8217;s or other stakeholder\u2019s interests. Here are two prominent concepts:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"list-style-type: none;\">\n<ul>\n<li>\n<h3><b>Board Composition: <\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The<\/span><b> composition of the board of directors<\/b><span style=\"font-weight: 400;\"> includes the elements, characteristics, diversity and qualifications of the members. There are certain elements of the<\/span><b> composition of the board of directors<\/b><span style=\"font-weight: 400;\"> include:<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Mention the board size;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Define the executive and non-executive directors;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Diversity in members;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Experience and qualifications<\/span><\/li>\n<li><b>Board Structure: <\/b><span style=\"font-weight: 400;\">It involves the structure of the company and defines the role of the board within the company. Certain key elements of board structure are:<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Board Committees;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Chairperson;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Meetings of the Board;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Guidelines regarding ethical code of conduct;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Structure of the board.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2 id=\"board\" style=\"text-align: justify;\"><b>What is Board Composition and Structure under the Companies Act, 2013?<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The board composition and structure provide the framework of the company\u2019s board of directors. There are <\/span><a href=\"https:\/\/www.cagmc.com\/board-composition-as-per-companies-act\/\"><span style=\"font-weight: 400;\">board composition and structure under the Companies Act, 2013:<\/span><\/a><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><b>Board Composition<\/b><\/h3>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Here are significant aspects of the<\/span><b> composition of the board of directors under the Companies Act, 2013<\/b><span style=\"font-weight: 400;\"> are:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Minimum and Maximum number of directors: <\/b><span style=\"font-weight: 400;\">In the private company, there must be at least two directors, whereas in the public company, there must be at least three directors. The maximum number of directors depends on the company\u2019s Articles of Association.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Independent Directors:<\/b><span style=\"font-weight: 400;\"> Several companies need independent directors in their companies. They are individuals, who are not in relation with the company or its management. There is a specific requirement to appoint independent directors, which depends on the size and listing status of the company.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Women Director:<\/b><span style=\"font-weight: 400;\"> The Companies Act, 2013 is compulsory in certain companies like the <\/span><b>composition of the board of directors of listed companies<\/b><span style=\"font-weight: 400;\"> and prescribed classes of companies, must hire a woman director on their company\u2019s board.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Resident Director:<\/b><span style=\"font-weight: 400;\"> Each company must have at least one director who stays in India for a whole period of not less than 182 days in a previous calendar year.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Qualifications and disqualifications:<\/b><span style=\"font-weight: 400;\"> The Companies Act, 2013 defined the qualifications and disqualifications of the directors.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.cagmc.com\/role-of-independent-women-director-in-shaping-companies-environment\/\"><b>Role of Independent Women Director in shaping Companies Environment<\/b><\/a><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>\n<h3><b>Board Structure<\/b><\/h3>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">It provides the role and structure of the company\u2019s board and here are the key elements of board structure under the Companies Act, 2013:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Board Meeting: <\/b><span style=\"font-weight: 400;\">The Act gives the number of conducting meetings. That is significant for making decisions. A meeting is required at least once in each quarter.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Board Committees: <\/b><span style=\"font-weight: 400;\">The board can set up several committees like nomination and remuneration committee, audit committee, and stakeholders relationship committee.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Director\u2019s code of conduct and senior management:<\/b><span style=\"font-weight: 400;\"> It ensures the ethical behaviour of the company\u2019s directors and sets a high standard of integrity.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Rotation of Auditors: <\/b><span style=\"font-weight: 400;\">The Act restricts the tenure of statutory auditors to encourage audit independence and rotation.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2 id=\"composition\" style=\"text-align: justify;\"><b>Board Composition and Structure under SEBI LODR Regulations<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">LODR Regulation\u2019s full form is Listing Obligations and Disclosure Requirements under the SEBI Regulations, 2015. This regulation is provided with certain guidelines to secure the shareholder\u2019s interests, transparency, and accountability. There is an overview of the board of structure and composition under the <\/span><b>SEBI<\/b><b> LODR Regulations:<\/b><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><b>Board Structure:<\/b><\/h3>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Chairperson:<\/b><span style=\"font-weight: 400;\"> The regulations do not mention the separate <\/span><a href=\"https:\/\/www.cagmc.com\/separation-of-roles-of-chairperson-and-ceo\/\"><span style=\"font-weight: 400;\">roles of CEO and chairperson.<\/span><\/a><span style=\"font-weight: 400;\"> However, they encourage a separation for effective corporate governance. This will help the company to prevent conflicts of interest.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Board Meetings:<\/b><span style=\"font-weight: 400;\"> The LODR Regulations provide guidance on the frequency and conduct of board meetings. It also emphasises the significance of regular board meetings to make crucial decisions and provide oversight.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Training of Director:<\/b><span style=\"font-weight: 400;\"> Companies are encouraged to conduct appropriate training for their directors to enhance their knowledge and skills in areas relevant to the company&#8217;s business.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Rotation of Auditors:<\/b><span style=\"font-weight: 400;\"> The regulations place restrictions on the tenure of statutory auditors to promote audit independence and rotation.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"list-style-type: none;\">\n<ul>\n<li aria-level=\"1\">\n<h3><b>Board Composition:\u00a0<\/b><\/h3>\n<\/li>\n<\/ul>\n<\/li>\n<li style=\"list-style-type: none;\">\n<ul>\n<li aria-level=\"1\"><b>Minimum number of directors: <\/b><span style=\"font-weight: 400;\">The said regulation provides that a listed company must have three minimum directors on its board. The specific number depends on the company\u2019s Articles of Association<\/span><b>, <\/b><span style=\"font-weight: 400;\">but not less than three.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"list-style-type: none;\">\n<ul>\n<li aria-level=\"1\"><b>Independent directors: <\/b><span style=\"font-weight: 400;\">The said regulation needs at least one-third of the board should be independent directors as they give an impartial perspective and make sure about corporate governance.\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"list-style-type: none;\">\n<ul>\n<li aria-level=\"1\"><b>Board\u2019s Chairperson: <\/b><span style=\"font-weight: 400;\">The LODR regulation mention that the board\u2019s chairperson should be a non-executive director. If the chairperson is not an executive director, at least one-third of the board should comprise independent directors.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"list-style-type: none;\">\n<ul>\n<li aria-level=\"1\"><b>Senior management\u2019s code of conduct: <\/b><span style=\"font-weight: 400;\">The regulations compulsorily mentioned that the listed companies should have set up their code of conduct for directors and senior management.\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><a href=\"https:\/\/www.cagmc.com\/independent-director\/\"><b>Applicability of Independent Director in a Company<\/b><\/a><\/h3>\n<h2 id=\"end\" style=\"text-align: justify;\"><b>End Notes<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The composition and structure of a company\u2019s board is not just formalities, but the significance of efficient corporate governance. The <\/span><a href=\"https:\/\/www.cagmc.com\/sebi-lodr-regulations-2015\/\"><b>SEBI LODR Regulations<\/b><\/a><span style=\"font-weight: 400;\">, and Companies Act, 2013 provides comprehensive guidance to make sure the board is competent, diverse, and aligned with the best interest of stakeholders along with the company. By determining these regulations, companies are developing their trustworthiness, and credibility, attracting investments, and building lasting relationships with the public and shareholders. These regulations are not merely set up for compliance, but they boost the company\u2019s culture and increase transparency, obligation, and answerability in the corporate world.<\/span><\/p>\n<p style=\"text-align: justify;\">[\/column]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Board Composition and structure are critical body, who are obliged to make strategic decisions and ensure corporate governance. 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