Analysis for Corporate Governance practices at Reliance industries.

1. Corporate Governance Rating – RELIANCE INDUSTRIES LIMITED Submitted to : Prof. Gloryson R.B. Chalil Submitted by : Section A (GMP XLRI) Gouri Khinvasra : G08016 Munish Kaushal : G08022 Sairam Iyer : G08034 Sunil Bansal : G08044 (Strictly for academic purpose only)

3. GMP XLRI Parameter 1 : Equitable treatment of Shareholders

8. Equitable Treatment of Shareholders Corporate Governance Rating Parameter Rating Capability Ownership Structure Level 3 High Presence of concentrated shareholding Level 4 Above Average Systems in place to detect and prevent insider trading Level 2 Very High Extent of disclosure of shareholding pattern Level 2 Very High Presence of any disproportionate control provision Level 2 Very High PARAMETER RATING (Average) Level 3 High

9. GMP XLRI Parameter 2 : Ownership Rights of Shareholders

11. Ownership Rights of Shareholders Corporate Governance Rating Parameter Rating Capability Compliance with law Level 2 Very High Beyond laws and regulations Level 2 Very High Voting Rights Level 2 Very High Presence of anti takeover provisions Level 2 Very High Preferential rights for any shareholders Level 2 Very High PARAMETER RATING (Average) Level 2 Very High

12. GMP XLRI Parameter 3 : Composition of the Board

13. Composition of Board GMP XLRI Category No. of Directors Percentage of total No. of Directors Executive Directors 4 33.33 Non Executive Independent Directors 0 - Non Executive Non Independent Directors 1 8.33 Other Non Executive Directors 7 58.33 Total 12 100

15. Composition of Board Corporate Governance Rating Parameter Rating Capability Compliance with the law Level 2 Very High Disclosure and Insider Trading awareness Level 2 Very High Factors affecting judgement of independent directors being tackled Level 2 Very High PARAMETER RATING (Average) Level 2 Very High

16. GMP XLRI Parameter 4 : Functioning of the Board

18. Functioning of Board Corporate Governance Rating Parameter Rating Capability Restriction to be elected and tenure Level 4 Above Average Retirement policy and rotation Level 2 Very High Meetings and Quorum Level 2 Very High PARAMETER RATING (Average) Level 3 High

19. GMP XLRI Parameter 6 : Management Assessment

24. Management Assessment Corporate Governance Rating Parameter Rating Capability Reputation of Mgmt Level 2 Very high Success of Past Strategy Level 3 High Management Proactiveness Level 2 Very High Integrity and Risk Appetite Level 2 Very High PARAMETER RATING (Average) Level 2 Very High

25. GMP XLRI Parameter 7 : Value Creation for Stakeholders

31. Management Assessment Corporate Governance Rating Parameter Rating Capability Shareholder Level 2 Very high Debt Holder Level 3 High Customer Level 2 Very High Employee Level 3 High Society Level 1 Highest PARAMETER RATING (Average) Level 2 Very High

32. GMP XLRI Overall Rating - RELIANCE INDUSTRIES LIMITED

33. Corporate Governance Rating Parameter Rating Capability Equitable treatment of Shareholders Ownership rights of shareholders Transparency and Disclosure Composition of Board Functioning of Board Management Assessment Level 2 Very High Value creation for stakeholders Level 2 Very High OVERALL RATING (Average)