Finance committee role

Our Finance Committee is an operational management committee overseen by our committee. Its two independent non-executive directors are also members of the Audit and Risk Committee.

Given the complexity and importance of finance, accounting, treasury and tax policy matters, the Board has delegated oversight and governance to this specialist Finance Committee. This has strengthened our adherence to the relationship agreement and treasury and tax controls. This committee frames our finance policies and procedures, creating risk framework mechanisms for internal restructuring or reorganisation of the Group's subsidiaries, accounting, treasury and tax to help achieve our strategic financial goals with a balance of initiative and risk control.

Committee duties

• Ensures our treasury activities are conducted within an agreed policy framework
• Makes sure activities are within agreed levels of risk and contributes to our financial performance through focused management
• Makes sure operations are appropriately funded and conducted in line with policy
• Ensures the overall treasury objective and specific objectives for each main treasury activity are consistent with both financial and corporate business objectives
• Recommends the strategic tax policy for approval by the Board
• Ensures adequate liquidity to meet financial obligations based on cash flow forecasts
• Optimises the interest cost on gross debt within prudent risk parameters
• Determines and approves the derivatives policy on swaps, FX and interest-rate hedges
• Generates reasonable commercial returns on investments to protect investment capital and ensure desired liquidity
• Minimises the adverse impact of FX movements associated with transactions and our operating exposure in various currencies due to multinational operations
• Maintains diversified access to various local and global debt and borrowings markets
• Determines and approves our strategic tax planning policies
• To review proposals relating to internal restructuring or reorganisation of the Group subsidiaries
• Approves new debt and the cancellation and modification of borrowing and debt facilities

Committee members

Members were appointed by the Board on the recommendation of the Nominations Committee in consultation with the Audit and Risk Committee chair. They are CFO Jaideep Paul as chair, CEO Sunil Taldar, deputy CFO Kamal Dua, and two independent non-executive directors: Ravi Rajagopal and Annika Poutiainen. We review the composition of the committee and the continued participation of independent non-executive directors each year.