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Insightful Governance:

Comprehensive Overview of Board Report

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Aakanksha Singhal
Aakanksha Singhal

Published on: Jun 4, 2024

Mayank Vashist
Mayank Vashist

Updated on: Jun 4, 2024

(7 Ratings)
258

The Board of Directors’ report serves as a crucial reflection of the company’s performance, strategy and governance. It encapsulates a comprehensive overview of the company’s achievements, challenges and future outlook. From financial highlights to operational milestones, it provides stakeholders with a clear understanding of the company’s trajectory. Through transparent communication and strategic insights, the report underscores the Board’s commitment to accountability and long-term value creation.

Let’s dive deeper into the statutory inclusions required to be given in the Board’s report, in pursuance of the provisions of Companies Act, 2013, SEBI (LODR) Regulations, RBI/ FEMA laws, etc., as the case may be:

S.No. Particulars Section/ Rule Reference Listed Company Unlisted Company (Public/Private) OPC/ Small Company Exemptions/ Exceptions, if any Relevant Act Name
1 Company Specific Information
1.1 Financial Summary and Highlights* Section 134(3)(q) read with Rule 8(5)(i), 8A(1)(g) Applicable Applicable Applicable Specified IFSC Public Co and Specified IFSC Private Co
  1. CA, 2013
  2. Co. (Accounts) Rules
1.2 Transfer to Reserves* Section 134(3)(j) Applicable Applicable Not Applicable Specified IFSC Public Co and Specified IFSC Private Co CA, 2013
1.3 Dividend/ Interim Dividend* Section 134(3)(k) Applicable Applicable Not Applicable Specified IFSC Public Co and Specified IFSC Private Co CA, 2013
1.4 Dividend Distribution Policy (By Top 1000 Listed Entities based on Market Capitalization)* Regulation 43A Applicable Not Applicable Not Applicable - LODR Regulations
1.5 Major Events Occurred during the year:
  1. State of the Company’s affairs
  2. Change in the nature of business
  3. Material changes & commitments, if any, affecting the financial position of the company, since the end of the Year, till the date of the Report
Section 134(3)(i), 134(3)(l) read with Rule 8(5)(ii), 8A(1)(f), 8A(1)(h) Applicable Applicable Applicable Specified IFSC Public Co and Specified IFSC Private Co
  1. CA, 2013
  2. Co. (Accounts) Rules
1.6 Details of revision of F/S or Report Section 131(1) Proviso 3 Applicable Applicable Not Applicable - CA, 2013
2 General Information
2.1 Industry Overview and important changes thereof Para 2 Applicable Applicable Applicable - Guidance Note on B/R
2.2 External environment and economic outlook Para 2 Applicable Applicable Applicable - Guidance Note on B/R
2.3 Induction of strategic and financial partners during the year Para 2 Applicable Applicable Applicable - Guidance Note on B/R
2.4 Details of Delisting of Shares Para 2 Applicable Applicable Applicable - Guidance Note on B/R
3 Capital and Debt Structure Information
3.1 Changes in Capital structure of the Company during the year including:
  1. change in authorized, issued, subscribed and paid-up S/C
  2. re-classification or sub-division of authorized S/C
  3. reduction of S/C or B/B of shares
  4. change in the capital structure resulting from restructuring and
SS-4 (Point 3) and Para 3 Applicable Applicable Not Applicable -
  1. SS-4
  2. Guidance Note on B/R
3.2 Issue of shares or other convertible securities SS-4 (Point 3.1) and Para 3.1 Applicable Applicable Not Applicable -
  1. SS-4
  2. Guidance Note on B/R
3.3 Issue of Eq. Shares with differential rights Rule 4(4) read with SS-4 (Point 3.2) and Para 3.2 Applicable Applicable Not Applicable -
  1. Co. (SCD) Rules
  2. SS- 4
  3. Guidance Note on B/R
