Greenko Energy Holdings together with its subsidiaries (“Greenko Group”)
is in the business of owning and operating clean energy facilities in India.
Greenko Energy Holdings Board is constituted by representatives from GIC,
ADIA, the founders and independent directors.
In GIC, we believe that companies with good sustainability practices will generate
better risk-adjusted investment returns over the long term, and that this relationship
will strengthen over time. With the general direction of economies towards net
zero carbon emission, the Greenko leadership team has done well in positioning the
company sustainably. By focusing on key ESG issues, and staying ahead through
continuous innovation as demonstrated by Greenko’s journey to date, we are
confident in the company’s ability to grow and sustain its performance.
Mr. Boon Chin Hau
The corporate governance framework
at Greenko is a set of practices and
structures through which the company
manages business affairs and works
to meet its financial, operational, and
strategic objectives to achieve longterm sustainability. Through adherence
to best practices and principles of
corporate governance, Greenko
will continue to enjoy stakeholder
trust and be a strong, viable
competitive corporation accountable to stakeholders. The governance
framework is crafted considering
- The nature of the business
- The company’s size and stage of development
- Availability of resources
- Shareholder expectations and
- Legal and regulatory requirements.
The Governance Framework at Greenko is structured based on the following principles:
The Greenko governance framework has the following salient elements’
Steering for the Long-Term
The vision and mission of the company are
long-term, and the shareholder interests
too are aligned for the long-term. To
continue a focus on decarbonization,
digitalization, and decentralization of the
Energy System in India and harness all
value pools, Greenko cannot afford to be
immobilized by the demands of quarterly
results. Thus, the group’s focus of
deliberations and communication is
about long-term goals, such as market
share targets, percent of revenue from
new markets, besides quarterly earnings
guidance. Greenko follows a staggered
representation of the board and this
promotes continuity and stability in the
Best in the Board
Greenko’s Board ensures that its
membership has the proper mix of
skills and perspectives. To ensure this,
the Board not only follows age limits
and term limits but also gender and
other diversity requirements. The Board
takes a hard look at their composition
and whether the skill set is appropriate
for the company and its ambitions for
growth. The Board presently has internal
evaluations conducted by the chairman
or lead director and process design for
reviews involving grading directors on
various company-specific attributes.
Orderly Voice to Shareholders
Greenko’s executive directors would
campaign hard for their point of view but
leave the decision to the shareholders
and guarantee a reasonable process
whereby shareholders get to decide.
Further at Greenko, we follow the best corporate governance practices, as below:
- Greenko Board comprises of
knowledgeable directors, have
expertise relevant to the business
and are qualified & competent, have
strong ethics and integrity, diverse
backgrounds and skillsets, and
sufficient time to commit to their
- Regularly, the Board identifies gaps in
the list of directors, complement the
ideal qualities, characteristics and
keep an “evergreen” list of suitable
candidates to fill Board vacancies.
- Most of the directors are nonexecutive and some including the chairman are independent
- An engaged Board where directors question and challenge management
- Conducting familiarization programs
covering the business, their duties,
and the Board’s expectations; reserve
time in Board meetings for on-going
education about the business and
- Review Board mandates and undertakes evaluation of performance.
Define roles and responsibilities
Further the following good governance practices are adhered to at Greenko:
- Written mandates for the Board and each committee setting out their duties and accountabilities.
- Delegation of certain responsibilities
to committees such as audit,
nomination, and remuneration &
“special committees” formed to
evaluate proposed transactions or
- Written position descriptions for the Board Chair, Board committees, the CEO, and executive officers.
- Separation of the roles of the Board
Chair and the CEO: The Chair leads
the Board and ensures its acting in
the company’s long-term interests;
the CEO leads management,
develops and implements business
strategy, and reports to the Board.
Emphasize integrity and ethical dealing
- Adopted a conflict of interest
policy and a code of business
conduct setting out the company’s
requirements and process to report
and deal with non-compliance &
formulated a Whistleblower policy.
- Made a director responsible for oversight and management of these policies & procedures.
Evaluate performance and make principled compensation decisions
- Directors’ fees structure does not conflict with the director’s independence or discharge of his/her duties.
- Measurable performance targets for
executive officers (including the CEO)
to regularly assess and evaluate
their performance against set
standards, and align compensation to
- Establish a Compensation Committee comprising of independent directors to develop and oversee executive compensation plans.
Effective Risk Management
- The Board is responsible for
strategic leadership in establishing
the company’s risk tolerance and
developing a framework and clear
accountabilities for managing risk.
It reviews, by itself or by anointing
external independent parties, the
adequacy of the systems and controls
in place to identify, assess, mitigate,
and monitor risk and the sufficiency
of its reporting.
- Directors are responsible for
understanding the current and
emerging short and long-term
risks the company faces and
its performance implications.
Management’s assumptions are
often challenged, and the adequacy
of the company’s risk management
processes and procedures are