DRIVIN G ROWTH - Dr. Reddy's

72
corporate governance
Table 1
|
Composition
of the board of Dr. Reddy’s and Directors’ attendance for 2001-02
EXECUTIVE NUMBER OF
DIRECTOR (ED), DIRECTORSHIP TO
NON-EXECUTIVE WHICH SECTION 275 OF
DIRECTOR NUMBER NUMBER OF ATTENDANCE IN THE COMPANIES ACT
(NED), OF BOARD BOARD LAST AGM ON 1956, APPLIES,
INDEPENDENT MEETINGS MEETINGS SEPT 24, 2001 INCLUDING
NAME OF DIRECTOR DIRECTOR (ID) HELD ATTENDED DR. REDDY’S
Dr. K Anji Reddy* ED 5 5 Present 10
G V Prasad** ED 5 5 Present 11
Satish Reddy*** ED 5 5 Present 10
Dr. Omkar Goswami NED/ID 5 5 Present 3
P N Devarajan NED/ID 5 5 Present 8
Ravi Bhoothalingam NED/ID 5 5 Present 2
Dr. P Satyanarayana Rao NED/ID 5 5 Present 1
Dr. V Mohan NED/ID 5 5 Present 1
Dr. A Venkateswarlu(a) NED 5 5 Present 1
Prof Krishna G Palepu(b) NED/ID 0 0 Not applicable 11
Notes: * Father of Satish Reddy and father-in-law of G.V. Prasad. **Son-in-law of Dr. K Anji Reddy and brother-in-law of Satish Reddy. *** Son of
Dr. K Anji Reddy and brother-in-law of G V Prasad. (a) According to Clause 49 of the Listing Agreement with Indian stock exchanges, an independent
director means a director who, apart from receiving a director’s remuneration, does not have any other material pecuniary relationship or transactions
with the company, its promoters, its management, or its subsidiaries, which in the judgement of the board may affect the independence of judgement of
the director. By that criterion, Dr. A Venkateswarlu is an independent director. However, according to the New York Stock Exchange’s listing rules, a
person is not treated as an independent director without three years having lapsed between being an employee and a board member of the same
company. By that criterion, Dr. Venkateswarlu is a non-executive, but not an independent director. (b) Appointed at the meeting of board of directors
held on January 29, 2002. No meeting held thereafter.
INFORMATION SUPPLIED TO THE
BOARD
Among others, this includes:
■ annual operating plans and budgets, capital
budgets, updates, and all variances,
■ quarterly results of the Company and its
operating divisions or business segments,
■ detailed presentations on the progress in R&D
and new drug discoveries,
■ minutes of meeting of Audit Committee and
other Committees,
■ information on recruitment and remuneration
of senior officers just below the board level,
■ any significant regulatory matter concerning
Indian or foreign regulatory authorities,
■ any issue which involves possible public or
DR. REDDY’S LABORATORIES LTD. | CORPORATE GOVERNANCE | ANNUAL REPORT 2001-2002