3.4 Issue of Sweat Eq. Shares Rule 8(13) read with SS-4 (Point 3.3) and Para 3.3 Applicable Applicable Not Applicable -
  1. Co. (SCD) Rules
  2. SS- 4
  3. Guidance Note on B/R
3.5 Details of ESO and any material change, thereof Rule 12(9) read with Regulation 14 & Schedule I (Part F) Applicable Applicable Not Applicable -
  1. Co. (SCD) Rules
  2. SBEB and SE Regulations
3.6 Shares held in trust for benefit of employees where VR are not exercised directly Section 67(3) read with Rule 16(4) Not Applicable Applicable Not Applicable -
  1. CA, 2013
  2. Co. (SCD) Rules
3.7 Issue of debentures, bonds or any NCS SS-4 (Point 3.6) and Para 3.6 Applicable Applicable Not Applicable -
  1. SS- 4
  2. Guidance Note on B/R
3.8 Issue of warrants SS-4 (Point 3.7) and Para 3.7 Applicable Applicable Not Applicable -
  1. SS- 4
  2. Guidance Note on B/R
3.9 Redemption of Debentures or P/S, if any Schedule V (Part II) Applicable Applicable Not Applicable - CA, 2013
4 Information about Credit Rating of Securities
4 Information about Credit Rating of Securities Schedule V (Part C) read with SS-4 (Point 4) and Para 4 Applicable Not Applicable Not Applicable -
  1. LODR Regulations
  2. SS- 4
  3. Guidance Note on B/R
5 Information about Transfer, if any to IEPF
5.1 Transfer(s) made to IEPF during the year Section 124(6),125(2) read with SS-4 (Point 5) Applicable Applicable Not Applicable -
  1. CA, 2013
  2. SS- 4
5.2 Amount lying in Unpaid Dividend Account Section 124(6),125(2) read with SS-4 (Point 5) Applicable Applicable Not Applicable -
  1. CA, 2013
  2. SS- 4
5.3 Details of Nodal Officer SS-4 (Point 5) Applicable Applicable Not Applicable - SS- 4
6 Information about Management
6.1 Appointment/ Cessation of Directors and/ or KMP Section 168(1) read with Rule 8(5)(iii), 8A(1)(i) Applicable Applicable Not Applicable -
  1. CA, 2013
  2. Co. (Accounts) Rules
6.2 Appointment/ re-appointment of Independent Directors Section 149(10) Applicable Applicable on the basis of Threshold Not Applicable - CA, 2013
6.3 Board’s opinion w.r.t integrity, expertise and experience of Independent Directors Rule 8(5)(iiia) Applicable Applicable on the basis of Threshold Not Applicable - Co. (Accounts) Rules
6.4 Declaration by Independent Directors and statement on compliance of code of conduct* Section 134(3)(d), 149(6) Applicable Applicable on the basis of Threshold Not Applicable Specified IFSC Public Co and Specified IFSC Private Co CA, 2013
6.5 Number of Board Meetings Section 134(3)(b) read with Rule 8A(1)(b) Applicable Applicable Applicable Specified IFSC Public Co and Specified IFSC Private Co
  1. CA, 2013
  2. Co. (Accounts) Rules
6.6 Composition, number and dates of meetings of Committees of the Board:
  1. Audit Committee
  2. CSR Committee
  3. NRC
  4. SRC
  5. Any other Committee of the Board
Section 135(2), 177(8), 178 Applicable Applicable on the basis of Threshold Not Applicable
  1. Specified IFSC Public Co and Specified IFSC Private Co Section 135 (For 5 years)
  2. Specified IFSC Public Co – Section 177 not applicable
CA, 2013
6.7 Acceptance/ Non-Acceptance of Recommendations of Audit Committee Section 177(8) Applicable Applicable on the basis of Threshold Not Applicable Specified IFSC Public Co CA, 2013
6.8 Co. Policy on Directors’ appointment and remuneration Section 134(3)(e) & 178(3) Applicable Applicable on the basis of Threshold Not Applicable
  1. Government Co - Section 134(3)(e)
  2. Specified IFSC Public Co and Specified IFSC Private Co
  3. Government Co and Specified IFSC Public Co - Section 178
CA, 2013
6.9 Formal Annual Evaluation of Performance of Board, its Committees and individual Directors Section 134(3)(p) read with Rule 8(4) Applicable Applicable Not Applicable
  1. Government Co - Section 134(3)(p)
  2. Specified IFSC Public Co and Specified IFSC Private Co
  1. CA, 2013
  2. Co. (Accounts) Rules
