(1)There shall be attached to financial statements placed before general meeting, a report by the Board, which shall include—(a)number of meetings of the Board;(b)a Directors’ Responsibility Statement;(c)details in respect of frauds reported by auditors;(d)a statement on declarations given by independent directors under the second proviso to sub-section (3) of section 4;(e)the Corporation’s policy on directors’ appointment, including the criteria for determining qualifications, positive attributes and independence of a director, which are referred to in section 19B;(f)explanations or comments by the Board on every qualification, reservation or adverse remark or disclaimer made in the auditor’s report;(g)particulars in respect of investments in terms of the provisions of section 27A of the Insurance Act as made applicable to the Corporation by notification issued under sub-section (2) of section 43;(h)particulars of contracts or arrangements with related parties, referred to in sub-section (1) of section 4C;(i)the state of the Corporation’s affairs;(j)the amounts, if any, which are carried to any reserves;(k)the amount, if any, which it recommends should be paid by way of dividend;(l)material changes and commitments, if any, affecting the financial position of the Corporation, which have occurred between the end of the financial year to which the financial statements relate and the date of the report;(m)a statement indicating the manner in which annual evaluation of the performance of individual directors has been made under section 19B;(n)such other matters as may be prescribed:Provided that where disclosures referred to in this sub-section have been included in the financial statements, such disclosures may be referred to instead of being repeated in the Board’s report:Provided further that where the policy referred to in clause (e) is made available on the Corporation’s website, it shall be sufficient compliance of the requirement under the said clause if the salient features of the policy and any changes therein are specified in brief in the Board’s report and the web-address at which the policy is available is indicated therein.
