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Osprosys has been a pioneer in benchmarking its corporate governance practices with the best in the Industry. Even when it is regarding Company Policies or Activities, We in Osprosys fulfill each of the practices with regard to Corporate Governance.
Corporate governance is about commitment to values and ethical business conduct. It is about how an organization is managed. This includes its corporate and other structures, its culture, policies and the manner in which it deals with various stakeholders. Accordingly, timely and accurate disclosure of information regarding the financial situation, performance, ownership and governance of the company is an important part of corporate governance. This improves public understanding of the structure, activities and policies of the organization. Consequently, the organization is able to attract investors, and enhance the trust and confidence of the stakeholders.

Osprosys is led by an effective and objective board, which is believed to be fundamental to the success of the group. The board utilizes a framework of prudent and effective controls in order to determine and manage the group’s goals and the necessary strategies and policies to achieve these goals. The company’s values and standards set by the board, are upheld throughout the group with the assistance of the internal audit, quality assurance and risk management functions. At board meetings, both routine and ad hoc matters are considered. In particular, the board considers and, where necessary, debates the group chief executive’s report. This report includes, but is not limited to the following matters:

• Budgets and strategy

• Financial performance and forecasts

• Corporate activities

• Human resources

• Shareholder, City and market matters.

Any concerns that members of the board may have, regarding the running of the company or a proposed action, are recorded in the board minutes.

There is a clear division of responsibility between the running of the board, by the President Mr. K. HemaPrasad, and the Chief executive responsibility for the running of the business in India held by Mr. V. Thulasi Ram sai.

All executive directors have a set of objectives, which are updated annually or as required.
Upon appointment, all directors undergo an induction programme, which is specifically designed to their individual requirements. In addition, they receive appropriate training and ongoing updates to improve their knowledge and skills and enable them to discharge their duties. Training requirements remain subject to continuous review

The company secretary is responsible for providing regulatory updates to the board or to specific directors depending upon whether they participate in individual board committees. This information includes trading updates and surveys from investors and analysts. He is also responsible for the timely dissemination of reliable and relevant information to help ensure directors can discharge their responsibilities. All directors have access to the company secretary and, on request, to independent professional advice. In addition, the company secretary is also responsible for ensuring good communication within the board and between senior management and the non-executive directors.

The board is subject to an annual performance review in order to continually assess the appropriateness of their appointment. In this year, the board was appraised internally using a two-stage process, which reflected issues that had surfaced following the last year evaluation. The first phase involved each director completing a comprehensive questionnaire, which covered areas including, but not limited to, the following:

• board objectives

• board composition

• board committees

• information/coverage/logistics

• communication

• non-executive director assessment

• board effectiveness.

Following this, interviews were conducted between the non-executive directors and the chairman with the company secretary. All information resulting from the questionnaire and interviews will be compiled into a report, by the company secretary and in conjunction with the chairman.