BANKBARODA · price
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Bank of Baroda has filed its Annual Secretarial Compliance Report for FY 2025-26, certified by M/s. Ragini Chokshi & Co, Company Secretaries. The report identifies one key deviation: the Bank does not meet the SEBI requirement of having at least 50% independent directors on its Board under Regulation 17(1)(b). The Bank's Managing Director & CEO, Dr. Debadatta Chand, chairs Board meetings, but since there is no non-executive chairperson, at least half the Board should be independent directors. The Bank is governed by the Banking Companies Act, 1970, with Directors appointed by the Ministry of Finance, and it continues to follow up for filling these vacancies. A second observation from the prior year report regarding the Company Secretary's reporting level has been partially addressed. All other compliance areas including policies, website disclosures, related party transactions, and insider trading norms show full compliance.
The deviation in board composition is a governance concern, though it stems from government appointment processes outside the Bank's direct control. No penalties have been imposed, and shareholders should note the Bank is actively following up with authorities to address this gap.