Periodic internal and external reviews of various processes At portfolio level, various processes are being monitored and based on risk assessment different processes are selected for internal or external reviews. In FY22 we have appointed Deloitte and many other auditing firms for doing a health checkup exercise for all business across different verticals. Similarly various processes are being continuously monitored internally to increase our own operating standards. Key book hygiene parameters are also identified which are being monitored every month for all businesses. Issuing Corporate guidelines and ensuring their adherence In order to harmonize different accounting, recognition and disclosure practices followed in various business, the Group Financial & Management Control (GFMC) team issues corporate guidelines to all the verticals. In order to ensure the guidelines are being followed, compliance certificates are taken from CFOs of all the business across various verticals. While issuing the group guidelines its always ensured that disclosure and accounting practices specified in guidelines are far more stringent and requires more disclosures compared the requirement of Ind AS (Indian Accounting Standards), guidance notes, opinions and other reference materials issued by ICAI (The Institute of Chartered Accountants of India). Appointment of competent and reputed statutory auditors for all verticals. All the listed companies of Adani Portfolio have a robust governance framework. The Audit Committee of each of the listed companies is composed of 100% of Independent Directors and chaired by Independent Director. The Statutory Auditors are appointed only upon recommendation by the Audit Committee to the Board of Directors. Adani Portfolio company’s follow a stated policy of having global big 6 or regional leaders as Statutory Auditors. Adani Portfolio also has a policy to conduct an independent review of disclosure and notes by one of the big 6 across all group companies and the last review carried out for FY 20 and FY 21 was undertaken by Grant Thornton. Capacity building programs for facilitating the controls. The group gears up the team across all verticals by including them in training programs imparted by reputed Institutes and prominent subject experts. This is done a part of capability building across all verticals. The team works on set of principles, procedures to make sure that financial statements reflect true and fair view of the state of affairs of all the listed entities. One example of major exercise undertaken in FY 22 across all verticals was preparing a comprehensive risk management (Hedging) policy, which is explained hereunder: Hedging policy: 25