1. The India Parliament should meet at least ______.





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MCQ-> Read carefully the four passages that follow and answer the questions given at the end of each passage:PASSAGE I The most important task is revitalizing the institution of independent directors. The independent directors of a company should be faithful fiduciaries protecting, the long-term interests of shareholders while ensuring fairness to employees, investor, customer, regulators, the government of the land and society. Unfortunately, very often, directors are chosen based of friendship and, sadly, pliability. Today, unfortunately, in the majority of cases, independence is only true on paper.The need of the hour is to strengthen the independence of the board. We have to put in place stringent standards for the independence of directors. The board should adopt global standards for director-independence, and should disclose how each independent director meets these standards. It is desirable to have a comprehensive report showing the names of the company employees of fellow board members who are related to each director on the board. This report should accompany the annual report of all listed companies. Another important step is to regularly assess the board members for performance. The assessment should focus on issues like competence, preparation, participation and contribution. Ideally, this evaluation should be performed by a third party. Underperforming directors should be allowed to leave at the end of their term in a gentle manner so that they do not lose face. Rather than being the rubber stamp of a company’s management policies, the board should become a true active partner of the management. For this, independent directors should be trained in their in their in roles and responsibilities. Independent directors should be trained on the business model and risk model of the company, on the governance practices, and the responsibilities of various committees of the board of the company. The board members should interact frequently with executives to understand operational issues. As part of the board meeting agenda, the independent directors should have a meeting among themselves without the management being present. The independent board members should periodically review the performance of the company’s CEO, the internal directors and the senior management. This has to be based on clearly defined objective criteria, and these criteria should be known to the CEO and other executive directors well before the start of the evolution period. Moreover, there should be a clearly laid down procedure for communicating the board’s review to the CEO and his/her team of executive directors. Managerial remuneration should be based on such reviews. Additionally, senior management compensation should be determined by the board in a manner that is fair to all stakeholders. We have to look at three important criteria in deciding managerial remuneration-fairness accountability and transparency. Fairness of compensation is determined by how employees and investors react to the compensation of the CEO. Accountability is enhanced by splitting the total compensation into a small fixed component and a large variable component. In other words, the CEO, other executive directors and the senior management should rise or fall with the fortunes of the company. The variable component should be linked to achieving the long-term objectives of the firm. Senior management compensation should be reviewed by the compensation committee of the board consisting of only the independent directors. This should be approved by the shareholders. It is important that no member of the internal management has a say in the compensation of the CEO, the internal board members or the senior management. The SEBI regulations and the CII code of conduct have been very helpful in enhancing the level of accountability of independent directors. The independent directors should decide voluntarily how they want to contribute to the company. Their performance should decide voluntarily how they want to contribute to the company. Their performance should be appraised through a peer evaluation process. Ideally, the compensation committee should decide on the compensation of each independent director based on such a performance appraisal. Auditing is another major area that needs reforms for effective corporate governance. An audit is the Independent examination of financial transactions of any entity to provide assurance to shareholder and other stakeholders that the financial statements are free of material misstatement. Auditors are qualified professionals appointed by the shareholders to report on the reliability of financial statements prepared by the management. Financial markets look to the auditor’s report for an independent opinion on the financial and risk situation of a company. We have to separate such auditing form other services. For a truly independent opinion, the auditing firm should not provide services that are perceived to be materially in conflict with the role of the auditor. These include investigations, consulting advice, sub contraction of operational activities normally undertaken by the management, due diligence on potential acquisitions or investments, advice on deal structuring, designing/implementing IT systems, bookkeeping, valuations and executive recruitment. Any departure from this practice should be approved by the audit committee in advance. Further, information on any such exceptions must be disclosed in the company’s quarterly and annual reports. To ensure the integrity of the audit team, it is desirable to rotate auditor partners. The lead audit partner and the audit partner responsible for reviewing a company’s audit must be rotated at least once every three to five years. This eliminates the possibility of the lead auditor and the company management getting into the kind of close, cozy relationship that results in lower objectivity in audit opinions. Further, a registered auditor should not audit a chief accounting office was associated with the auditing firm. It is best that members of the audit teams are prohibited from taking up employment in the audited corporations for at least a year after they have stopped being members of the audit team.A competent audit committee is essential to effectively oversee the financial accounting and reporting process. Hence, each member of the audit committee must be ‘financially literate’, further, at least one member of the audit committee, preferably the chairman, should be a financial expert-a person who has an understanding of financial statements and accounting rules, and has experience in auditing. The audit committee should establish procedures for the treatment of complaints received through anonymous submission by employees and whistleblowers. These complaints may be regarding questionable accounting or auditing issues, any harassment to an employee or any unethical practice in the company. The whistleblowers must be protected. Any related-party transaction should require prior approval by the audit committee, the full board and the shareholders if it is material. Related parties are those that are able to control or exercise significant influence. These include; parent- subsidiary relationships; entities under common control; individuals who, through ownership, have significant influence over the enterprise and close members of their families; and dey management personnel.Accounting standards provide a framework for preparation and presentation of financial statements and assist auditors in forming an opinion on the financial statements. However, today, accounting standards are issued by bodies comprising primarily of accountants. Therefore, accounting standards do not always keep pace with changes in the business environment. Hence, the accounting standards-setting body should include members drawn from the industry, the profession and regulatory bodies. This body should be independently funded. Currently, an independent oversight of the accounting profession does not exist. Hence, an independent body should be constituted to oversee the functioning of auditors for Independence, the quality of audit and professional competence. This body should comprise a "majority of non- practicing accountants to ensure independent oversight. To avoid any bias, the chairman of this body should not have practiced as an accountant during the preceding five years. Auditors of all public companies must register with this body. It should enforce compliance with the laws by auditors and should mandate that auditors must maintain audit working papers for at least seven years.To ensure the materiality of information, the CEO and CFO of the company should certify annual and quarterly reports. They should certify that the information in the reports fairly presents the financial condition and results of operations of the company, and that all material facts have been disclosed. Further, CEOs and CFOs should certify that they have established internal controls to ensure that all information relating to the operations of the company is freely available to the auditors and the audit committee. They should also certify that they have evaluated the effectiveness of these controls within ninety days prior to the report. False certifications by the CEO and CFO should be subject to significant criminal penalties (fines and imprisonment, if willful and knowing). If a company is required to restate its reports due to material non-compliance with the laws, the CEO and CFO must face severe punishment including loss of job and forfeiting bonuses or equity-based compensation received during the twelve months following the filing.The problem with the independent directors has been that: I. Their selection has been based upon their compatibility with the company management II. There has been lack of proper training and development to improve their skill set III. Their independent views have often come in conflict with the views of company management. This has hindered the company’s decision-making process IV. Stringent standards for independent directors have been lacking....