6.10 Ratio of Remuneration of Each Director to Median Employees Remuneration and other related details Section 197(12) read with Rule 5 Applicable Not Applicable Not Applicable Government Co and Specified IFSC Public Co
  1. CA, 2013
  2. Co. (ARMP) Rules
6.11 Remuneration received by MD/ WTD from holding or subsidiary Co. Section 197(14) Applicable Applicable Not Applicable Government Co and Specified IFSC Public Co CA, 2013
6.12 Director’s Responsibility Statement Section 134(3)(c), 134(5) Applicable Applicable Not Applicable Specified IFSC Public Co and Specified IFSC Private Co CA, 2013
6.13 Adequacy of IFC Section 134(5)(e) read with Rule 8(5)(viii) Applicable Applicable Not Applicable -
  1. CA, 2013
  2. Co. (Accounts) Rules
6.14 Fraud Reporting* Section 134(3)(ca), 143(12) Applicable Applicable Not Applicable Specified IFSC Public Co and Specified IFSC Private Co CA, 2013
6.15 Disqualification incurred by any Director Section 164 Applicable Applicable Not Applicable - CA, 2013
7 Information about Subsidiaries, Associates and Joint Ventures
7.1 Co. which have become or ceased to be subsidiaries, JVs, or AC Rule 8(5)(iv) Applicable Applicable Not Applicable - Co. (Accounts) Rules
7.2 Report on highlights of performance of subsidiaries, JVs, or AC Rule 8(1) Applicable Applicable Not Applicable -
  1. CA, 2013
  2. Co. (Accounts) Rules
8 Information about Deposits accepted, unpaid, unclaimed, etc.
8 Information about Deposits accepted, unpaid, unclaimed, etc. Rule 8(5)(vi) Applicable Applicable Not Applicable -
  1. CA, 2013
  2. Co. (Accounts) Rules
9 Information about loans, guarantees and investments
9 Information about loans, guarantees and investments Section 134(3)(g), 186 Applicable Applicable Not Applicable Specified IFSC Public Co and Specified IFSC Private Co CA, 2013
10 Information about contracts or arrangements with Related Parties
10 Information about contracts or arrangements with Related Parties Section 134(3)(h), 188 read with Rule 8(2), 8A(2) Applicable Applicable Applicable Specified IFSC Public Co and Specified IFSC Private Co
  1. CA, 2013
  2. Co. (Accounts) Rules
11 Corporate Social Responsibility
11.1 CSR Policy Section 134(3)(o), 135(4) read with Rule 9 Applicable on the basis of Threshold Applicable on the basis of Threshold Not Applicable Specified IFSC Public Co and Specified IFSC Private Co
  1. CA, 2013
  2. Co. (Accounts) Rules
11.2 Reasons for not Spending on CSR Activities Section 135(5) Proviso 2 Applicable on the basis of Threshold Applicable on the basis of Threshold Not Applicable - CA, 2013
12 Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo
12 Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo Section 134(3)(m) read with Rule 8(3) of Companies (Accounts) Rules Applicable Applicable Not Applicable
  1. Specified IFSC Public Co and Specified IFSC Private Co
  2. Government Co. engaged in producing Defence equipment (Rule 8(3))
  1. CA, 2013
  2. Co. (Accounts) Rules
13 Risk Management Framework
13 Risk Management Framework Section 134(3)(n) Applicable If Applicable Not Applicable Specified IFSC Public Co and Specified IFSC Private Co CA, 2013
14 Vigil Mechanism Policy/ Whistle Blower Policy
14 Vigil Mechanism Policy/ Whistle Blower Policy Section 177(10) and Regulation 22(1) Applicable If Applicable Not Applicable -
  1. CA, 2013
  2. LODR Regulations
15 Information about Material orders of Judicial Bodies/ Regulators
15 Information about Material orders of Judicial Bodies/ Regulators Rule 8(5)(vii), 8A(1)(j) Applicable Applicable Applicable -
  1. CA, 2013
  2. Co. (Accounts) Rules
16 Information about Auditors
16.1 Appointment/ change/ removal/ retirement of Auditors/ Secretarial Auditors Section 139 read with SS-4 (Point 16) and Para 16 Applicable Applicable on the basis of Threshold Not Applicable -
