annual-report-FY2020

70 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS project’, a first in India. Many of these initiatives are also extended to the supplier community by your Company. During the year under review, your Company signed agreements with Extended Producer Responsibility Organizations (EPRO) recognised by Pollution Control Boards. This agreement covers 100% integral plastic waste management (M&M plants, Suppliers & Dealers). Your Company implemented Central Ground Water Authority (CGWA) regulations for ground water management. This has helped your Company to improve water neutrality, by way of reduction in freshwater requirement. Your Company continued the commitment to improve the wellbeing of employees and contract associates through various activities under project ‘Parivartan’. This includes activities like fitness improvement challenge (MRise), Mindfulness, Mega event of Mahindra Marathon, Dhyan Yoga, Zumba, medical check-ups, health consultation, nutrition month along with consultation and counselling on Special diet for all employees. As a result of many initiatives, the average Health index of its employees has improved as compared to previous year. Further, all locations observed World Health Day, World Heart Day, World Kidney Day and World Diabetes Day. To create awareness among society at large, your Company has installed a display screen that displays real time readings for all air quality parameters. This screen is installed just outside the manufacturing plant in Mumbai, which is located on the Western Express highway with high density vehicular traffic. In addition, awareness is generated amongst all stakeholders by observing on an annual basis: World Ozone Day, World Environment Day, World Earth Day, World Water Day and Energy Conservation Week and Water Conservation Week. Certi cations/Recerti cations All Plants of your Company are in the process of certification under standard ISO 45001: 2018 and recertification of ISO 14001: 2015. Further, all plants are in the process of implementing, Integrated Management System (IMS), along with adopting the updated standard ISO 45001:2018. The Company revises its targets under SOH&E year on year, and the performance against these targets are reviewed periodically by senior management. Focused initiatives involving all stakeholders coupled with management reviews have helped to improve the SOH&E performance of your Company in the period 2019-20. K. BOARD & COMMITTEES Directors As mentioned in the previous Annual Report, at the 73 rd Annual General Meeting held on 7 th August, 2019, Dr. Vishakha N. Desai was re-appointed as an Independent Director for a period commencing from 8 th August, 2019 to 30 th April, 2024 and Mr. Vikram Singh Mehta was also re-appointed as an Independent Director for a period commencing from 8 th August, 2019 to 7 th August, 2024. Further, Mr. Vijay Kumar Sharma was appointed as a Non-Executive Non-Independent Director representing Life Insurance Corporation of India at the 73 rd Annual General Meeting held on 7 th August, 2019, liable to retire by rotation. Mr. R. K. Kulkarni and Mr. Anupam Puri ceased to hold office as Independent Directors of the Company from 8 th August, 2019, upon completion of their tenure as approved by the Shareholders at the 68 th Annual General Meeting of the Company. The Board of Directors of the Company on the basis of recommendation by GNRC and after taking into account the external business environment, business knowledge, acumen and experience of Mr. Haigreve Khaitan and Ms. Shikha Sharma recommended to the Shareholders their appointment as Independent Directors. The Shareholders at the 73 rd Annual General Meeting held on 7 th August, 2019 approved the appointment of Mr. Haigreve Khaitan and Ms. Shikha Sharma for a period of 5 years commencing from 8 th August, 2019 to 7 th August, 2024 to hold office as Independent Directors of the Company, not liable to retire by rotation on the Board of the Company. Independent Directors The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed both under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board is of the opinion that the Independent Directors of the Company hold highest standards of integrity and possess requisite expertise and experience required to fulfill their duties as Independent Directors. In terms of Section 150 of the Companies Act, 2013 read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, Independent