Contents

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Topic-wise Marks Distribution I-7

PART A
COMPANY LAW, PRINCIPLES
& CONCEPTS
Chapter 1
‹ INTRODUCTION TO COMPANY LAW 1.3

Chapter 2
‹ PROSPECTUS AND ALTERATION OF SHARE CAPITAL 2.1

Chapter 3
‹ SHARE, SHARE CAPITAL AND SHAREHOLDERS 3.1

Chapter 4
‹ MEMBERSHIP 4.1

Chapter 5
‹ DEBT INSTRUMENTS AND DEPOSITS 5.1

Chapter 6
‹ CHARGES 6.1

Chapter 7
‹ DISTRIBUTION OF PROFITS AND DIVIDEND 7.1

Chapter 8
‹ CORPORATE SOCIAL RESPONSIBILITY 8.1

Chapter 9
‹ ACCOUNTS, AUDIT AND AUDITORS 9.1

Chapter 10
‹ TRANSPARENCY AND DISCLOSURES 10.1

Chapter 11
‹ INTER-CORPORATE LOANS, INVESTMENTS, GUARANTEES AND SECURITY, RELATED PARTY
TRANSACTIONS 11.1
I-5
I-6 CONTENTS

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Chapter 12
‹ REGISTERS AND RECORDS 12.1

Chapter 13
‹ CORPORATE RE-ORGANIZATION 13.1

Chapter 14
‹ MCA-21 AND FILING OF XBRL 14.1

Chapter 15
‹ GLOBAL DEVELOPMENTS 15.1

PART B
COMPANY ADMINISTRATION AND
MEETINGS - LAW AND PRACTICES
Chapter 16
‹ DIRECTORS 16.3

Chapter 17
‹ APPOINTMENT AND REMUNERATION OF KEY MANAGERIAL PERSONNEL 17.1

Chapter 18
‹ MEETINGS OF BOARD AND ITS COMMITTEE 18.1

Chapter 19
‹ BOARD CONSTITUTION AND ITS POWER 19.1

Chapter 20
‹ GENERAL MEETINGS 20.1

Chapter 21
‹ VIRTUAL MEETINGS 21.1

PART C
COMPANY SECRETARY AS A
PROFESSION
Chapter 22
‹ LEGAL FRAMEWORK GOVERNING COMPANY SECRETARIES 22.3

Chapter 23
‹ SECRETARIAL STANDARD BOARD 23.1

Chapter 24
‹ MEGA FIRMS 24.1
‹ SOLVED PAPER : DECEMBER 2021 (NEW SYLLABUS) P.1
‹ SOLVED PAPER : JUNE 2022 (NEW SYLLABUS) P.13
‹ SOLVED PAPER : DECEMBER 2022 (NEW SYLLABUS) P.27
 15
CHAPTER
Global Developments

Relevant Topics
1. Modernization of Company Law for Global Competitiveness.
2. Recent Corporate Governance Developments in United Kingdom.
3. Legislative Developments of Corporate Governance in USA.
4. Recent Corporate Governance Developments in Australia.

15.1 - Modernization of Company Law for Global Competitiveness

 ‹In the today’s world including UK, Hong Kong, Singapore, Australia and Canada are at various stages of
the process of modernizing their company law.
 ‹ˆƒ‹”ǡ‘†‡”ǡ‡ˆϐ‹‹‡–ƒ†‡ˆˆ‡ –‹˜‡ˆ”ƒ‡™‘”‘ˆ ‘’ƒ›Žƒ™‹•‘‡‘ˆ–Š‡‘•– ”— ‹ƒŽ’”‡”‡“—‹•‹–‡
for the performance of any economy and the society.
 ‹To achieve competitiveness, it is essential that while the law must balance the interests of different
•–ƒ‡Š‘Ž†‡”•Ž‹‡•Šƒ”‡Š‘Ž†‡”•ǡ–Š‡‹”‡ –‘”•ǡ–Š‡‡’Ž‘›‡‡•ǡ–Š‡ ”‡†‹–‘”•ȋϐ‹ƒ ‹ƒŽƒ†‘’‡”ƒ–‹‘ƒŽȌ
and the customers.
 ‹ –Š‡ —””‡–ƒ–‹‘ƒŽƒ•™‡ŽŽƒ•‹–‡”ƒ–‹‘ƒŽ• ‡ƒ”‹‘‘ˆ ‘’Ž‡š„—•‹‡••‘’‡”ƒ–‹‘•ǡ–Š‡”‡‹•†‡ϐ‹‹–‡Ž›ƒ
‡‡†–‘•‹’Ž‹ˆ› ‘”’‘”ƒ–‡Žƒ™••‘–Šƒ––Š‡›ƒ”‡ƒ‡ƒ„Ž‡–‘ Ž‡ƒ”‹–‡”’”‡–ƒ–‹‘ƒ†’”‘˜‹†‡ƒˆ”ƒ‡™‘”
that would facilitate faster economic growth.
 ‹ ”‘™‹‰‡’Šƒ•‹•‘‰‘‘†‘”’‘”ƒ–‡ ‘˜‡”ƒ ‡ǡ–Š‡ ‘ ‡’–‘ˆ‘”’‘”ƒ–‡‘ ‹ƒŽ‡•’‘•‹„‹Ž‹–›ȋȌ
ƒ†‰‘‘†‘”’‘”ƒ–‡‹–‹œ‡•Š‹’‹•’”‡†‘‹ƒ–Ž›‹ϐŽ—‡ ‹‰ ‘’ƒ›Žƒ™”‡ˆ‘”•–Š‡™‘”Ž†‘˜‡”Ǥ
 ‹Modernization of company law has in fact become a part of the drive to facilitate enterprise, enhance the
attractiveness of the country as a preferred destination for domestic as well as Foreign Direct Investment
to do business, and foster business competitiveness.
 ‹The ultimate objective is to have a simple, consolidated and accessible company law.

 ‹‹—Ž–ƒ‡‘—•Ž›‘˜‡”–Š‡™‘”Ž†ǡ‘’ƒ›ƒ™”‡ˆ‘”•ƒ”‡ˆ‘ —•‹‰‘ƒ•’‡ –•Ž‹‡Ǯ–”ƒ•’ƒ”‡ ›ǯ–Š”‘—‰Š

‡Šƒ ‡††‹• Ž‘•—”‡•ƒ†‹ ”‡ƒ•‡†ƒ ‘—–ƒ„‹Ž‹–›‘–Š‡’ƒ”–‘ˆ ‘”’‘”ƒ–‡‘™‡”•ȋ’”‘‘–‡”•Ȍ™Š‹Ž‡ƒ–
–Š‡•ƒ‡–‹‡’”‘˜‹†‹‰ƒϐŽ‡š‹„Ž‡”‡‰‹‡ˆ‘”•ƒŽŽƒ†‡†‹—„—•‹‡••‡•ǤŠ‡”‡ˆ‘”•ƒ‹ƒ– —––‹‰„ƒ 
‘‘˜‡”Ž›”‡‰—Žƒ–‘”›‹–‡”˜‡–‹‘ǤŠ—•ǡ’”‘˜‹†‹‰ ‘’ƒ‹‡•‘’‡”ƒ–‹‰ϐŽ‡š‹„‹Ž‹–›–‘–—‡‹ ‘ˆ‘”‹–›
with changing environment.

