NTPC Green Energy logo

NTPC Green Energy MD, chairman, board of directors and AGM

NSE: NTPCGREENBSE: 544289PowerMid Cap

Last close ₹81.21down ₹3.14 (3.72%)BSE ₹81.07

Share price at the NSE close on 23 Oct 2026. Previous close ₹84.35.

52-week range of traded prices to 23 Oct 2026
₹79.00Low, 23 Oct 2026₹119.95High, 27 Apr 2026
Market cap
₹68,430 Cr131st largest listed
P/E
112.7
P/B
3.6
Dividend yield
Nonein the last 12 months
ROE
3.2%
ROCE
3.4%
Debt to equity
1.52
Volume, NSE
50,81,77945.8% delivered

NTPC Green Energy board of directors

At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • Chairperson and managing directorGURDEEP SINGHRelated to the promoter
  • Company Secretary and Compliance OfficerDeepak C S

6 directors3 independent3 executive

  • GURDEEP SINGH · Chairperson and managing directorExecutive · joined Sep 2024 · 2 listed boards
  • JAIKUMAR SRINIVASANExecutive · joined Aug 2022 · 2 listed boards · 2 committee seats
  • SHANMUGHA SUNDARAM KOTHANDAPANIExecutive · joined Jan 2024 · 2 listed boards · 2 committee seats
  • BRAJESH KUMAR SINGHIndependent · joined May 2025 · reappointed May 2025 · 16 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
  • DEEPAK BABUIndependent · joined May 2025 · reappointed May 2025 · 16 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
  • PHALGUNI PATRAIndependent · joined May 2025 · reappointed May 2025 · 16 months as independent · 1 listed board · 1 as independent · 1 committee seat

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

3 directors who left
  • VIVEKA NAND PASWAN, left 8 May 2025: Others
  • BIMAL CHAND OSWAL, left 8 May 2025: Others
  • SAJAL JHA, left 8 May 2025: Others

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 22 Jul 20266 of 6 present3 independent · 60 days in between
    • 22 May 20266 of 6 present3 independent
  • Audit Committee

    Chair DEEPAK BABU

    BRAJESH KUMAR SINGH, PHALGUNI PATRA, SHANMUGHA SUNDARAM KOTHANDAPANI

    • 22 Jul 20264 of 4 present3 independent · 60 days in between
    • 22 May 20264 of 4 present3 independent
  • Nomination and remuneration committee

    Chair PHALGUNI PATRA

    DEEPAK BABU, BRAJESH KUMAR SINGH

    No meeting listed in the filing.

  • Stakeholders Relationship Committee

    Chair BRAJESH KUMAR SINGH

    SHANMUGHA SUNDARAM KOTHANDAPANI, JAIKUMAR SRINIVASAN

    • 22 Jul 20262 of 3 present1 independent
  • Risk Management Committee

    Chair SHANMUGHA SUNDARAM KOTHANDAPANI

    JAIKUMAR SRINIVASAN, PHALGUNI PATRA, SARIT MAHESHWARI

    No meeting listed in the filing.

  • Corporate Social Responsibility Committee

    Chair JAIKUMAR SRINIVASAN

    SHANMUGHA SUNDARAM KOTHANDAPANI, DEEPAK BABU

    • 9 Sep 20263 of 3 present1 independent

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • P.R. Mehra & CoPeer-review certificate valid to Oct 2026

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

NTPC Green Energy AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.NTPC Green Energy share news and announcements

Annual general meeting, 28 Aug 2026

12,45,311 shareholders on the register on 21 Aug 2026; present: 1 promoter and 76 others; votes counted by Naresh Kumar Sinha / Kumar Naresh Sinha & Associates.The company's voting result (opens in a new tab)

  1. To consider and adopt the Audited Standalone & Consolidated Financial Statements of the Company for the financial year ended 31st March 2026, the reports of the Board of Directors and the Auditors thereon, the comments of the Comptroller and Auditor General of India.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.05%

    Turnout: all 95.48% · promoters 100.00% · institutions 95.29% · other public 0.35%

  2. To appoint Shri Jaikumar Srinivasan (DIN: 01220828), Director (Finance), who retires by rotation, as a Director.
    Ordinary
    99.36% for0.64% against

    Against: promoters 0.00% · institutions 9.42% · other public 6.69%

    Turnout: all 95.48% · promoters 100.00% · institutions 95.29% · other public 0.35%

