Composition of Audit Committees under Company Law & SEBI LODR

Corporate Master 10 Jun 2021 7,671 Views 0 comment Print Company Law | Articles

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Brief overview about the composition, quorum requirement about the company

-Audit Committee

-Nomination and Remuneration Committee

-Stakeholder Relationship Committee

-Risk Management Committee (For Top 1000 Listed Companies)

-CSR Committee

AUDIT COMMITTEE
S.No.	Particulars	As per Companies Act,2013	As per SEBI (LODR)
1.	Minimum Requirement of Director	3 directors with ID forming majority	3 directors where 2/3^rd shall be ID
2.	Chairperson of the Committee	Any member of the committee can be the chairperson	Independent Director who is member of the committee can be the chairperson
3.	Quorum	As the Articles or Board members decide	2 members or 1/3^rd of the members of the audit committee, whichever is greater, with at least 2 Independent Directors.
4.	No. of meetings	As the Act is silent therefore at least 1 meeting in a year	At least 4 meetings in a year
5.	Availability at AGM	As the Articles or Board members decide	The chairperson of the committee shall be present at AGM
NOMINATION AND REMUNERATION COMMITTEE
S.No.	Particulars	As per Companies Act,2013	As per SEBI (LODR)
6.	Minimum Requirement of Director	3 non-executive directors with at least ½ being ID	3 non-executive directors with at least ½ being ID
7.	Chairperson of the Committee	Any member of the committee can be the chairperson	Independent Director who is member of the committee can be the chairperson
8.	Quorum	As the Articles or Board members decide	2 members or 1/3rd of the members of the audit committee, whichever is greater, with at least 1 Independent Directors.
9.	No. of meetings	As the Act is silent therefore at least 1 meeting in a year	At least once in a year
10.	Availability at AGM	As the Articles or Board members decide	The chairperson of the committee may be present at AGM
STAKEHOLDER RELATIONSHIP COMMITTEE
S.No.	Particulars	As per Companies Act,2013	As per SEBI (LODR)
11.	Minimum Requirement of Director	As decided by the Board Members	3 directors with at least 1 being ID
12.	Chairperson of the Committee	A non-executive director	A non-executive director
13.	No. of meetings	As the Act is silent therefore at least 1 meeting in a year	At least once in a year
14.	Availability at AGM	The chairperson of the committee shall be present at AGM	The chairperson of the committee shall be present at AGM
15.	Quorum	As the Articles or Board members decide	As the Articles or Board members decide.
RISK MANAGEMENT COMMITTEE (FOR TOP 1000 LISTED COMPANIES)
16.	Minimum Requirement of Director	NA	3 directors with at least 1 being ID
17.	No. of meetings		At least twice in a year
18.	Quorum		2 members or 1/3^rd of the members whichever is higher with at least 1 member of the board in attendance.
CSR COMMITTEE
19.	Minimum Requirement of Director	Common for both 3 Directors out of which at least 1 shall be ID If the company is not required to appoint ID then at least 2 directors
20.	No. of meetings	As the Act is silent therefore at the number of meeting as stipulated by Board or any authority.
21.	Quorum	As the Articles or Board members decide

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Name: Corporate Master

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