15.2 - Recent Corporate Governance Developments in United Kingdom

Application of  ‹Š‡‹•–‹‰—Ž‡• ‘–‹—‡–‘”‡“—‹”‡ƒŽŽ”‡‹—ǦŽ‹•–‡† ‘’ƒ‹‡•–‘†‹• Ž‘•‡Š‘™–Š‡›
the UK Corporate have applied the principles of the Code in a manner that would enable shareholders
Governance Code to evaluate how these have been applied.
 ‹All provisions should be complied with or an explanation should be given. With the
—””‡–‘†‡ǡ•‘‡’”‘˜‹•‹‘•Šƒ˜‡•’‡ ‹ϐ‹ ”‡’‘”–‹‰”‡“—‹”‡‡–•Ǥ
 ‹‘’ƒ‹‡•Šƒ˜‡ˆ‘ —•‡†‘–Š‡Ǯ ‘’Ž›‘”‡š’Žƒ‹ǯƒ•’‡ –•‘ˆ–Š‡’”‘˜‹•‹‘•”ƒ–Š‡”
than a description of their application of the principles.
 ‹Š‡”‡’‘”–‹‰‘–Š‡’”‹ ‹’Ž‡•ǡ–Š‡‘†‡”‡“—‹”‡• ‘’ƒ‹‡•–‘†‡‘•–”ƒ–‡–‘
shareholders why the board has implemented certain structures, policies and practices
and how these aspects meet the relevant Code principle.
15.1
15.2 ǣǡ  Ƭ

 ‹Š‡ –”‘†— –‹‘ƒŽ•‘‹ Ž—†‡•ƒ‡™”‡“—‹”‡‡–‘–Š‡„‘ƒ”†•‘ˆ’ƒ”‡– ‘’ƒ‹‡•

with a premium listing whether incorporated in the UK or elsewhere. They should
‡•—”‡ –Šƒ– –Š‡”‡ ‹• ƒ†‡“—ƒ–‡ ‘Ǧ‘’‡”ƒ–‹‘ ™‹–Š‹ –Š‡ ‰”‘—’ –‘ ‡ƒ„Ž‡ –Š‡ ’ƒ”‡–
company board to discharge its governance responsibilities under the 2018 Code
effectively and this includes communicating the parent company’s purpose, values
and strategies.
Note: The new Code is applicable to all companies with a premium listing of equity shares
for periods commencing on or after 1 January 2019.
Five Sections of Š‡‡™‘†‡Šƒ•ˆ‹˜‡•‡ –‹‘•ǣ
New UK 2018 1. Board leadership and company purpose.
Code
2. Division of responsibilities.
3. Composition, succession and evaluation.
 ͶǤ —†‹–ǡ”‹•ƒ†‹–‡”ƒŽ ‘–”‘ŽǤ
5. Remuneration.
Aim and Objec-  ‹Designed to set higher standards of corporate governance in the UK so as to promote
tive of UK 2018 transparency and integrity in business and at the same time attract investment in the
Code ‹–Š‡Ž‘‰Ǧ–‡”ǡ„‡‡ϐ‹––‹‰–Š‡‡ ‘‘›ƒ†™‹†‡”•‘ ‹‡–›Ǥ
 ‹‡ϐ‹‹–‹‘ ‘ˆ ‰‘˜‡”ƒ ‡ Šƒ• „‡‡ „”‘ƒ†‡‡† ‹ –Š‡ ʹͲͳͺ ‘†‡Ǥ – ‡’Šƒ•‹œ‡•
the importance of positive relationships between companies, shareholders and
•–ƒ‡Š‘Ž†‡”•ǡƒ Ž‡ƒ”’—”’‘•‡ƒ†•–”ƒ–‡‰›ƒŽ‹‰‡† ™‹–Š Š‡ƒŽ–Š› ‘”’‘”ƒ–‡ —Ž–—”‡ǡ
Š‹‰Š“—ƒŽ‹–›„‘ƒ”† ‘’‘•‹–‹‘ƒ†ƒˆ‘ —•‘†‹˜‡”•‹–›ǡƒ†”‡—‡”ƒ–‹‘™Š‹ Š‹•
’”‘’‘”–‹‘ƒ–‡ƒ†•—’’‘”–•Ž‘‰Ǧ–‡”•— ‡••Ǥ
UK Stewardship  ‹The UK Stewardship Code 2020 is a substantial and ambitious revision to the 2012
Code 2020 ‡†‹–‹‘‘ˆ–Š‡‘†‡™Š‹ Š–ƒ‡•‡ˆˆ‡ –ˆ”‘ͳ ƒ—ƒ”›ʹͲʹͲǤ
 ‹Š‡ ‘†‡ ‘•‹•–• ‘ˆ ͳʹ ”‹ ‹’Ž‡• ˆ‘” ƒ••‡– ƒƒ‰‡”• ƒ† ƒ••‡– ‘™‡”•ǡ ƒ† •‹š
”‹ ‹’Ž‡•ˆ‘”•‡”˜‹ ‡’”‘˜‹†‡”•Ǥ
 ‹These are supported by reporting expectations which indicate the information that
should be publicly reported in order to become a signatory.
 ‹”‰ƒ‹•ƒ–‹‘•™ƒ–‹‰–‘„‡ ‘‡•‹‰ƒ–‘”‹‡•–‘–Š‡‘†‡™‹ŽŽ„‡”‡“—‹”‡†–‘’”‘†— ‡ƒ
annual Stewardship Report explaining how they have applied the Code in the previous
12 months.
 ‹The new Code sets high expectations of those investing money on behalf of UK savers
and pensioners.
 ‹Š‡ ‡™ ‘†‡ ‡•–ƒ„Ž‹•Š‡• ƒ Ž‡ƒ” „‡ Šƒ” ˆ‘” •–‡™ƒ”†•Š‹’ ƒ• –Š‡ ”‡•’‘•‹„Ž‡
ƒŽŽ‘ ƒ–‹‘ǡƒƒ‰‡‡–ƒ†‘˜‡”•‹‰Š–‘ˆ ƒ’‹–ƒŽ–‘ ”‡ƒ–‡Ž‘‰Ǧ–‡”˜ƒŽ—‡ˆ‘” Ž‹‡–•
ƒ†„‡‡ϐ‹ ‹ƒ”‹‡•Ž‡ƒ†‹‰–‘•—•–ƒ‹ƒ„Ž‡„‡‡ϐ‹–•ˆ‘”–Š‡‡ ‘‘›ǡ–Š‡‡˜‹”‘‡–
and society.
 ‹There is a strong focus on the activities and outcomes of stewardship not just policy
statements. There are new expectations about how investment and stewardship is
‹–‡‰”ƒ–‡†‹ Ž—†‹‰˜‹”‘‡–ƒŽǡ‘ ‹ƒŽƒ† ‘˜‡”ƒ ‡ȋ Ȍ‹••—‡•Ǥ
 ‹Š‡‘†‡ƒ••‹˜‡•–‘”•–‘‡š’Žƒ‹Š‘™–Š‡›Šƒ˜‡‡š‡” ‹•‡†•–‡™ƒ”†•Š‹’ƒ ”‘••ƒ••‡–
classes.
Example 1: For listed equity, fixed income, private equity, infrastructure investments and
in investments outside the UK.
  ǦͳͷǦ  15.3