  3. To fix the remuneration of the Statutory Auditors for the financial year 2026-27.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.44%

    Turnout: all 95.48% · promoters 100.00% · institutions 95.29% · other public 0.35%

  4. To ratify the remuneration of the Cost Auditors for the financial year 2025-26.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.63%

    Turnout: all 95.48% · promoters 100.00% · institutions 95.29% · other public 0.35%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 28 Aug 2025, 8 resolutions

13,86,228 shareholders on the register on 21 Aug 2025; present: 6 promoters and 149 others; votes counted by AMIT KAUSHAL / A. KAUSHAL & ASSOCIATES.The company's voting result (opens in a new tab)

  1. To adopt audited standalone financial statements and consolidated financial statement of the Company for the year ended 31stMarch, 2025, the reports of the Board of Directors, Auditors thereon and the Comments of the Comptroller and Auditor General of IndiaMoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.99%

    Turnout: all 95.14% · promoters 100.00% · institutions 93.04% · other public 0.48%

  2. To appoint Shri Shanmugha Sundaram Kothandapani (DIN: 10347322), Director (Projects), who retires by rotation as a Director
    OrdinaryPromoters have an interest in it
    99.21% for0.79% against

    Against: promoters 0.00% · institutions 12.25% · other public 6.26%

    Turnout: all 95.14% · promoters 100.00% · institutions 93.04% · other public 0.48%

  3. To fix the remuneration of Statutory Auditors for the Financial Year 2025-26
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.01% · other public 5.71%

    Turnout: all 95.14% · promoters 100.00% · institutions 93.04% · other public 0.48%

  4. To appoint Shri Deepak Babu (DIN:11100474), as an Independent Director of the Company
    Special
    97.15% for2.85% against

    Against: promoters 0.00% · institutions 44.40% · other public 6.77%

    Turnout: all 95.14% · promoters 100.00% · institutions 93.04% · other public 0.48%

  5. To appoint Ms. Phalguni Patra (DIN:11099115), as an Independent Director of the Company
    Special
    96.58% for3.42% against

    Against: promoters 0.00% · institutions 53.16% · other public 7.02%

    Turnout: all 95.14% · promoters 100.00% · institutions 93.04% · other public 0.48%

  6. To appoint Shri Brajesh Kumar Singh (DIN:1101010), as an Independent Director of the Company
    Special
    96.58% for3.42% against

    Against: promoters 0.00% · institutions 53.16% · other public 6.92%

    Turnout: all 95.14% · promoters 100.00% · institutions 93.04% · other public 0.48%

  7. To ratify the remuneration of the Cost Auditor for the Financial year 2024-25
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 5.55%

    Turnout: all 95.14% · promoters 100.00% · institutions 93.04% · other public 0.48%

  8. To appoint Secretarial Auditor of the Company
    Ordinary
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 1.39% · other public 5.46%

    Turnout: all 95.14% · promoters 100.00% · institutions 93.04% · other public 0.48%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it

Mutual fund votes, meeting of 28 Aug 2026, 10 fund houses so far (houses' deadline to file 15 Oct 2026)

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • To consider and adopt the Audited Standalone & Consolidated Financial Statements of the Company for the financial year ended 31st March 2026, the reports of the Board of Directors and the Auditors thereon, the comments of the Comptroller and Auditor General of India.MoreLess
    9 for0 against
  • To appoint Shri Jaikumar Srinivasan (DIN: 01220828), Director (Finance), who retires by rotation, as a Director.
    10 for0 against
  • To fix the remuneration of the Statutory Auditors for the financial year 2026-27.
    10 for0 against
  • To ratify the remuneration of the Cost Auditors for the financial year 2025-26.
    10 for0 against
1 proposal not matched to one resolution
  • Accept Financial Statements and Statutory Reports
    1 for0 against

