Page 21 - Kolte Patil AR 2019-20
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Board of Directors      Discipline-driven         Audit and               Transparency
            The Board comprises     At Kolte-Patil, we are    compliance-driven       At Kolte-Patil, we
            achievers of standing; a good  engaged in a business   At Kolte-Patil, we believe   communicate accurately and
            proportion of Independent   marked by thousands of   that business predictability   comprehensively as well.
            Directors, who can speak   variables where even one   is derived from a strong   We hold our transparency
            their mind and influence   variable incompetently   review system. We     commitment dear – whether
            the Board. Their prudent   managed can affect the   strengthened an audit-driven   it is in the form of what we
            approach and sustained   customer’s experience.   and compliance-driven   tell customers who buy from
            guidance has enriched our   At Kolte-Patil, this reality   approach. When faced with   us, what we tell investors
            values, business functions   has inspired us to invest   an accounting treatment   during quarterly earnings
            and governance.         in discipline: processes,   that requires interpretation,   calls and what we tell our
                                    systems and standard      we would rather take a   employees on prospects and
                                    operating protocols with the   conservative view. The result   appraisals. We were one of
                                    objective to control variables   is that whatever we report   few real estate companies to
                                    and eliminate deviations   in our books is a faithful   share a detailed document
                                    – each time and every     indication of what actually   outlining the COVID-19
                                    time. This discipline has   exists. Leading global   impact with the stock
                                    been complemented by a    auditors Deloitte Haskins   exchanges.
                                    robust IT foundation, which   & Sells LLP and KPMG are
                                    provides us with a scalable   the Company’s Statutory
                                    foundation that enables us   Auditors and Internal
                                    to grow profitably without   Auditors respectively.
                                    a proportionate increase in

            Stakeholder value
            At Kolte-Patil, it would be simplistic to believe that we exist for one kind of stakeholder. The reality is that we have focused
            on well-roundedness: we are different things to different stakeholders. The customer must get the best value for money spent
            in buying our asset class; the employee must derive pride of association; the investor must generate a superior return on
            employed capital; the community must benefit in visibility and pride from our neighbourhood presence; the government must
            benefit through taxes and livelihood creation; our vendors must benefit through the outsourcing of products and services.
            At Kolte-Patil, we believe that the measure of our governance lies in the assumption that if we did not exist, the urban
            landscape would be poorer.

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