Revised  ‹Š‡ ”‡˜‹•‡† —‹†ƒ ‡ ‘ ‘ƒ”† ˆˆ‡ –‹˜‡‡•• ‹• ‘•‹†‡”ƒ„Ž› Ž‘‰‡” ƒ† ‹ Ž—†‡•
Guidance ‡™ ‘‡–ƒ”›‘ƒ”‡ƒ••— Šƒ• —Ž–—”‡ǡ”‡Žƒ–‹‘•™‹–Š–Š‡™‘”ˆ‘” ‡ƒ†™‹†‡”
on Board •Šƒ”‡Š‘Ž†‡”•ƒ††‹˜‡”•‹–›ǤŽ•‘ǡ‹–‹ ‘”’‘”ƒ–‡•‡™•‡ –‹‘•‘–Š‡™‘”‹‰•‘ˆ„‘ƒ”†
Effectiveness committees notably the remuneration committee.
 ‹Š‡ —‹†ƒ ‡‹ Ž—†‡•“—‡•–‹‘•ˆ‘”„‘ƒ”†•–‘ƒ•–Š‡•‡Ž˜‡•‘”‹•‘‡ ƒ•‡•–‘ƒ•
ƒƒ‰‡‡–ƒ„‘—–‡ˆˆ‡ –‹˜‡‡••‹‡›ƒ”‡ƒ•Ǥ
Overview of new requirements: 12 principles/reporting requirements for asset owners
Principle 1  ‹‹‰ƒ–‘”‹‡•ƒ”‡”‡“—‹”‡†–‘‡š’Žƒ‹„‘–Š–Š‡’—”’‘•‡‘ˆ–Š‡‘”‰ƒ‹•ƒ–‹‘ƒ†–‘‰‹˜‡ƒ
Ǧ‹‰ƒ–‘”‹‡•ǯ outline of its culture, values, business model and strategy as well as their investment
purpose, beliefs, i.e. what factors they consider important for desired investment outcomes and
investment why.
beliefs,  ‹Š‡‘†‡”‡“—‹”‡••‹‰ƒ–‘”‹‡•–‘‡š’Žƒ‹–Š‡ƒ –‹‘•–Š‡›Šƒ˜‡–ƒ‡–‘‡•—”‡–Š‡‹”
strategy, and investment beliefs, strategy and culture enable effective stewardship.
culture enable
 ‹‹‰ƒ–‘”‹‡•ǯ†‹• Ž‘•—”‡•Š‘—Ž†ƒ‡ Ž‡ƒ”Š‘™–Š‡‹”’—”’‘•‡ƒ†‹˜‡•–‡–„‡Ž‹‡ˆ•
stewardship that
creates long term Šƒ˜‡‰—‹†‡†–Š‡‹”•–‡™ƒ”†•Š‹’ǡ‹˜‡•–‡–•–”ƒ–‡‰›ƒ††‡ ‹•‹‘ƒ‹‰ƒ†‹ Ž—†‡
value for clients an assessment of how effective they have been in serving the best interests of clients
and beneficiaries and beneficiaries.
leading to
sustainable
benefits for the
economy, the
environment and
society
Principle 2 ‹‰ƒ–‘”‹‡••Š‘—Ž†‡š’Žƒ‹Š‘™ǣ
Ǧ‹‰ƒ–‘”‹‡•ǯ  ‹their governance structures and processes have enabled oversight and accountability
governance, for effective stewardship within their organisation and the rationale for their chosen
resources and approach; and
incentives
 ‹–Š‡›Šƒ˜‡ƒ’’”‘’”‹ƒ–‡Ž›”‡•‘—” ‡†•–‡™ƒ”†•Š‹’ƒ –‹˜‹–‹‡•‹ Ž—†‹‰ǣ
support
stewardship  „–Š‡‹” Š‘•‡‘”‰ƒ‹•ƒ–‹‘ƒŽƒ†™‘”ˆ‘” ‡•–”— –—”‡•Ǣ
 „–Š‡‹”•‡‹‘”‹–›ǡ‡š’‡”‹‡ ‡ǡ“—ƒŽ‹ϐ‹ ƒ–‹‘•ǡ–”ƒ‹‹‰ƒ††‹˜‡”•‹–›Ǣ
 „their investment in systems, processes, research and analysis;

