2020 PROXY PAPER™ GUIDELINES AN OVERVIEW OF THE GLASS LEWIS APPROACH TO PROXY ADVICE INDIA Table of Contents GUIDELINES INTRODUCTION ......................................................................................................................... 1 Corporate Governance Background ...............................................................................................................................................1 Summary of Changes for the 2020 India Policy Guidelines .................................................................................................1 A BOARD OF DIRECTORS THAT SERVES SHAREHOLDER INTEREST ......................................... 3 Regulatory Framework .......................................................................................................................................................................3 Election of Directors ............................................................................................................................................................................3 Independence .........................................................................................................................................................................................3 Board Tenure ...........................................................................................................................................................................................5 Other Considerations for Individual Directors ...........................................................................................................................5 Performance ............................................................................................................................................................................................................... 5 Experience ................................................................................................................................................................................................................... 6 Director Commitments ........................................................................................................................................................................................... 6 Conflicts of Interest ..................................................................................................................................................................................................7 Board Structure and Composition .................................................................................................................................................7 Separation of the Roles of Board Chair and CEO ........................................................................................................................................ 8 Size of the Board of Directors ............................................................................................................................................................................. 8 Board Diversity .......................................................................................................................................................................................................... 9 Board-Level Risk Management Oversight ...................................................................................................................................................... 8 Initial Public Offering ............................................................................................................................................................................................... 8 Board Committees ................................................................................................................................................................................8 Audit Committee Performance ........................................................................................................................................................................... 9 Remuneration Committee Performance ..........................................................................................................................................................11 Nomination Committee Performance ..............................................................................................................................................................13 Corporate Social Responsibility Committee Performance ......................................................................................................................13 Risk Management Committee Performance .................................................................................................................................................14 Environmental and Social Risk Oversight ......................................................................................................................................................14 Election Procedures ........................................................................................................................................................................... 15 Classified/Staggered Boards and Term Limits .............................................................................................................................................15 Mandatory Director Retirement Provisions ...................................................................................................................................................15 Continuation of Office of Non-Executive Directors ...................................................................................................................................16 Lack of Adequate Director Disclosure ........................................................................................................................................ 16 Appointment of Executive Directors; Approval of Remuneration ................................................................................... 16 Remuneration for Executive Directors Who Are Promoters .............................................................................................. 16 I TRANSPARENCY AND INTEGRITY IN FINANCIAL REPORTING .....................................................19 Accounts and Reports ....................................................................................................................................................................... 19 Allocation of Profits/Dividends ..................................................................................................................................................... 19 Appointment/Ratification of Auditor ......................................................................................................................................... 19 Voting Recommendations on Auditor Appointment ................................................................................................................................19 THE LINK BETWEEN COMPENSATION AND PERFORMANCE .......................................................22 Equity-Based Compensation Plan Proposals ...........................................................................................................................22 Performance-Based Options ..............................................................................................................................................................................24 Option Exchanges ..................................................................................................................................................................................................24 Irrevocable Trusts ...................................................................................................................................................................................................25 Employee Share Purchase Plans .......................................................................................................................................................................25 Waivers and Minimum Remuneration ........................................................................................................................................ 25 Severance Payments ......................................................................................................................................................................... 26 Clawback Provisions ......................................................................................................................................................................... 26 Compensation Plans for Board Members ................................................................................................................................. 26 CAPITAL MANAGEMENT ................................................................................................................................27 Increases in Capital.............................................................................................................................................................................27 Issuance of Shares and/or Convertible Securities ..................................................................................................................................... 27 Capitalization of Reserves, Profits or Issue Premiums 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