Amal Ltd 2020-21

9 Personnel and other employees consists of the following: 17.2.1 Components: i) Fixed pay a) Basic salary b) Allowances c) Perquisites d) Retirals ii) Variable pay 17.2.2 Factors for determining and changing fixed pay: i) Existing compensation ii) Education iii) Experience iv) Salary bands v) Performance vi) Market benchmark 17.2.3 Factors for determining and changing variable pay: i) Business performance ii) Individual performance iii) Grade 18. Analysis of remuneration The information required pursuant to Sections 134(3)(q) and 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given at page number 18. The Company is not required to disclose the information required as therewere no employees during2020-21drawing remunerationexceeding the limit specified. 19. Management Discussion and Analysis The Management Discussion and Analysis cover ing per formance is given at page number 19. 20. Corporate Governance Report 20.1 Statement of declarat ion given by the Independent Directors The Independent Di rectors have given declarations under Section 149(6) of the Companies Act, 2013. 20.2 Report The Corporate Governance Report is given at page number 20. Details about the number of meetings of the Board held during 2020-21, are given at page number 25. The composition of the Audit Committee is given at page number 28. All the recommendations given by the Audit Committee were accepted by the Board. 20.3 Whistleblowing Policy The Board, on the recommendation of the Audit Committee, had approved a vigil mechanism (Whistleblowing Policy). The policy provides an independent mechanism for reporting and resolving complaints pertaining to unethical behaviour, actual or suspected fraud and violation of the Code of Conduct of the Company and is displayed on the website of the Company at www. amal.co.in/investors/policies No personnel has been denied access to the Audit Committee. 20.4 Secretarial standards Secretarial standards as applicable to the Company were followed and complied with during 2020-21. 21. COVID-19 The COVID-19 pandemic is a worldwide crisis and has meant that the economies will have to operate alongside the disease. The Company strictly followed the guidelines