 „the extent to which service providers were used and the services they provided;
and
 ‹‡”ˆ‘”ƒ ‡ƒƒ‰‡‡–‘””‡™ƒ”†’”‘‰”ƒ•Šƒ˜‡‹ ‡–‹˜‹•‡†–Š‡™‘”ˆ‘” ‡–‘
‹–‡‰”ƒ–‡•–‡™ƒ”†•Š‹’ƒ†‹˜‡•–‡–†‡ ‹•‹‘ƒ‹‰Ǥ
Principle 3 ‹‰ƒ–‘”‹‡••Š‘—Ž†„‘–Šǣ
Ǧ‹‰ƒ–‘”‹‡•  ‹‹• Ž‘•‡–Š‡‹” ‘ϐŽ‹ –•’‘Ž‹ ›ƒ†Š‘™–Š‹•Šƒ•„‡‡ƒ’’Ž‹‡†–‘•–‡™ƒ”†•Š‹’Ǣƒ†
manage conflicts
 ‹š’Žƒ‹Š‘™–Š‡›Šƒ˜‡‹†‡–‹ϐ‹‡†ƒ†ƒƒ‰‡†ƒ›‹•–ƒ ‡•‘ˆƒ –—ƒŽ‘”’‘–‡–‹ƒŽ
of interest to put
the best interests ‘ϐŽ‹ –•”‡Žƒ–‡†–‘•–‡™ƒ”†•Š‹’Ǥ
of clients and Disclosure should include examples of how they have addressed actual or potential conflicts.
beneficiaries
first
Principle 4 ‹‰ƒ–‘”‹‡••Š‘—Ž†‡š’Žƒ‹ǣ
Ǧ‹‰ƒ–‘”‹‡•  ‹Š‘™ –Š‡› Šƒ˜‡ ‹†‡–‹ϐ‹‡† ƒ† ”‡•’‘†‡† –‘ ƒ”‡–Ǧ™‹†‡ ƒ† •›•–‡‹  ”‹•ȋ•Ȍǡ ƒ•
identify and appropriate;
respond to
 ‹Š‘™–Š‡›Šƒ˜‡™‘”‡†™‹–Š‘–Š‡”•–ƒ‡Š‘Ž†‡”•–‘’”‘‘–‡ ‘–‹—‡†‹’”‘˜‡‡–
ƒ”‡–Ǧ™‹†‡ƒ†
‘ˆ–Š‡ˆ— –‹‘‹‰‘ˆϐ‹ƒ ‹ƒŽƒ”‡–•Ǣ
15.4 ǣǡ  Ƭ

•›•–‡‹ ”‹••  ‹the role they played in any relevant industry initiatives in which they have participated, the
to promote a extent of their contribution and an assessment of their effectiveness, with examples; and
well functioning  ‹how they have aligned their investments accordingly.
financial system
Disclosure should include an assessment of their effectiveness in identifying and responding
–‘ƒ”‡–™‹†‡ƒ†•›•–‡‹ ”‹••ƒ†’”‘‘–‹‰™‡ŽŽǦˆ— –‹‘‹‰ˆ‹ƒ ‹ƒŽƒ”‡–•Ǥ
Principle 5 ‹‰ƒ–‘”‹‡••Š‘—Ž†‡š’Žƒ‹ǣ
Ǧ‹‰ƒ–‘”‹‡•  ‹how they have reviewed their policies to ensure they enable effective stewardship;
review their
 ‹what internal or external assurance they have received in relation to stewardship
policies, assure
their processes ȋ—†‡”–ƒ‡†‹”‡ –Ž›‘”‘–Š‡‹”„‡ŠƒŽˆȌƒ†–Š‡”ƒ–‹‘ƒŽ‡ˆ‘”–Š‡‹” Š‘•‡ƒ’’”‘ƒ ŠǢ
and assess the and
effectiveness of  ‹how they have ensured their stewardship reporting is fair, balanced and
their activities understandable.
ƒ††‹–‹‘ǡ–Š‡‘†‡”‡“—‹”‡••‹‰ƒ–‘”‹‡•–‘‡š’Žƒ‹Š‘™–Š‡‹””‡˜‹‡™ƒ†ƒ••—”ƒ ‡Šƒ•Ž‡†
to the continuous improvement of stewardship policies and processes.
Principle 6Ǧ ‹‰ƒ–‘”‹‡••Š‘—Ž†‡š’Žƒ‹‡‹–Š‡”ǣ
‹‰ƒ–‘”‹‡•–ƒ‡  ‹how they have evaluated the effectiveness of their chosen methods to understand the
account of client ‡‡†•‘ˆ Ž‹‡–•ƒ†Ȁ‘”„‡‡ˆ‹ ‹ƒ”‹‡•Ǣƒ†Š‘™–Š‡›Šƒ˜‡–ƒ‡ƒ ‘—–‘ˆ–Š‡˜‹‡™•
and beneficiary ‘ˆ„‡‡ˆ‹ ‹ƒ”‹‡•™Š‡”‡•‘—‰Š–ǡƒ†™Šƒ–ƒ –‹‘•–Š‡›Šƒ˜‡–ƒ‡ƒ•ƒ”‡•—Ž–Ǣ
needs and
 ‹Š‘™ –Š‡› Šƒ˜‡ –ƒ‡ ƒ ‘—– ‘ˆ –Š‡ ˜‹‡™• ‘ˆ Ž‹‡–• ƒ† ™Šƒ– ƒ –‹‘• –Š‡› Šƒ˜‡
communicate
the activities and –ƒ‡ƒ•ƒ”‡•—Ž–Ǣƒ†™Š‡”‡–Š‡‹”ƒƒ‰‡”•Šƒ˜‡‘–ˆ‘ŽŽ‘™‡†–Š‡‹”•–‡™ƒ”†•Š‹’ƒ†
outcomes of their ‹˜‡•–‡–’‘Ž‹ ‹‡•ǡƒ†–Š‡”‡ƒ•‘ˆ‘”–Š‹•Ǣ
stewardship and  ‹Where they have not managed assets in alignment with their clients’ stewardship and
investment to investment policies, and the reason for this.
them
Principle 7 Š‡ ”‡˜‹•‡† ‘†‡ ”‡“—‹”‡• –Šƒ– •‹‰ƒ–‘”‹‡• ‡š’Žƒ‹ Š‘™ ‹ˆ‘”ƒ–‹‘ ‰ƒ–Š‡”‡† –Š”‘—‰Š
Ǧ‹‰ƒ–‘”‹‡• •–‡™ƒ”†•Š‹’Šƒ•‹ˆ‘”‡†ƒ “—‹•‹–‹‘ǡ‘‹–‘”‹‰ƒ†‡š‹–†‡ ‹•‹‘•ǡ‡‹–Š‡”†‹”‡ –Ž›‘”‘
systematically their behalf, and with reference to how they have best served clients and/or beneficiaries.
integrate
stewardship
and investment,
including
material
environmental,
social and
governance
issues, and
climate change,
to fulfil their
responsibilities
Principle 8 ‹‰ƒ–‘”‹‡••Š‘—Ž†‡š’Žƒ‹ǣ
Ǧ‹‰ƒ–‘”‹‡•  ‹Š‘™–Š‡•‡”˜‹ ‡•Šƒ˜‡„‡‡†‡Ž‹˜‡”‡†–‘‡‡––Š‡‹”‡‡†•Ǣ
monitor and
 ‹–Š‡ƒ –‹‘–Š‡›Šƒ˜‡–ƒ‡™Š‡”‡•‹‰ƒ–‘”‹‡•ǯ‡š’‡ –ƒ–‹‘•‘ˆ–Š‡‹”ƒƒ‰‡”•ƒ†Ȁ‘”
hold to account
managers and/or service providers have not been met.
service Š‡”‡˜‹•‡†‘†‡‰‹˜‡•ƒ•ƒ‡šƒ’Ž‡ȋƒ‘‰‘–Š‡”•Ȍ–Šƒ–ƒ••‡–ƒƒ‰‡”•‘‹–‘”‹‰†ƒ–ƒ
providers ƒ†”‡•‡ƒ” Š’”‘˜‹†‡”••Š‘—Ž†‡•—”‡–Š‡“—ƒŽ‹–›ƒ†ƒ —”ƒ ›‘ˆ–Š‡‹”’”‘†— –•ƒ†•‡”˜‹ ‡•Ǥ
  ǦͳͷǦ  15.5

