Honasa Consumer Ltd. (HCL), the parent company of brands such as Mamaearth, The Derma Co., Aqualogica and Ayuga, declared that independent directors now constitute 50 per cent of its board.
The board of Honasa Consumer Limited comprises six members—Ghazal Alagh, Varun Alagh, Ishaan Mittal, Vivek Gambhir, Namita Gupta and Subramaniam Somasundaram.
These independent board members will be part of the statutory committee, audit committee, nomination and remuneration committee, stakeholder committee and other committees wherein the independent directors may constitute more than 65 per cent to ensure compliance with all parameters of corporate governance measures like transparency, control measures and more.
“An independent board is critical for any organisation for unbiased decision-making. In the past, we have been fortunate to have such experienced individuals on the board of Honasa Consumer Limited. Our board members have helped keep checks and balances in place to ensure we take calculated risks and mitigate tough situations,” said Varun Alagh, Co-Founder and CEO, Honasa Consumer.
The appointment of independent directors on the board is significant to ensure that the board considers the interests of shareholders foremost. It is likely to support independent decision-making and to moderate conflicting views and opinions by board members in favour of the shareholders, said the company in a press release.
“In order to maintain governance checks and balances and ensure transparency and control measures, companies appoint independent board members. Over the last 5 years, Honasa Consumer has witnessed fast-paced growth. While the statutory requirement is 33 per cent of independent board members, we have opted to keep 50 per cent of our board as independent board members, to ensure readiness for future. They have been instrumental in ensuring strict checkpoints through our working over the years,” said Ramanpreet Sohi, CFO, Honasa Consumer.