 We are now dwelling upon the role of the directors and therefore, it is very important to understand the Hempel theory because that has basically elaborated and enumerated on the role of the directors, on the responsibility of the directors and how the directors should basically function and that is why this is considered as a very important theory in corporate governance. Now, ladies and gentlemen, when we talk about the appointment and composition of the board of directors, the committee recommended the following. So, this was basically recommended in the Hempel theory that executive and non-executive directors should continue to have the same duties under the law. Board should appoint only those executives as the executive directors who can take a broad view of the company's overall interest. So, what we see is that in the case of both executive directors and non-executive directors, it is very important that whenever they are appointed, they basically should believe in the philosophy, in the existence, in the objectives, in the vision, in the mission of the organization. That is extremely important. They should be synchronized and harmonized with the company. If they are not, then they would not be able to provide that relevant and that pertinent input which is required at their very senior position. So, for both the executive and non-executive directors, it is very important to assess that how they would be contributing towards the growth and well-being of the organization, which is extremely important and that can only be achieved when there is a synchronization and harmonization of the vision, mission, goals, objectives, philosophy and the existence of the company or otherwise, there would be a conflict which would be detrimental both for the directors and also for the organization. Now, according to the Hempel theory, most of the non-executive directors should be independent and boards should disclose in the annual report which of the non-executive directors are independent. Separation of the roles of the chairman and chief executive officer is also to be preferred. So, like I have been mentioning in so many of my sessions, that the separation of chairman and chief executive officer is critical to the success of an organization and also tends to minimize exploitation and manipulation and the collection of authority and power in one particular individual which would enable that individual to whimsically do whatever he or she wants. And secondly, what we see is that there should be proper disclosure of how non-executive directors and directors are basically selected and then how is it that the non-executive directors are independent, that is a very, very important and critical question. Now, the Hempel theory then further goes ahead that regarding the appointment and composition of the board of directors, the committee recommended the following. Companies should set up a nomination committee which we have talked about earlier to make recommendations to the board on all new board appointments. All the directors should submit themselves for reelection at least every three years. So, these two criteria became very important. One, that the nomination committee should recommend the new board appointments and secondly, they should be re-elected every three years which would ensure that they would be a proper process which would be evaluating and monitoring the performance of non-executive directors and the board of directors and see how they are performing. And through that reelection, it would enable the board of directors to ensure that the different committees were performing in the right way. The names of directors submitted for reelection should be accompanied by biographical details. So, therefore, these details should be available. There should be no fixed rules for the length of service or the age of non-executive directors. So, age should not be a barring criteria and then again, there can be no fixation of tenure. So, they could serve for a long tenure but based upon reelection, they would be an organic evaluation of the performance of the board and then thirdly, ensuring that there is proper disclosure whereby selecting them would become an easier process. The board should set as their objective the reduction of directors' contract periods to one year or less but recognize that this cannot be achieved immediately. So, again, yes, one year would be great but achieving it is very difficult and complex and the board should establish a remuneration committee made up of independent non-executive directors to develop policy and remuneration and devise remuneration packages for individual executive directors. So, the remuneration committee is very important especially since the past 10-12 years because earlier on the chief executive officer and the executive directors would themselves get phenomenal salaries and the rest of the employees would basically be getting very nominal salaries and there would be such a big disparity that this led to a lot of disgruntlement that why are certain people paid obnoxiously phenomenally high salaries while the others were hardly being given subsistence or market-based salaries. The decisions on the remuneration packages of the executive directors should be delegated to the remuneration committee. So, again, it should be a proper process, there should be a proper evaluation and then based upon that evaluation, then they can proceed ahead and move forward. The disclosure of individual remuneration packages should be retained but the committee considers that this has become too complicated. So, again what we see is that this is now a scientific process, it has to basically deal with different comparative studies and then a more market-based approach can emerge whereby there would be rationalization of remuneration and rationalization of salaries which is extremely important. The committee also recommended the requirement to disclose details of individual remuneration which should continue to apply to overseas-based directors of UK companies. The shareholder approval could be sought for the new long-term incentive plans. So, again, all of this is very important. So, we are not only talking about remuneration, we are not only talking about salary but we are also talking about long-term incentive plans and also about benefits. So, how the whole package basically is developed that was focused by the Hempel theory. So, again, ladies and gentlemen, what we see is that the Hempel theory talked about the very fundamentals of remuneration, talked about the fundamentals of appointment and also talked about the fundamentals of how a proper relationship should be developed between the executive and non-executive and then how they should be appointed and when they should be elected and then how is it that they could play a better role in the whole organization. So, that is how the Hempel theory basically further improved corporate governance through their set of recommendations. Thank you so much.