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CS Professional · Environmental, Social and Governance (ESG) - Principles and Practice · Board Disclosures and Website Disclosures

Orbit Retail Ltd, a listed company, has a nomination and remuneration policy and a CSR policy, both hosted on its website. Its Board proposes to shorten the Board's report. Which course is compliant with section 134(3)?

The Board's report may state, in brief, the salient features of each policy and any change therein, and give the web address where the full policy is available. Omitting the policies or giving only the web address does not satisfy the proviso.

  1. AOmit both policies since they are on the website
  2. BSpecify the salient features of each policy and any change in brief, and indicate the web address where the complete policy is availableCorrect
  3. CGive only the web address, with no description
  4. DAttach the full text of the policies to the financial statements instead

Explanation

The second proviso to section 134(3) says that where the policy under clause (e) (appointment and remuneration) or clause (o) (CSR) is on the company's website, it is sufficient compliance if the salient features and any change are specified in brief in the Board's report and the web address is indicated. A bare web address or complete omission does not meet this.

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