Which of the following statements is TRUE regarding the remuneration of managerial personnel as per Chapter XIII of the Companies Act, 2013?
1
The remuneration can exceed 11% of the net profits without any approval.
2
The remuneration must be approved by the shareholders if it exceeds 5% for one director.
3
There is no limit on the remuneration of managerial personnel.
4
Remuneration includes only salary and bonuses.
5
The remuneration can be decided solely by the board of directors without any further approval.