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Nomination & Remuneration Committee

Pursuant to the reconstitution of the Nomination & Remuneration Committee by the Board in its meeting held on 21.07.2023, the Nomination & Remuneration Committee comprises of 3 Non-Executive Directors (all of whom are Independent Directors). The Members of the committee are: Mrs. Nirupama Rao (Chairperson), Mr. Marcel Fasswald & Mr. Dev Bajpai

Mrs. Nirupama Rao

Mrs. Nirupama Rao

Independent Director
Mr. Marcel Fasswald

Mr. Marcel Fasswald

Independent Director
Mr. Dev Bajpai

Mr. Dev Bajpai

Additional Director (Non- Executive Independent)

The terms of reference of the Committee inter alia, include the following:

  • Identifying persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down and recommend to the Board their appointment and removal and carry out evaluation of every director’s performance.
  • Formulating criteria for determining qualifications, positive attributes and independence of a director and recommending to the Board a policy, relating to the remuneration of the directors, key managerial personnel and other employees.
  • Formulating criteria for evaluation of performance of Independent Directors and the Board.
  • Devising a policy on diversity of Board of Directors.
  • Recommending whether to extend or continue the term of appointment of independent director on the basis of the report of performance evaluation of Independent Directors.
  • Recommending to the Board, all remuneration, in whatever form, payable to Senior Management.
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Mrs. Nirupama Rao

Mrs. Nirupama Rao Independent Director

Mrs. Nirupama Rao, is a retired Indian Diplomat, Foreign Secretary and Ambassador. She was educated in India and joined the Indian Foreign Service in 1973. During her four-decade-long diplomatic career, she held several important assignments. Mrs. Nirupama Rao was India’s first woman spokesperson in the Ministry of External Affairs, New Delhi, the first woman high commissioner to Sri Lanka and the first Indian Woman ambassador to the People’s Republic of China. She served as India’s Foreign Secretary from 2009-2011. At the end of that term, she was appointed India’s Ambassador to the United States where she served for a term of two years from 2011-2013.

Mr. Marcel Fasswald

Mr. Marcel Fasswald Independent Director

Mr. Marcel Fasswald began his career in 1995 as a design and execution engineer at Mannesmann Demag Hüttentechnik, which was later integrated into SMS group in 1999.

Mr. Marcel Fasswald was since then associated with the Plant Engineering Company SMS group, where he was a member of the Managing Board acting as Chief Technology Officer and Chief Operating Officer. Before being appointed to the Managing Board at SMS in 2015, he was Technical Director and Head of Engineering and for six years the CEO and Managing Director of SMS group in India. As a qualified engineer he brings international experience from several management positions in plant engineering at SMS.He was also the Chief Operating Officer (COO) of Thyssenkrupp Industrial Solutions AG from April, 2018 to September 2018 and the CEO from October 2018 to October 2019.Mr. Marcel Fasswald is a man with excellent knowledge of the plant engineering business. His operational expertise and international experience will be of immense benefit to JSW Steel.

Mr. Dev Bajpai

Mr. Dev Bajpai Additional Director (Non- Executive Independent)

Mr. Dev Bajpai (60 years) has been working in the corporate sector for over three decades with extensive experience in Automobile & auto components, FMCG, Hospitality & Private Equity industries.