  1. CA, 2013
  2. SS- 4
  3. Guidance Note on B/R
16.2 Secretarial Audit Report Section 204(1) read with Rule 9, SS-4 (Point 17) and Para 17 Applicable Applicable on the basis of Threshold Not Applicable -
  1. CA, 2013
  2. Co. (ARMP) Rules
  3. SS- 4
  4. Guidance Note on B/R
16.3 Comments on every Qualification, reservation or Adverse remark made by Auditor/ Secretarial Auditor Section 134(3)(f), 204(3) Applicable Applicable Not Applicable Specified IFSC Public Co and Specified IFSC Private Co CA, 2013
17 Compliance with Secretarial Standards
17 Compliance with Secretarial Standards SS-4 (Point 19) and Para 19 Applicable Applicable Not Applicable -
  1. SS- 4
  2. Guidance Note on B/R
18 Information about Corporate Insolvency Resolution Process initiated under IBC, 2016
18 Information about Corporate Insolvency Resolution Process initiated under IBC, 2016 Rule 8(5)(xi) Applicable Applicable Not Applicable -
  1. CA, 2013
  2. Co. (Accounts) Rules
19 Failure to implement any corporate action
19 Failure to implement any corporate action SS-4 (Point 21) and Para 21 Applicable Applicable Not Applicable -
  1. SS- 4
  2. Guidance Note on B/R
20 Weblink for Annual Return
20 Weblink for Annual Return Section 92(3), 134(3)(a) Applicable Applicable Applicable Specified IFSC Public Co and Specified IFSC Private Co CA, 2013
21 Other Disclosures
21.1 Maintenance of Cost records Rule 8(5)(ix) Applicable Applicable Not Applicable -
  1. CA, 2013
  2. Co. (Accounts) Rules
21.2 Difference b/w amount of valuation done at the time of one-time settlement and valuation done while taking loan from the Banks or F/I along with the reasons Rule 8(5)(xii) Applicable Applicable Not Applicable -
  1. CA, 2013
  2. Co. (Accounts) Rules
22 Additional Disclosures under SEBI Regulations
22.1 Secretarial Compliance Report Regulation 24A(2) Applicable Not Applicable Not Applicable - LODR Regulations
22.2 Statement of Variations or deviations in utilization of Funds Regulation 32(4) Applicable Not Applicable Not Applicable - LODR Regulations
22.3 Management Discussion and Analysis Report Regulation 34(2)(e) Applicable Not Applicable Not Applicable - LODR Regulations
22.4 BRSR (For Top 1000 listed entities based on Market Capitalization) Regulation 34(2)(f) Applicable Not Applicable Not Applicable - LODR Regulations
22.5 BRSR Core + Reasonable Assurance Regulation 34(2)(f) Applicable (Gradually) Not Applicable Not Applicable - LODR Regulations
22.6 Value Chain + Limited Assurance Regulation 34(2)(f) Applicable (Gradually) Not Applicable Not Applicable - LODR Regulations
22.7 CG Report Regulation 34(3) and Schedule V (Para C) Applicable Not Applicable Not Applicable - LODR Regulations
22.8 Declaration by CEO that Board Members and senior M/P have affirmed compliance with Code of Conduct Schedule V (Para D) Applicable Not Applicable Not Applicable - LODR Regulations
22.9 Compliance Certificate from Auditors or PCS w.r.t compliance of conditions of CG Schedule V (Para E) Applicable Not Applicable Not Applicable - LODR Regulations
22.10 Disclosure for Suspension of Trading Schedule V Applicable Not Applicable Not Applicable - LODR Regulations
22.11 Certificate from CEO/ CFO w.r.t authenticity of F/S and Internal Controls for F/R Schedule II (Part B) Applicable Not Applicable Not Applicable - LODR Regulations
22.12 Weblink of disclosures made on website as required under SBEB and SE Regulations Schedule I (Part F) Applicable Not Applicable Not Applicable - SBEB and SE Regulations
23 Disclosures pertaining to constitution of Internal Complaints Committee under POSH Act
23 Disclosures pertaining to constitution of Internal Complaints Committee under POSH Act Rule 8(5)(x) Applicable Applicable Not Applicable -
  1. CA, 2013
  2. Co. (Accounts) Rules
