The skills / expertise / competence as required in the context of business and areas pertaining to the company is identified by Govt. of India and accordingly selection of Directors on the Board is made by Govt as per its own procedures and rules.
“NMDC has achieved a record-breaking physical performance for FY22 on the back of a propelling expansion and investment strategy, we are entering the new fiscal with a valuable head start. Our digitalisation drive is beginning to contribute to our improved performance and we are excited to see this transformation in how we do business and share the benefits with our stakeholders. As the Government of India seeks to ramp up the domestic per capita steel consumption in our country, NMDC will take on an enhanced role to strengthen raw material supply and give impetus to self-reliance in the sector.” – Sumit Deb, Chairman and Managing Director, NMDC
NMDC, a Navaratna Company, believes in financial prudence, customer satisfaction, transparency, accountability and commitment to values. The good governance it practices is based on its stated belief and the guidelines of the Government of India issued from time to time should go a long way in enhancing value for all those who are associated with the Company: shareholders, customers, suppliers, creditors, Government of India, State Governments, Governmental agencies/departments and the society at large. The Board of Directors have approved the Policy on Corporate Governance.
NMDC being a Government Company under the control of its administrative Ministry viz. Ministry of Steel, the Board members are appointed / reappointed by the Administrative Ministry. The skills / expertise / competence as required in the context of business and areas pertaining to the company is identified by Govt. of India and accordingly selection of Directors on the Board is made by Govt as per its own procedures and rules.
NMDC being a Government Company, the terms and conditions of appointment and remuneration of Functional Directors are determined by the Government through its administrative Ministry, Ministry of Steel. Non-executive Part-time Official Directors (Independent) do not draw any remuneration. The non-executive Directors are paid sitting fee as approved by the Board within the ceiling fixed under the Companies Act, 2013 and as per the guidelines issued by the Government of India. The Company has not adopted any mechanism for performance evaluation criteria for Independent Directors.
Board of Directors
As on 31st March 2022, the Board of NMDC comprises of Chairman and Managing Director, three Whole time / Functional Directors, two Government Nominee Directors and four Independent Directors.
a. Composition and category of Directors:
Whole-time / Functional Directors
i. Sumit Deb, Chairman and Managing Director
ii. Amitava Mukherjee, Director (Finance)
iii. Somnath Nandi, Director (Technical)
iv. Dilip Kumar Mohanty, Director (Production) (w.e.f. 05.10.2021)
v. Alok Kumar Mehta, Director (Commercial) (upto 30.09.2021)
vi. Shri P.K. Satpathy, Director (Production) (upto 31.08.2021)
b. Government of India Nominee Directors
i. Smt. Rasika Chaube Additional Secretary, Ministry of Steel
ii. Smt. Sukriti Likhi, Additional Secretary & Financial Advisor, Ministry of Steel (w.e.f. 23.04.2021)
c. Independent Directors (Non-Executive)
i. Sanjay Tandon (w.e.f. 01.11.2021)
ii. Dr. Anil Sadashivrao Kamble (w.e.f. 01.11.2021)
iii. Vishal Babber (w.e.f. 01.11.2021)
iv. Sanjay Singh (w.e.f. 29.12.2021)
The Chairman-Cum-Managing Director and Functional Directors are appointed by Government of India for a period of five years or till the age of superannuation or until further orders whichever is earlier.
The Directors are initially appointed by the Board as Additional Directors in terms of the provisions of the Companies Act, 2013 and thereafter by the shareholders in the Annual General Meeting. The appointment may, however, be terminated by either side on three months notice or on payment of three months salary in lieu thereof.
Government Nominee Directors representing Ministry of Steel, Government of India retire from the Board on ceasing to be official of Ministry of Steel, Government of India. Non Executive Directors (Independent) are normally appointed for a tenure of 3 years by Govt. of India.
Also Read: CSR: NMDC spends 287 Cr in Social Development in FY 2021-22 (indiacsr.in)
(India CSR
