HUL revises its Board's skill matrix to keep pace with changing biz needs

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HUL: Is another weak quarter a cause of panic for investors?"In view of the above, the Board of Directors based on the recommendation of the Nomination and Remuneration Committee approved and adopted the revised Board Skill Matrix of the Company on 26th February, 2024," the report added.HUL will become among the first of the large companies which officially adopts an additional set of skill sets that its Board must have. Wile earlier some of the prominent skill sets were defined as a must have for the Board, this is the first time HUL has measured the extent of these skill sets that the directors have.According to the skillset statistics shared in the report, HUL found out that while 92% of its Board had leadership experience, barely 33% were aware about the details of cybersecurity, data governance and information technology.

The entire Board was aware and skilled in need for having a "business with a purpose" while 75% had "experience of overseeing large and complex business operations requiring proven administrative and managerial skills".The company's board currently comprises Nitin Paranjpe, Rohit Jawa, Leo Puri, Kalpana Morparia, Tarun Bajaj, Neelam Dhawan, among others.Also Read: How HUL's Rohit Jawa plans to beat India's clock speedHUL has a portfolio of over 50 brands, spanning 16 FMCG categories. In FY24, the company reported a turnover of ₹59,579 crore.

The consumer firm's governance structure is multi-tiered, comprising the Board of Directors, Board Committees, CEO & MD and the management committee.In April, the company had announced the appointment of B.P. Biddappa to HUL management committee as executive director, human resources and chief people, transformation and sustainability officer for South Asia.