The Board of Directors of M&M Limited, is the apex governing body and is headed by Non-Executive Chairman, Mr. Keshub Mahindra. The Board reviews and approves strategy and oversees management results to ensure that the long-term objective of enhancing stakeholder value is met.
The Vice Chairman /Managing Director and the two Executive Directors are whole-time Directors. The Chairman and the Vice Chairman & Managing Director, though professionals in their individual capacity, belong to the Company's Promoter Group. The remaining Non-executive Directors are Independent Directors with requisite qualifications and experience in general corporate management, finance, banking, insurance and allied fields, which enable them to contribute effectively to the working
of the Company.
All Directors are appointed and reappointed with the approval of the shareholders.
As per the Articles of Association of the companies, one-third of the total number of directors, subject to a minimum of two directors, have to retire by rotation. These retiring directors are allowed to offer their candidature for re-appointment. This provides the shareholders an opportunity to vote against the candidature of a retiring Director if they are of the view that the incumbent has not added value to the working of the board. In 2008-09.
(Resigned w.e.f. close of business hours on March 31 st 2010)
Board Committees
The Board of Directors, as the governing body of the Company, meets on an average
of six times a year depending on the exigencies to decide on crucial matters of policy and business. In order to facilitate operational independence, timely direction and supervision within the framework of the general policy of the Company, certain Committees of the Board have been constituted.
Currently, the Board has the following Committees:
Audit Committee
Remuneration / Compensation Committee
Share Transfer and Shareholders/Investors Grievance Committee
Research & Development Committee (a voluntary initiative of the Company)
Loans & Investment Committee (a voluntary initiative of the Company)
Group Management Board (GMB)
The Group Management Board is a centralised body which ensures that all companies grow in a cohesive manner and uniformly follow the Core Purpose and Core Values of the Group. Board of Directors and Group Management Board are our governance bodies. All the members of both these bodies are Males and age group is over 50 years. The Group Management Board comprises of Presidents of the Business Sectors as well as heads of certain key corporate functions and is chaired by the Vice Chairman & Managing Director of M&M Limited.
Name
Designation
Mr. Anand G. Mahindra
Vice Chairman & Managing Director
Mr. Bharat N. Doshi
Executive Director & Group CFO
Mr. Arun K. Nanda
Executive Director &,President-Infrastructure Development Sector
Dr. Pawan Goenka
President (Automotive Sector)
Mr. Anjanikumar Choudhari
President - Farm Equipment Sector
Mr. Uday Phadke
President - Finance, Legal and
Financial Services Sector
Mr. Rajeev Dubey
President - HR, After-Market &
Corporate Services
Mr. Hemant Luthra
President - Systech Sector
Mr. Anup Mathur
President - Two Wheeler Sector
Mr. Ulhas N. Yargop
President - IT Sector
As at the close of business hours on March 31, 2010, Mr. Anjanikumar Choudhari ,President – Farm Equipment sector retired and Mr. Arun K. Nanda, Executive Director- Infrastructure Development sector resigned, and they ceased to be members of the GMB from that day.
The GMB convenes generally every month and is a forum where cross-sector, synergistic advantages are explored, best practices of individual sectors are shared and through which the common values and goals of the Group are met across the various Business Units and Companies that make up the Mahindra Group. Also, common programmes having an impact on the business drivers of the entire group such as employee satisfaction, aspects of very senior level rewards and recognitions, customer centricity, sustainability, corporate social responsibility and quality, are routed through the GMB with clear mandates and with ownership of individual initiatives assigned to one or more Sector Presidents.
Special Purpose Councils and Committees
Apart from mandatory committees of the Board, other committees and councils have been formed to assist the GMB whenever deemed necessary for special focus and attention to critical issues. They currently include the following:
Sustainability
Council
CSR (Corporate Social
Responsibility) Council
Corporate
Risk Committee
Information Security
Apex Committee
Complaints Committee
on Sexual Harassment
Corporate
Governance Cell
Alternate
Fuel Committee
Central
Safety Council
Apex Talent Council
(Supported by the Sector Talent Councils and Functional Talent Councils)
Additionally, wherever necessary, dedicated departments are set up to handle specific issues. For example, a corporate sustainability cell coordinates activities across Group companies and maintains participation in related programmes such as the UN Global Compact and the Carbon Disclosure Project. A corporate social responsibility team manages all CSR activities throughout the Group and oversees the Employee Social Options (Esops) programme.
Corporate Centre
The parent company continues to have a ‘Corporate Centre' which creates broad frameworks and guidelines to ensure that all Group companies operate in a synergistic manner. The Corporate Centre has numerous departments including Corporate HR, the Office of Strategy Management, Corporate IT, Corporate Communications, Corporate Sustainability Cell, Corporate Legal, Corporate Finance, Corporate Affairs, Internal Audit and Corporate CSR.
