Explain the meaning of the term 'key managerial personnel' in relation to a company as introduced by the Companies Act, 2013 and also state the manner in which they are appointed.

As per Section 2(51) of the Companies Act, 2013 "Key Managerial Personnel" in relation to a company means: (a) The Chief Executive Officer or the Managing Director or the Manager; (b) The Company Secretary; (c) The Whole-time Director; (d) The Chief Financial Officer; and (e) Such other officer as may be prescribed. According to section 203 of Act read with Rule 8 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 every listed company and every other public company having paid-up share capital of ten crore rupees or more shall have whole-time key managerial personnel. According to Section 178(2) of the Companies Act, 2013, the Nomination and Remuneration Committee shall formulate the criteria for determining qualifications, positive attributes and independence of a director and recommend to the Board a policy, relating to the remuneration for the directors, key managerial personnel and other employees. According to Section 203(2) of the Companies Act, 2013, Every whole-time key managerial personnel of a company shall be appointed by means of a resolution of the Board containing the terms and conditions of the appointment including the remuneration. Every whole-time key managerial personnel of a company shall be appointed by means of a resolution of the Board containing the terms and conditions of the appointment including the remuneration.