Principle 9 Signatories should describe the outcomes of engagement that is ongoing or has concluded in
Ǧ‹‰ƒ–‘”‹‡• –Š‡’”‡ ‡†‹‰ͳʹ‘–Š•ǡ—†‡”–ƒ‡†‹”‡ –Ž›‘”„›‘–Š‡”•‘–Š‡‹”„‡ŠƒŽˆǤ
engage with Š‡ ‘†‡ ‹ Ž—†‡• ƒ —„‡” ‘ˆ ‡šƒ’Ž‡• ‹ Ž—†‹‰ ȋƒ‘‰ ‘–Š‡”•Ȍǣ Š‘™ ‘—– ‘‡• ‘ˆ
issuers to ‡‰ƒ‰‡‡– Šƒ˜‡ ‹ˆ‘”‡† ‹˜‡•–‡– †‡ ‹•‹‘• ȋ„—›ǡ •‡ŽŽǡ Š‘Ž†ȌǢ ƒ† Š‘™ ‘—– ‘‡• ‘ˆ
maintain or engagement have informed escalation.
enhance the
value of assets
Principle 10 ‹‰ƒ–‘”‹‡••Š‘—Ž††‡• ”‹„‡–Š‡‘—– ‘‡•‘ˆ ‘ŽŽƒ„‘”ƒ–‹˜‡‡‰ƒ‰‡‡–Ǥ ‘”‡šƒ’Ž‡ǣ
Ǧ‹‰ƒ–‘”‹‡•ǡ  ȋaȌ ƒ›ƒ –‹‘‘” Šƒ‰‡ȋ•Ȍƒ†‡„›–Š‡‹••—‡”ȋ•ȌǢ
where necessary,
participate in  ȋbȌ Š‘™‘—– ‘‡•‘ˆ‡‰ƒ‰‡‡–Šƒ˜‡‹ˆ‘”‡†‹˜‡•–‡–†‡ ‹•‹‘•ȋ„—›ǡ•‡ŽŽǡŠ‘Ž†ȌǢ
collaborative and
engagement to  ȋcȌ ™Š‡–Š‡”–Š‡‹”•–ƒ–‡†‘„Œ‡ –‹˜‡•Šƒ˜‡„‡‡‡–Ǥ
influence issuers
directly or by
others on their
behalf
Principle 11 ‹‰ƒ–‘”‹‡••Š‘—Ž††‡• ”‹„‡–Š‡‘—– ‘‡•‘ˆ‡• ƒŽƒ–‹‘‡‹–Š‡”—†‡”–ƒ‡†‹”‡ –Ž›‘”„›‘–Š‡”•
Ǧ‹‰ƒ–‘”‹‡•ǡ ‘–Š‡‹”„‡ŠƒŽˆǤ  Ž—†‹‰ȋˆ‘”‡šƒ’Ž‡Ȍǣƒ›ƒ –‹‘‘” Šƒ‰‡ȋ•Ȍƒ†‡„›–Š‡‹••—‡”ȋ•ȌǢƒ›
where necessary, ƒ –‹‘‘” Šƒ‰‡ȋ•Ȍƒ†‡„›–Š‡‹••—‡”ȋ•ȌǢƒ›ƒ –‹‘‘” Šƒ‰‡ȋ•Ȍƒ†‡„›–Š‡‹••—‡”ȋ•ȌǢ
escalate and any changes in engagement approach.
stewardship
activities to
influence issuers
Principle 12 ‘”Ž‹•–‡†‡“—‹–›ƒ••‡–•ǡ•‹‰ƒ–‘”‹‡••Š‘—Ž†’”‘˜‹†‡‡šƒ’Ž‡•‘ˆ–Š‡‘—– ‘‡•‘ˆ”‡•‘Ž—–‹‘•
Ǧ‹‰ƒ–‘”‹‡• they have voted on over the past 12 months.
actively exercise
their rights and
responsibilities

15.3 - Legislative Developments of Corporate Governance in USA

Sarbanes-Oxley Act, 2002
Four Principle Š‡‡™Žƒ™•‡–‘—–”‡ˆ‘”•ƒ†ƒ††‹–‹‘•‹ˆ‘—”’”‹ ‹’ƒŽƒ”‡ƒ•ǣ
Areas  ‹Corporate Responsibility.

 ‹  ”‡ƒ•‡†”‹‹ƒŽ—‹•Š‡–Ǥ
 ‹Accounting Regulation.

 ‹‡™”‘–‡ –‹‘•Ǥ
Primary  ‹Fairness to Shareholders:  ”‡“—‹”‡• ‘” ’”‘‘–‡• ‰‘˜‡”ƒ ‡ ’”‘˜‹•‹‘• –Šƒ–
Objectives of protect shareholder rights and allow shareholders to exercise those rights through
SOX Act, 2002 governance procedures such as shareholder meetings.
 ‹Fairness to Stakeholders:  ”‡“—‹”‡• ‘” ’”‘‘–‡• ‰‘˜‡”ƒ ‡ ’”‘˜‹•‹‘• –Šƒ–
–ƒ‡‹–‘ ‘•‹†‡”ƒ–‹‘–Š‡‹–‡”‡•–•‘ˆ‡’Ž‘›‡‡•ǡ•—’’Ž‹‡”•ǡ„—›‡”•ǡƒ†–Š‡Ž‘ ƒŽ
community.
 ‹Heightened Director and Board Responsibilities: ’Žƒ ‡••’‡ ‹ϐ‹ ”‡“—‹”‡‡–•‘
–Š‡ ‘’‘•‹–‹‘‘ˆ„‘ƒ”†•‘ˆ‹”‡ –‘”•‹ Ž—†‹‰•‹ŽŽƒ†‹†‡’‡†‡ ‡”‡“—‹”‡‡–•Ǥ
15.6 ǣǡ  Ƭ

