Dear Mani,
You have to go a long way in improving your understanding on the concept of KPI, KRA or on PMS itself. You have developed understanding by reading books or material from various websites. I appreciate your inquisitiveness. But that is not sufficient. You need to take guidance from some professional.
Bookish knowledge tells you that tomato is a fruit. However, it is experienced person who tells you not to add tomato in fruit salad even though it is fruit. This is what is the difference between learning from experienced consultant and doing something on one's own is.
Talk to your management. Hire my services to establish PMS in your company and see the difference.
The one more flaw in your work is that you have not devised KPIs or KRAs for your MD. Why is he/she placed above board? Measures of performance are for the top-most bosses as well, nobody can escape from PMS's purview.
Thanks,
Dinesh Divekar
Dear Sirs,
Thanks for valuable feed back; if any one can correct the attachment in KPI context, will be more helpful as we are running out of time.
Thanks,
Mani