24 Additional Disclosures as a Good Corporate Practice
24.1 Appointment of Small Shareholders Section 151 read with Referencer on B/R Applicable Applicable Not Applicable - CA, 2013
24.2 Delay in holding AGM, if any Section 96 read with Referencer on B/R Applicable Applicable Not Applicable - CA, 2013
24.3 Appointment of relatives of Directors to an office or place of profit Section 149 read with Referencer on B/R Applicable Applicable Not Applicable - CA, 2013
24.4 S/R passed by S/H in previous Meeting(s) but not been acted upon along with reasons Referencer on Board’s Report Applicable Applicable Not Applicable - CA, 2013
25 Additional Disclosures by NBFCs
25.1 Total number of accounts of P/D which have not been claimed or not paid after due date of repayment Para 35 Applicable Applicable Not Applicable - NBFC (APD) Directions
25.2 Details of penalties and strictures Annex VII (Point 1.5) Applicable Applicable Not Applicable - NBFC - SBR
25.3 Details about Breach of Covenants Annex VII (Point 2) Applicable Applicable Not Applicable - NBFC - SBR
25.4 Details about Divergence in Asset Classification and Provisioning Annex VII (Point 3) Applicable Applicable Not Applicable - NBFC - SBR
26 Additional Disclosures by Residuary Companies
26.1 Total number of Depositors whose deposits have not been claimed by Depositors or paid by the Co. after due date of repayment or renewal Para 9 Applicable Applicable Not Applicable - M/D - Miscellaneous
26.2 Total amount due to Depositors and remaining unclaimed or unpaid beyond the dates Para 9 Applicable Applicable Not Applicable - M/D - Miscellaneous
27 Additional Disclosures by Residuary Companies
27.1 Confirmation regarding continued validity of Registration Schedule A Applicable Applicable Not Applicable - IRDAI (PFS&AR of IC) Regulations
27.2 Certification w.r.t payment of all statutory dues Schedule A Applicable Applicable Not Applicable - IRDAI (PFS&AR of IC) Regulations
27.3 Confirmation w.r.t shareholding pattern and any transfer of shares during the year Schedule A Applicable Applicable Not Applicable - IRDAI (PFS&AR of IC) Regulations
27.4 Declaration that the management has not directly or indirectly invested outside India the funds of the holders of policies issued in India Schedule A Applicable Applicable Not Applicable - IRDAI (PFS&AR of IC) Regulations
27.5 Confirmation w.r.t maintenance of required solvency margins Schedule A Applicable Applicable Not Applicable - IRDAI (PFS&AR of IC) Regulations
27.6 Certification w.r.t review of the values of all the assets as on the date of B/S Schedule A Applicable Applicable Not Applicable - IRDAI (PFS&AR of IC) Regulations
27.7 Certification w.r.t application and investment of life insurance funds Schedule A Applicable Applicable Not Applicable - IRDAI (PFS&AR of IC) Regulations
27.8 Overall Risk exposure and mitigation strategies adopted Schedule A Applicable Applicable Not Applicable - IRDAI (PFS&AR of IC) Regulations
27.9 Country Risk/ Exposure Risk and Hedging strategy adopted Schedule A Applicable Applicable Not Applicable - IRDAI (PFS&AR of IC) Regulations
27.10 Ageing of Claims Schedule A Applicable Applicable Not Applicable - IRDAI (PFS&AR of IC) Regulations
27.11 Ascertainment and basis of valuation of Investments, stocks and shares Schedule A Applicable Applicable Not Applicable - IRDAI (PFS&AR of IC) Regulations
27.12 Review of asset quality & performance of investment in terms of portfolios Schedule A Applicable Applicable Not Applicable - IRDAI (PFS&AR of IC) Regulations
27.13 Responsibility Statement w.r.t preparation of F/S, A/P, internal audit system etc. Schedule A Applicable Applicable Not Applicable - IRDAI (PFS&AR of IC) Regulations
27.14 Schedule of Payments Schedule A Applicable Applicable Not Applicable - IRDAI (PFS&AR of IC) Regulations