Example 2: SOX requires boards appoint an audit committee where all members
are independent of corporate operations (not officers of the corporation) with at
least one financial expert as a member of the committee.
 ‹‹”‡ –‘”ƒ†ˆϐ‹ ‡”–Š‹ •ǣ‹’‘•‡•ƒ††‹–‹‘ƒŽ‘„Ž‹‰ƒ–‹‘•‘ ‘”’‘”ƒ–‹‘•–‘
‡•–ƒ„Ž‹•Šƒ†ƒ‹–ƒ‹‡–Š‹ ƒŽ•–ƒ†ƒ”†•ˆ‘”‘ˆϐ‹ ‡”ƒ†‹”‡ –‘” ‘†— –ƒ††‡ ‹•‹‘Ǧ
ƒ‹‰Ǥ
Example 3: SOX prohibits the corporation from making personal loans to corporate
executives or their families.
 ‹Disclosure and Accountability:   ’Žƒ ‡• ”‡“—‹”‡‡–• ‘ „‘ƒ”†• –‘ ‹ ”‡ƒ•‡
transparency in corporate governance practices. This includes implementing procedures
for ensuring accurate accounting practices and public disclosure mechanisms.
 ‹Accounting and Disclosure Procedures Ȃ‹’‘•‡†ƒ—„‡”‘ˆ”‡ˆ‘”•‘–Š‡
ƒ ‘—–‹‰ƒ†ϐ‹ƒ ‹ƒŽ”‡’‘”–‹‰”‡“—‹”‡‡–•‘ˆ’—„Ž‹  ‘’ƒ‹‡•Ǥ
 ‹Public Company Accounting Oversight Board (PCAOB) Ȃ‡•–ƒ„Ž‹•Š‡†–Š‡
to regulate auditors charged with reviewing the accounting procedures and disclosure
statements of public companies.
 ‹External Auditing Firms Ȃ‘™”‡“—‹”‡•–Šƒ–ƒϐ‹”‹ Šƒ”‰‡‘ˆƒ—†‹–‹‰–Š‡
‘”’‘”ƒ–‹‘”‡ˆ”ƒ‹ˆ”‘•‡”˜‹‰ƒ•‹†‡’‡†‡– ‘•—Ž–ƒ–•–‘–Šƒ–•ƒ‡ϐ‹”ǤŠ‹•
‹ Ž—†‡•”‡ˆ”ƒ‹‹‰ˆ”‘„‘‘‡‡’‹‰ǡ•›•–‡†‡•‹‰•ƒ†‹’Ž‡‡–ƒ–‹‘ǡƒ’’”ƒ‹•ƒŽ•
ƒ†˜ƒŽ—ƒ–‹‘•ǡƒ –—ƒ”‹ƒŽ•‡”˜‹ ‡•ǡŠ—ƒ”‡•‘—” ‡•ˆ— –‹‘•ǡƒ†‹˜‡•–‡–„ƒ‹‰
•‡”˜‹ ‡•ˆ‘”–Š‡ƒ—†‹–‡† ‘’ƒ›Ǥ —”–Š‡”ǡ–Š‡ ‘”’‘”ƒ–‹‘—•– Šƒ‰‡ƒ—†‹–‹‰ϐ‹”•
at least every 5 years. There are also restrictions on the ability of company executives
–‘Šƒ˜‡™‘”‡†ˆ‘”–Š‡ƒ—†‹–‹‰ϐ‹”™‹–Š‹–Š‡’”‹‘”›‡ƒ”Ǥ
 ‹Securities Regulations: — Š‘ˆ–Š‡”‡‰—Žƒ–‘”›’”‘ ‡••’”‡• ”‹„‡†„›‹• ƒ””‹‡†
‘—–„›–Š‡‡ —”‹–‹‡•ƒ†š Šƒ‰‡‘‹••‹‘Ǥ‹ Ž—†‡’”‘˜‹•‹‘•–Šƒ–•–”‡‰–Š‡
–Š‡ƒ„‹Ž‹–›‘ˆ–Š‡–‘‘˜‡”•‡‡ ‘”’‘”ƒ–‡‰‘˜‡”ƒ ‡ƒ––‡”•ƒ†‡ˆ‘” ‡˜‹‘Žƒ–‹‘•Ǥ
Example 4: SOX established a criminal charge for conspiring to commit securities
fraud. It also increased the criminal and civil penalties for committing securities
fraud. SOX provides additional protections against discrimination for those
reporting conduct that violates the securities laws (“whistleblower protection”).
NYSE Corporate Governance Rules
Four Principal As a foreign private issuer, we must comply with four principal NYSE corporate
NYSE Corporate governance rules:
Governance  ‹‡—•–Šƒ˜‡ƒƒ—†‹– ‘‹––‡‡‡‡–‹‰–Š‡‹†‡’‡†‡ ‡”‡“—‹”‡‡–•‘ˆ—Ž‡
Rules ͳͲǦ͵ǡ•—„Œ‡ ––‘•’‡ ‹ϐ‹‡†‡š ‡’–‹‘•Ǥ
 ‹—”—•–’”‘’–Ž›‘–‹ˆ›–Š‡‹™”‹–‹‰ƒˆ–‡”ƒ›‡š‡
—–‹˜‡‘ˆϐ‹ ‡”„‡ ‘‡•
ƒ™ƒ”‡‘ˆƒ›‘Ǧ ‘’Ž‹ƒ ‡™‹–Š–Š‡ƒ’’Ž‹ ƒ„Ž‡ ‘”’‘”ƒ–‡‰‘˜‡”ƒ ‡”—Ž‡•Ǥ
 ‹‡—•–’”‘˜‹†‡–Š‡™‹–Šƒ—ƒŽƒ†‹–‡”‹™”‹––‡ƒˆϐ‹”ƒ–‹‘•ƒ•”‡“—‹”‡†
—†‡”–Š‡ ‘”’‘”ƒ–‡‰‘˜‡”ƒ ‡”—Ž‡•Ǥ
 ‹‡ —•– ’”‘˜‹†‡ ƒ „”‹‡ˆ †‡•”‹’–‹‘ ‘ˆ ƒ› •‹‰‹ϐ‹ ƒ– †‹ˆˆ‡”‡ ‡• „‡–™‡‡ ‘—”
‘”’‘”ƒ–‡‰‘˜‡”ƒ ‡’”ƒ –‹ ‡•ƒ†–Š‘•‡ˆ‘ŽŽ‘™‡†„›ǤǤ ‘’ƒ‹‡•—†‡”
listing standards.
NYSE Corporate  ‹The majority of the members on the Boards of Directors of U.S. companies must be
Governance independent.
Standards on  ‹ ‹”‡ –‘” “—ƒŽ‹ϐ‹‡• ƒ• ‹†‡’‡†‡– ™Š‡ –Š‡ ‘ƒ”† ƒˆϐ‹”ƒ–‹˜‡Ž› †‡–‡”‹‡• –Šƒ–
Independent •— Š‹”‡ –‘”†‘‡•‘–Šƒ˜‡ƒƒ–‡”‹ƒŽ”‡Žƒ–‹‘•Š‹’™‹–Š–Š‡Ž‹•–‡† ‘’ƒ›ȋƒ†‹–•
Directors •—„•‹†‹ƒ”‹‡•Ȍ‡‹–Š‡”†‹”‡ –Ž›‘”‹†‹”‡ –Ž›Ǥ
  ǦͳͷǦ  15.7

