REG - Tata Steel Limited - Changes to the Board of Directors

TATA SteelAnnouncement

28/03/2022 15:30

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RNS Number : 2835G  Tata Steel Limited  28 March 2022

 
 

March 28, 2022

 

London Stock Exchange

London

 

Dear Madam, Sir(s),

 

Sub: Changes to the Board of Directors

 

Mr. Noel Naval Tata

 

Based on the recommendations of the Nomination and Remuneration Committee
("NRC"),

the Board of Directors ("Board") at its meeting held today, considered and
unanimously approved the appointment of Mr. Noel Naval Tata (DIN:00024713) as
an Additional Director

(Non-Executive, Non-Independent) effective March 28, 2022.  Further, the
Board designated

Mr. Noel Naval Tata as the Vice-Chairman of the Board of Directors.

 

Mr. Noel Naval Tata serves as a Trustee on the Board of Sir Ratan Tata Trust
and Sir Dorabji Tata Trust.  Mr. Noel Naval Tata  is also currently the
Chairman of Tata International Limited, Voltas Limited, Tata Investment
Corporation Limited and is the Vice Chairman of Titan Company Limited.

Mr. Noel Naval Tata is also on the Board of Kansai Nerolac Paints Limited and
Smiths Plc.

Before joining Tata International, he worked with Trent Limited, serving as
its Managing Director for more than 11 years. Having led Trent, Mr. Noel Naval
Tata was appointed the Vice Chairman of Trent Limited in 2012 and later as
Chairman in 2014. Mr. Noel Naval Tata continues to serve as the Chairman of
Trent, where he has overseen the growth of Trent across formats - from a one
store operation in 1998 to over 330 stores across formats in 2020.

Mr. Noel Naval Tata graduated from Sussex University (UK) and has completed
the International Executive Programme (IEP) from INSEAD.

There are no inter-se relations between Mr. Noel Naval Tata and the other
members of the Board. Further, Mr. Noel Naval Tata is not debarred from
holding the office of Director by virtue of any Order passed by the Securities
and Exchange Board of India or any other such authority.

 

The details in respect of Mr. Noel Naval Tata are enclosed herewith in
"Annexure A".

 

 

 

Mr. Vijay Kumar Sharma

 

Mr. Vijay Kumar Sharma has been serving as a Non-Executive Director
(Non-Independent) of

Tata Steel Limited with effect from August 24, 2018. At the time of his
appointment as a Member of the Board, Mr. Sharma was the Chairman of Life
Insurance Corporation of India ('LIC'),

a shareholder of Tata Steel Limited. Mr. Sharma ceased to be the Chairman of
LIC effective December 31, 2018.  Mr. Sharma has conveyed his intention to
step down as representative of LIC and has resigned as the Non-Executive
Director of the Company with effective from

March 28, 2022.  The Board of Directors today took note of his resignation.

 

Considering the contributions of Mr. Sharma on the Board, while he served as
Non-Executive Director and that his continued service will be beneficial to
the Company and its stakeholders, the NRC, requested Mr. Sharma to continue to
serve as Member of the Board.  In this connection,

at its meeting held earlier today, the NRC considered the proposal of Mr.
Sharma serving on the Board of Tata Steel as an Independent Director and
decided to recommend the same to the Board of Directors of the Company.

 

In view of the above recommendation of the NRC, the Board of Directors of the
Company at its meeting held today, considered and unanimously approved the
appointment of Mr. Vijay Kumar Sharma (DIN: 02449088) as an Additional
Director (Non-Executive, Independent). The appointment is effective from March
28, 2022 and is subject to the approval of shareholders.

 

Further, the Board noted that Mr. Sharma's skills, background and experience
are aligned to the role and capabilities identified by the NRC, and that Mr.
Sharma has confirmed his independence in terms of the provisions of the
Companies Act, 2013 and Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015.

 

There are no inter-se relations between Mr. Vijay Kumar Sharma and the other
members of the Board. Further, Mr. Sharma is not debarred from holding the
office of Director by virtue of any Order passed by the Securities and
Exchange Board of India or any other such authority.

The details in respect of Mr. Vijay Kumar Sharma are enclosed herewith in
"Annexure B".

 

The above announcement is also being made available on the website of the
Company www.tatasteel.com (http://www.tatasteel.com)

 

This disclosure is being submitted pursuant to Regulation 30 of the Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended.

 

This is for your information and records.

 

 

Encl: As above

 

 

 

 

 

 

 

Annexure A

Details pertaining to appointment of Mr. Noel Naval Tata as Additional
Director

(Non-Executive, Non-Independent) of Tata Steel Limited.

 

 SN  Particulars                                    Details
 1   Reason for change                              Appointed as Additional Director (Non-Executive,

Non-Independent)
 2   Date of appointment & term of appointment      Mr. Noel Naval Tata is appointed as Additional Director

(Non-Executive, Non-Independent) effective March 28, 2022 (subject to
                                                    shareholders' approval).
 3   Brief Profile

                                                    Mr. Noel Naval Tata serves as a Trustee on the Board of

Sir Ratan Tata Trust and Sir Dorabji Tata Trust.  Mr. Noel Naval Tata  is
                                                    also currently the Chairman of Tata International Limited,

Voltas Limited, Tata Investment Corporation Limited and is the Vice Chairman
                                                    of Titan Company Limited.  Mr. Noel Naval Tata is also on the Board of Kansai
                                                    Nerolac Paints Limited and Smiths Plc.

                                                    Before joining Tata International, he worked with Trent Limited, serving as
                                                    its Managing Director for more than 11 years. Having led Trent, Mr. Noel Naval
                                                    Tata was appointed as the Vice Chairman of Trent Limited in 2012 and later as
                                                    Chairman in 2014. Mr. Noel Naval Tata continues to serve as the Chairman of
                                                    Trent, where he has overseen the growth of Trent across formats - from a one
                                                    store operation in 1998 to over 330 stores across formats in 2020.

                                                    Mr. Noel Naval Tata graduated from Sussex University (UK) and has completed
                                                    the International Executive Programme (IEP) from INSEAD.
 4   Disclosure of relationships between directors  There are no inter-se relations between Mr. Noel Naval Tata and the other
                                                    members of the Board

 

 

Annexure B

Details pertaining to appointment of Mr. Vijay Kumar Sharma as Additional
Director

(Non-Executive, Independent) of Tata Steel Limited

 

 SN  Particulars                                    Details
 1   Reason for change                              Resigned as Non-Executive Director of the Company and appointed as Additional
                                                    Director (Non-Executive, Independent)
 2   Date of appointment & term of appointment      Mr. Vijay Kumar Sharma is appointed as Additional Director

(Non-Executive, Independent) effective March 28, 2022 through March 27, 2027
                                                    (subject to shareholders' approval).
 3   Brief Profile

                                                    Mr. Sharma is the former Chairman of Life Insurance Corporation of India
                                                    ('LIC'), a position he held till December 31, 2018. Prior to him taking over
                                                    as Chairman of LIC on December 16, 2016, he served as Chairman (In-charge)
                                                    from September 16, 2016 and Managing Director, LIC from November 1, 2013. From
                                                    December 2010 to November 2013, he served as Managing Director & Chief
                                                    Executive Officer, LIC Housing Finance Limited, a premier housing finance
                                                    company in the country.

                                                    Mr. Sharma, born on December 19, 1958, holds a

post-graduate degree (M.Sc.) in Botany from University of Patna.

 4   Disclosure of relationships between directors  There are no inter-se relations between Mr. Vijay Kumar Sharma and the other
                                                    members of the Board

 

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