*Note:

  1. Annexure II - Format for disclosure of financial information in the Board’s Report.
  2. As a good corporate practice, company should make a disclosure in the Board’s report, even if:
    • no amount is proposed to be transferred to the reserves
    • no dividend is recommended by the Board.
  3. A weblink in respect of the Dividend Distribution Policy and rationale for changes, if any in the same, is to be given in the annual report of the top 1000 listed entities based on market capitalization (calculated as on March 31 of every financial year). Other listed entities may voluntarily make such disclosure in the Board’s report.
  4. Schedule IV of the Companies Act, 2013, is a ready reckoner of the Code of Conduct to be adhered to by Independent Directors.
  5. As per Rule 13(3) of the Companies (Audit and Auditors) Rules, 2014, companies, whose Auditors have reported frauds involving amount less than rupees one crore (Rs. 1 crore) or as may be prescribed to the audit committee or the Board but not reported to the Central Government, the company shall disclose the details about such frauds in the Report in such manner as may be prescribed.
  6. Producer company shall additionally disclose about the amounts to be paid as limited return on share capital and amounts, if any proposed to be disbursed as patronage bonus. (Section 465(1))
  7. Board’s Report should be considered approved and signed at a meeting of the Board, convened in accordance with the provisions of the Act, by its chairperson, if he is authorized by the Board and where he is not so authorized, then by at least two directors, one of whom shall be a Managing Director, or by the director where there is one director.
  8. Copy of financial statements, including consolidated financial statement, if any, along with all documents required to be attached to such financial statements under the Act, duly adopted at the AGM, should be filed with the Registrar of Companies within 30 days of the date of AGM.
  9. Such report of the Board of Directors’ to be placed on the website of the company, if any.
  10. Board shall be collectively responsible for any statement in its Report which is false in any material particular, or for any omission of a material fact, knowing it to be material.
  11. Every listed company shall submit to the stock exchanges on which its securities are listed, its financial statement together with a copy of the Report within 21 working days of it being approved and adopted in the annual general meeting.
  12. Section 448 of the Act provides that if in any return, report, certificate, financial statement, prospectus, statement or other document required by the Act or the rules made thereunder, any person makes a statement:
    • which is false in any material particulars, knowing it to be false or
    • which omits any material fact, knowing it to be material,
      then he shall be punishable liable under Section 447.
  13. References:
Abbreviations
S.No. Abbreviation Full Form
1 Co. Company/ Companies
2 CA, 2013 Companies Act, 2013
3 LODR Regulations Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
4 SS-4 Secretarial Standard – 4
5 S/C Share Capital
6 B/B Buy-back
7 VR Voting Rights
8 F/S Financial Statements
9 Eq. Shares Equity Shares
10 B/R Board’s Report
11 Co. (SCD) Rules Companies (Share Capital and Debentures) Rules
12 ESO Employee Stock Option
13 SBEB and SE Regulations Securities and Exchange Board of India (Share Based Employee Benefits and SWEAT Equity) Regulations, 2021
14 NCS Non-convertible Securities
15 CSR Corporate Social Responsibility
16 NRC Nomination and Remuneration Committee
17 SRC Stakeholder’s Relationship Committee
18 Co. (ARMP) Rules Companies (Appointment and Remuneration of Managerial Personnel) Rules
19 MD Managing Director
20 WTD Whole Time Director
21 IFC Internal Financial Controls
22 AC Associate Companies
23 PCS Practicing Companies Secretaries
24 CG Corporate Governance
25 BRSR Business Responsibility and Sustainability Reporting
26 M/P Managerial Personnel
27 F/R Financial Reporting
28 S/R Special Resolution(s)
29 S/H Shareholders
30 P/D Public Deposit
31 NBFC (APD) Directions Master Directions on NBFC (Acceptance of Public Deposits) Directions
32 NBFC – SBR Master Direction – Reserve Bank of India (NBFC – Scale Based Regulation) Directions, 2023
33 M/D – Miscellaneous Master Direction - Miscellaneous NBFC (Reserve Bank) Directions
34 IRDAI (PFS&AR of IC) Regulations IRDAI (Preparation of Financial Statements and Auditor's Report of Insurance Companies), Regulations, 2002
35 B/S Balance Sheet
36 A/P Accounting Policies

Disclaimer

The information provided in this article is intended for general informational purposes only and should not be construed as legal advice. The content of this article is not intended to create and receipt of it does not constitute any relationship. Readers should not act upon this information without seeking professional legal counsel.

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