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:
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.
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.