 ‹In particular, a Director may not be deemed independent if he or she or an immediate

ˆƒ‹Ž› ‡„‡” Šƒ• ƒ ‡”–ƒ‹ •’‡ ‹ϐ‹  ”‡Žƒ–‹‘•Š‹’ ™‹–Š –Š‡ ‹••—‡”ǡ ‹–• ƒ—†‹–‘”• ‘”
‘’ƒ‹‡•–Šƒ–Šƒ˜‡ƒ–‡”‹ƒŽ„—•‹‡••”‡Žƒ–‹‘•Š‹’•™‹–Š–Š‡‹••—‡”ȋ‡Ǥ‰ǤŠ‡‘”•Š‡‹•
ƒ‡’Ž‘›‡‡‘ˆ–Š‡‹••—‡”‘”ƒ’ƒ”–‡”‘ˆ–Š‡—†‹–‘”ȌǤ
Note: A Director cannot be considered independent in the three-year “cooling-off” period
following the termination of any relationship that compromised a director’s independence.
NYSE Corporate ‘Ǧ‡š‡ —–‹˜‡‹”‡ –‘”•ǡ‹ Ž—†‹‰–Š‘•‡™Š‘ƒ”‡‘–‹†‡’‡†‡–ǡ—•–‡‡–‘ƒ”‡‰—Žƒ”
Governance „ƒ•‹•™‹–Š‘—––Š‡‡š‡ —–‹˜‡‹”‡ –‘”•Ǥ ƒ††‹–‹‘ǡ‹ˆ–Š‡‰”‘—’‘ˆ‘Ǧ‡š‡ —–‹˜‡‹”‡ –‘”•
Standards on includes Directors who are not independent, independent Directors should meet separately
Meetings of at least once a year.
non-executive
Directors
NYSE Corporate ‹•–‡†ǤǤ ‘’ƒ‹‡•—•–Šƒ˜‡ƒ—†‹–‘‹––‡‡–Šƒ–•ƒ–‹•ˆ‹‡•–Š‡”‡“—‹”‡‡–•‘ˆ—Ž‡
Governance ͳͲǦ͵—†‡”–Š‡‡ —”‹–‹‡•š Šƒ‰‡ –‘ˆͳͻ͵Ͷƒ†–Šƒ– ‘’Ž‹‡•™‹–Š–Š‡’”‘˜‹•‹‘•‘ˆ
Standards on –Š‡ƒ”„ƒ‡•ǦšŽ‡› –Ǥ
Audit Commit-
tee
NYSE Corporate ǤǤŽ‹•–‡† ‘’ƒ‹‡•—•–Šƒ˜‡ƒ‘‹ƒ–‹‰Ȁ‘”’‘”ƒ–‡ ‘˜‡”ƒ ‡‘‹––‡‡ȋ‘”‡“—‹˜ƒŽ‡–
Governance „‘†›Ȍ ‘’‘•‡†‡–‹”‡Ž›‘ˆ‹†‡’‡†‡–‹”‡ –‘”•™Š‘•‡ˆ— –‹‘•‹ Ž—†‡ǡ„—–ƒ”‡‘–Ž‹‹–‡†
Standards on –‘ǡ•‡Ž‡ –‹‰“—ƒŽ‹ˆ‹‡† ƒ†‹†ƒ–‡•ˆ‘”–Š‡‘ˆˆ‹ ‡‘ˆ‹”‡ –‘”ˆ‘”•—„‹••‹‘–‘–Š‡Šƒ”‡Š‘Ž†‡”•ǯ
Nominating / Meeting as well as developing and recommending corporate governance guidelines to the
Corporate Gov- ‘ƒ”†‘ˆ‹”‡ –‘”•ǤŠ‹•’”‘˜‹•‹‘‹•‘–„‹†‹‰ˆ‘”‘ǦǤǤ’”‹˜ƒ–‡‹••—‡”•Ǥ
ernance Com-
mittee
NYSE Corporate U.S. listed companies must have a Remuneration Committee composed entirely of independent
Governance ‹”‡ –‘”•™Š‘—•–•ƒ–‹•ˆ›–Š‡‹†‡’‡†‡ ‡”‡“—‹”‡‡–•’”‘˜‹†‡†ˆ‘”‹–•‡„‡”•ǤŠ‡
Standards on Remuneration Committee must have a written charter that addresses the Committee’s
Remuneration purpose and responsibilities within the limit set forth by the listing rules. The Remuneration
Committee Committee may in its sole discretion retain or obtain the advice of a compensation consultant,
independent legal counsel or other adviser and shall be directly responsible for the appointment,
‘’‡•ƒ–‹‘ƒ†‘˜‡”•‹‰Š–‘ˆ–Š‡™‘”‘ˆƒ› ‘’‡•ƒ–‹‘ ‘•—Ž–ƒ–ǡ‹†‡’‡†‡–Ž‡‰ƒŽ
counsel or other adviser retained by it.
Note: These provisions are not binding for non-U.S. private issuers.
QUESTIONS FOR PRACTICE
Ques. 1: List four principles areas of Sarbanes-Oxley Act, 2002?
Answer 1: Š‡‡™Žƒ™•‡–‘—–”‡ˆ‘”•ƒ†ƒ††‹–‹‘•‹ˆ‘—”’”‹ ‹’ƒŽƒ”‡ƒ•ǣ
 ‹Corporate Responsibility.

 ‹  ”‡ƒ•‡†”‹‹ƒŽ—‹•Š‡–Ǥ
 ‹Accounting Regulation.