MCQ-> Following passage some of the words have been left out. Read the passage carefully and select the correct answer for the given blank out of the four alternatives.India is a very ______ country known for its cultural heritage,
  traditions, civilization, religion and geographical features from the ______ time. On the other hand, it is also popular as a ______ chauvinistic nation. Today, women in India are given first priority however it was not the same always. They were ______ treated in the family and society. They were limited only to the household ______ or to fulfill the responsibilities of home and family members. They were kept totally unaware of their rights and own development. People of India used to call this country as "Bharat-Mata" however never realized the true meaning of it. Bharat-Mata means a ______ of every Indian whom we have to ______ and care for always. Women constitute ______ power of the country so in order to make this ______ a fully powerful country, women empowerment is very ______.India is a very ______ country known for its cultural heritage,
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MCQ-> In the following passage some of the words have been left out. Read the passage carefully and select the correct answer for the given blank out of the four alternatives.Rice and wheat ______ much carbohydrate
  which is quite ______ for energy. But more of rice and wheat and ______ of vegetables and fruit is not a balanced diet. Vegetables and fruit contain nutrients like vitamins, calcium, iron, phosphorus, folic acid, iodine, magnesium, zinc etc. Green leafy vegetables contain a lot of nutrients, especially calcium and iron. We ______ take one type of green leafy vegetable every day. Spinach is quite good for health. The cereals such as Bengal-gram, beans, black-gram, horse-gram, maize, millet, raga, red- gram etc., contain ______ protein which is essential for our ______. Iron and calcium contribute to healthy bones. Asafoetida ______ gas from the stomach. Cabbage, carrot and cluster-beans contain fibrous substance which gives a person ______ from constipation. Cucumber, horse radish, lady’s finger, potato, tomato, snake-gourd etc. should ______ a place in our food items often. ______ fruits are good for health. Many of us do not have the habit of eating fruits. This is very bad. Taking orange, apple, plantain, grapes etc. will keep us healthy.Rice and wheat ______ much carbohydrate
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MCQ-> In the following passage some of the words have been left out. Read the passage carefully and select the correct answer for the given blank out of the four alternatives.Home is The first place of education and parents are ______
  teacher in everyone’s life. In our childhood, we get first impression of education from our home especially form our mother. Our parents let us know the importance of ______ education in the life. When we become three or four years old, we sent to the school for the proper, regular and ______ study where we have to give many exams and then we get a pass certificate for one class. Slowly we ______ ahead by passing our one by one class until we get passed successfully till 12th standard. Then start preparations for getting admission to the technical or professional degree which is called as ______ study. Higher study is very necessary for all to get good and ______ job in the life. We become a well educated person in the life by the efforts of our parents and teachers. They are real well wishers of us who helps us in ______ our life towards success. Now-a-days, many governmental programmes have been implemented to ______ the education system so that everyone may get ______ to the proper education. Lots of advertisements are shown on the TV and news to make people aware of the advantages and importance of education especially in the rural areas as people in ______ or rural areas do not want to study because of poorness and improper understating towards the education.The first place of education and parents are ______
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MCQ-> In the following passage some of the words have been left out. Read the passage carefully and select the correct answer for the given blank out of the four alternatives. Feminism refers to a broad range of ideas, Approaches, and ______ directed towards
  advocating for ______ equality for ______. Feminism is a movement that seek to achieve equality and social rights for women in all key areas which includes education, personal, economic, employment, and cultural sphere of human endeavours. Activists of the feminist movements have used social and political theories to ______ for women's rights and freedom where sexuality and gender-based political thinking have created ______ for the womenfolk in the society. The feminist movements have also campaigned for the ______ of the girl-child and women from sexual harassment, rape and violence within the home. The campaigns and the activities of feminist activists over several centuries have greatly improved lots of women in several areas and in several societies. Feminist activists have successfully used campaigns for the rights of women to secure a broad range of ______ such as the right to vote and be voted for, the right to own property, the rights to equal pay or fair wages, the right to ______ public office, the right to enter legal contracts, and the right to have ______ leave and equal rights within marriage. Though feminist movements have achieved a lot for the womenfolk yet some categories of feminism continued to be criticized for being ______ and class-specific.Approaches, and ______ directed towards
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