Mutual fund votes, meeting of 28 Aug 2025, 25 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • To adopt audited standalone financial statements and consolidated financial statement of the Company for the year ended 31stMarch, 2025, the reports of the Board of Directors, Auditors thereon and the Comments of the Comptroller and Auditor General of IndiaMoreLess
    24 for0 against
  • To appoint Shri Shanmugha Sundaram Kothandapani (DIN: 10347322), Director (Projects), who retires by rotation as a Director
    25 for0 against
  • To fix the remuneration of Statutory Auditors for the Financial Year 2025-26
    25 for0 against
  • To appoint Shri Deepak Babu (DIN:11100474), as an Independent Director of the Company
    Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundGovernance concern: Delayed Shareholders’approval; Term of appointment is ambiguous.
    • Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual FundDeepak Babu, 65, is currently Senior Partner, Deepak Babu & Associates, Chartered Accountants, Moradabad. He has over 40 years of professional experience in finance, accounts, and taxation matters. He is a Chartered Accountant and also holds a Master’s Degree in Commerce from Rohilkhand University, Bareilly. The company proposes to appoint him as an Independent Director for three years from 14 May 2025. As per public sources, Deepak Babu is associated with the Bhartiya Janata Party (BJP). While his appointment is in line with the statutory requirements, we believe his political affiliation may unnecessarily politicize the decisions of the corporation and distract the management from its core focus. The company should have disclosed the political affiliation as part of the shareholder notice. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of proposed appointees. Governance concern: Delayed Shareholders’ approval; Term of appointment is ambiguous and against spirit of the law.
    • Canara Robeco Mutual FundDeepak Babu, 65, is currently Senior Partner, Deepak Babu & Associates, Chartered Accountants, Moradabad. He has over 40 years of professional experience in finance, accounts, and taxation matters. He is a Chartered Accountant and also holds a Master’s Degree in Commerce from Rohilkhand University, Bareilly. The company proposes to appoint him as an Independent Director for three years from 14 May 2025. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months.
    • Invesco Mutual FundDeepak Babu, 65, is currently Senior Partner, Deepak Babu & Associates, Chartered Accountants, Moradabad. He has over 40 years of professional experience in finance, accounts, and taxation matters. He is a Chartered Accountant and also holds a Master’s Degree in Commerce from Rohilkhand University, Bareilly. The company proposes to appoint him as an Independent Director for three years from 14 May 2025.As per public sources, Deepak Babu is associated with the Bhartiya Janata Party (BJP). While his appointment is in line with the statutory requirements, we believe his political affiliation may unnecessarily politicize the decisions of the corporation and distract the management from its core focus. The company should have disclosed the political affiliation as part of the shareholder notice. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months. We do not support the resolution
    • LIC Mutual FundGovernance concern: Delayed Shareholders approval; Term of appointment is ambiguous and against spirit of the law.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval; Term of appointment is ambiguous and against spirit of the law.
    • UTI Mutual FundThe concerned person has political affiliations.
    9 for16 against
  • To appoint Ms. Phalguni Patra (DIN:11099115), as an Independent Director of the Company
    Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundGovernance concern: Delayed Shareholders’approval; Term of appointment is ambiguous.
    • Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual FundMs. Phalguni Patra, 50, is a social worker and has been actively engaged in initiatives aimed at community development, social empowerment, and inclusive growth. She holds a graduate degree in Arts. The company proposes to appoint her as an Independent Director for three years from 14 May 2025. As per public sources, Ms. Phalguni Patra is associated with the Bhartiya Janata Party (BJP). While her appointment is in line with the statutory requirements, we believe her political affiliation may unnecessarily politicize the decisions of the corporation and distract the management from its core focus. The company should have disclosed the political affiliation as part of the shareholder notice. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for her appointment within three months. We do not support this resolution.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of proposed appointees. Governance concern: Delayed Shareholders’ approval; Term of appointment is ambiguous and against spirit of the law.
    • Canara Robeco Mutual FundMs. Phalguni Patra, 50, is a social worker and has been actively engaged in initiatives aimed at community development, social empowerment, and inclusive growth. She holds a graduate degree in Arts. The company proposes to appoint her as an Independent Director for three years from 14 May 2025. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for her appointment within three months. We do not support this resolution.
    • HSBC Mutual FundPhalguni Patra is associated with a political party and the presence of a director with a political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board. Phalguni Patra has limited leadership and board related experience within relevant industry which raises concerns on their potential contribution to the board.