 ‹‡™”‘–‡ –‹‘•Ǥ
Ques. 2: As a foreign private issuer one must comply with four principal NYSE corporate governance rules.
Discuss four principles of NYSE corporate governance rules?
Answer 2: As a foreign private issuer, we must comply with four principal NYSE corporate governance rules:
 ‹‡—•–Šƒ˜‡ƒƒ—†‹– ‘‹––‡‡‡‡–‹‰–Š‡‹†‡’‡†‡ ‡”‡“—‹”‡‡–•‘ˆ—Ž‡ͳͲǦ͵•—„Œ‡ –
–‘•’‡ ‹ϐ‹‡†‡š ‡’–‹‘•Ǥ
 ‹—”—•–’”‘’–Ž›‘–‹ˆ›–Š‡‹™”‹–‹‰ƒˆ–‡”ƒ›‡š‡ —–‹˜‡‘ˆϐ‹ ‡”„‡ ‘‡•ƒ™ƒ”‡‘ˆ
ƒ›‘Ǧ ‘’Ž‹ƒ ‡™‹–Š–Š‡ƒ’’Ž‹ ƒ„Ž‡ ‘”’‘”ƒ–‡‰‘˜‡”ƒ ‡”—Ž‡•Ǥ
15.8 ǣǡ  Ƭ

 ‹‡—•–’”‘˜‹†‡–Š‡™‹–Šƒ—ƒŽƒ†‹–‡”‹™”‹––‡ƒˆϐ‹”ƒ–‹‘•ƒ•”‡“—‹”‡†—†‡”–Š‡
corporate governance rules.
 ‹‡ —•– ’”‘˜‹†‡ ƒ „”‹‡ˆ †‡•
”‹’–‹‘‘ˆ ƒ› •‹‰‹ϐ‹ ƒ– †‹ˆˆ‡”‡ ‡• „‡–™‡‡ ‘—” ‘”’‘”ƒ–‡ ‰‘˜‡”ƒ ‡
’”ƒ –‹ ‡•ƒ†–Š‘•‡ˆ‘ŽŽ‘™‡†„›ǤǤ ‘’ƒ‹‡•—†‡”Ž‹•–‹‰•–ƒ†ƒ”†•.

15.4 - Recent Corporate Governance Developments in Australia

Key Takeaways  ‹Š‡”‡ƒ”‡•–‹ŽŽͺ’”‹‹’Ž‡•„—––Š‡”‡Šƒ•„‡‡•‘‡–‹‡”‹‰ƒ”‘—†–Š‡‡†‰‡•™‹–Š
subtle wording changes.
 ‹Additional commentary has been added to various principles and recommendations.
The 8 Principles  ‹Lay solid foundations for management and oversightǣŽ‹•–‡†‡–‹–›•Š‘—Ž† Ž‡ƒ”Ž›
delineate the respective roles and responsibilities of its board and management and
[On 27 February regularly review their performance.
2019, the ASX
 ‹Structure the board to be effective and add valueǣŠ‡„‘ƒ”†‘ˆƒŽ‹•–‡†‡–‹–›•Š‘—Ž†
Corporate
„‡‘ˆƒƒ’’”‘’”‹ƒ–‡•‹œ‡ƒ† ‘ŽŽ‡ –‹˜‡Ž›Šƒ˜‡–Š‡•‹ŽŽ•ǡ ‘‹–‡–ƒ†‘™Ž‡†‰‡
Governance
of the entity and the industry in which it operates, to enable it to discharge its duties
Council issued
effectively and to add value.
its Fourth Edition
of its Corporate  ‹Instill a culture of acting lawfully, ethically and responsiblyǣŽ‹•–‡†‡–‹–›•Š‘—Ž†
Governance instil and continually reinforce a culture across the organization of acting lawfully,
Principles and ethically and responsibly.
Recommenda-  ‹Safeguard the integrity of corporate reportsǣŽ‹•–‡†‡–‹–›•Š‘—Ž†Šƒ˜‡ƒ’’”‘’”‹ƒ–‡
tions.] processes to verify the integrity of its corporate reports.
 ‹Make timely and balanced disclosureǣŽ‹•–‡†‡–‹–›•Š‘—Ž†ƒ‡–‹‡Ž›ƒ†„ƒŽƒ ‡†
disclosure of all matters concerning it that a reasonable person would expect to have
a material effect on the price or value of its securities.
 ‹Respect the rights of security holdersǣŽ‹•–‡†‡–‹–›•Š‘—Ž†’”‘˜‹†‡‹–••‡ —”‹–›
holders with appropriate information and facilities to allow them to exercise their
rights as security holders effectively.
 ‹Recognize and manage riskǣŽ‹•–‡†‡–‹–›•Š‘—Ž†‡•–ƒ„Ž‹•Šƒ•‘—†”‹•ƒƒ‰‡‡–
ˆ”ƒ‡™‘”ƒ†’‡”‹‘†‹ ƒŽŽ›”‡˜‹‡™–Š‡‡ˆˆ‡ –‹˜‡‡••‘ˆ–Šƒ–ˆ”ƒ‡™‘”Ǥ
 ‹Remunerate fairly and responsiblyǣŽ‹•–‡†‡–‹–›•Š‘—Ž†’ƒ›‹”‡ –‘””‡—‡”ƒ–‹‘
•—ˆϐ‹ ‹‡– –‘ ƒ––”ƒ – ƒ† ”‡–ƒ‹ Š‹‰Š “—ƒŽ‹–› ‹”‡ –‘”• ƒ† †‡•‹‰ ‹–• ‡š‡ —–‹˜‡
”‡—‡”ƒ–‹‘ –‘ ƒ––”ƒ –ǡ ”‡–ƒ‹ ƒ† ‘–‹˜ƒ–‡ Š‹‰Š “—ƒŽ‹–› •‡‹‘” ‡š‡ —–‹˜‡• ƒ† –‘
align their interests with the creation of value for security holders and with the entity’s
˜ƒŽ—‡•ƒ†”‹•ƒ’’‡–‹–‡Ǥ
COMPANY LAW
STUDY MATERIAL
AUTHOR : TAXMANN'S EDITORIAL BOARD
PUBLISHER : TAXMANN
DATE OF PUBLICATION : JANUARY 2023
EDITION : 5th Edition
ISBN NO : 9789356225664
NO.OF PAGES : 652 Rs. 895 USD 45
BINDING TYPE : PAPERBACK

DESCRIPTION
This book is prepared exclusively for the Executive Level of Company Secretary Examination
requirement. It covers the entire revised syllabus as per ICSI. This book aims to systematically
represent the subject matter so that students do not consciously have to mug up provisions.
The Present Publication is the 5th Edition & updated till 30th November 2022 for CS-Executive |
June/Dec. 2023 Exams, with the following noteworthy features:
• Strictly as per the New Syllabus of ICSI
• ['Topic-wise' Tabular Presentation] of the subject matter
• [Easy to Understand Language] used throughout the book for easy learning
• [Examples, Comments & Explanatory Notes] for complicated provisions
• [Most Amended & Updated] This book covers the latest applicable provisions and
amendments under the respective laws
• Coverage of this book includes:
• Past Exam Question
• Solved Paper: December 2022 (New Syllabus)
• [Practice Questions] with Hints
• [Student-Oriented Book] The authors have developed this book keeping in mind the
following factors:
• Interaction of the authors with their students, with specific emphasis on difficulties faced
by students in the examinations
• Shaped by the author's experience of teaching the subject matter at different levels
• Reactions and responses of students have also been incorporated at different places in
the book

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