Honasa Consumer Strengthens Corporate Governance With 50% Independent Board Members
By doing so, Mamaearth's parent company wanted to support independent decision-making
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Honasa Consumer Ltd. (HCL), the parent company of brands such as Mamaearth, The Derma Co., Aqualogica and Ayuga, has announced that their board now comprises of 50 per cent independent board members. This was done to ensure that the board considers the interests of shareholders foremost. It is likely to support independent decision-making and moderate conflicting views and opinions by board members in favor of the shareholders.
The board of Honasa Consumer Limited comprises of six members, namely, Ghazal Alagh, Varun Alagh, Ishaan Mittal, Vivek Gambhir, Namita Gupta and Subramaniam Somasundaram. Out of these, Ghazal and Varun Alagh are co-founders of the Company, Ishaan Mittal is a nominee of Sequoia Capital on the board of HCL and Vivek Gambhir, Namita Gupta and Subramaniam Somasundaram are independent board members with decades of experience in FMCG, and ecommerce marketplace.
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 et. al.
An independent board is critical for any organization 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 Ltd.