    • Invesco Mutual FundMs. Phalguni Patra, 50, is a social worker and has been actively engaged in initiatives aimed at community development, social empowerment, and inclusive growth. She holds a graduate degree in Arts. The company proposes to appoint her as an Independent Director for three years from 14 May 2025.As per public sources, Ms. Phalguni Patra is associated with the Bhartiya Janata Party (BJP). While her appointment is in line with the statutory requirements, we believe her political affiliation may unnecessarily politicize the decisions of the corporation and distract the management from its core focus. The company should have disclosed the political affiliation as part of the shareholder notice. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for her appointment within three months. We do not support this resolution
    • LIC Mutual FundGovernance concern: Delayed Shareholders approval; Term of appointment is ambiguous and against spirit of the law.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval; Term of appointment is ambiguous and against spirit of the law.
    • UTI Mutual FundThe concerned person has political affiliations.
    8 for17 against
  • To appoint Shri Brajesh Kumar Singh (DIN:1101010), as an Independent Director of the Company
    Against Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, UTI Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundGovernance concern: Delayed Shareholders’approval; Term of appointment is ambiguous.
    • Axis Mutual Fund, Bank of India Mutual Fund, Jio BlackRock Mutual FundBrajesh Kumar Singh, 54, is a social worker with over three decades of experience in the fields of Humanities, Social Services, and Corporate Social Responsibility (CSR). He has been actively engaged in initiatives that promote social equity, community welfare, and sustainable development. He is a graduate in Political Science. The company proposes to appoint him as an Independent Director for three years from 14 May 2025. As per public sources, Brajesh Kumar Singh is associated with the Bhartiya Janata Party (BJP). While his appointment is in line with the statutory requirements, we believe his political affiliation may unnecessarily politicize the decisions of the corporation and distract the management from its core focus. The company should have disclosed the political affiliation as part of the shareholder notice. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months.
    • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of proposed appointees. Governance concern: Delayed Shareholders’ approval; Term of appointment is ambiguous and against spirit of the law.
    • Canara Robeco Mutual FundBrajesh Kumar Singh, 54, is a social worker with over three decades of experience in the fields of Humanities, Social Services, and Corporate Social Responsibility (CSR). He has been actively engaged in initiatives that promote social equity, community welfare, and sustainable development. He is a graduate in Political Science. The company proposes to appoint him as an Independent Director for three years from 14 May 2025. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months.
    • HSBC Mutual FundBrajesh Kumar Singh is associated with a political party and the presence of a director with a political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board. Brajesh Kumar Singh has limited leadership and board related experience within relevant industry which raises concerns on their potential contribution to the board.
    • Invesco Mutual FundBrajesh Kumar Singh, 54, is a social worker with over three decades of experience in the fields of Humanities, Social Services, and Corporate Social Responsibility (CSR). He has been actively engaged in initiatives that promote social equity, community welfare, and sustainable development. He is a graduate in Political Science. The company proposes to appoint him as an Independent Director for three years from 14 May 2025.As per public sources, Brajesh Kumar Singh is associated with the Bhartiya Janata Party (BJP). While his appointment is in line with the statutory requirements, we believe his political affiliation may unnecessarily politicize the decisions of the corporation and distract the management from its core focus. The company should have disclosed the political affiliation as part of the shareholder notice.Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months. We do not support the resolution.
    • LIC Mutual FundGovernance concern: Delayed Shareholders approval; Term of appointment is ambiguous and against spirit of the law.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval; Term of appointment is ambiguous and against spirit of the law.
    • UTI Mutual FundThe concerned person has political affiliations.
    8 for17 against
  • To ratify the remuneration of the Cost Auditor for the Financial year 2024-25
    25 for0 against
  • To appoint Secretarial Auditor of the Company
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund
    • Angel One Mutual FundCredentials of the proposed Secretarial Auditors not disclosed. Transparency Concern: Fees paid to outgoing auditor not disclosed, to ascertain any material change, in the proposed audit fee.
    • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of the proposed Secretarial Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR: Credentials of the proposed Secretarial Auditors not disclosed. Transparency Concern: Fees paid to outgoing auditor not disclosed, to ascertain any material change, in the proposed audit fee.
    • LIC Mutual FundTransparency Concern: Fees paid to outgoing auditor not disclosed, to ascertain any material change, in the proposed audit fee.
    18 for7 against
1 proposal not matched to one resolution
  • Accept Financial Statements and Statutory Reports
    1 for0 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

At most 6 complaints open, quarter to Sep 2025.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
Yes
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
No
There was a cyber security incident in the quarter
No

The company's own answers in its filing.

How money raised was used

Reported for the quarter to Sep 2025. The company's results filing for the quarter to Jun 2026 says no statement of how money raised was used applies to it.

RaisedAmount raisedForSet asideSpentSpent elsewhere
Public IssuesNov 2024, checked by CARE Ratings Limited10,000.00––No
₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.