{"id":20292,"date":"2021-12-01T11:25:56","date_gmt":"2021-12-01T05:55:56","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=20292"},"modified":"2024-06-03T10:58:47","modified_gmt":"2024-06-03T05:28:47","slug":"constitution-of-committees-by-companies-as-per-companies-act-2013","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/constitution-of-committees-by-companies-as-per-companies-act-2013\/","title":{"rendered":"Constitution of Committees by Companies as per Companies Act, 2013"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-20295 size-full\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/Constitution-of-Committees-by-Companies-as-per-Companies-Act-2013-1.png\" alt=\"Constitution of Committees by Companies as per Companies Act 2013\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/Constitution-of-Committees-by-Companies-as-per-Companies-Act-2013-1.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/Constitution-of-Committees-by-Companies-as-per-Companies-Act-2013-1-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/Constitution-of-Committees-by-Companies-as-per-Companies-Act-2013-1-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/Constitution-of-Committees-by-Companies-as-per-Companies-Act-2013-1-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/Constitution-of-Committees-by-Companies-as-per-Companies-Act-2013-1-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/Constitution-of-Committees-by-Companies-as-per-Companies-Act-2013-1-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p style=\"text-align: justify;\">Under Section 177 of the Companies Act, 2013, the Board of Directors may refer certain matters to committees established for this purpose. Committees are formed as a means of improving the efficiency and effectiveness of the board in areas where there is a need for more focused, specialized, and technically focused discussions. This article focuses on the concept of the constitution of committees by companies as per the Companies Act, 2013.<\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<p style=\"text-align: justify;\"><strong>Table of Contents-<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><a href=\"#constitution\">Constitution of Committees by Companies as per Companies Act, 2013<\/a><\/li>\n<li><a href=\"#audit\">Audit committee<\/a><\/li>\n<li><a href=\"#role\">Role of the audit committee<\/a><\/li>\n<li><a href=\"#nomination\">Nomination and remuneration committee<\/a><\/li>\n<li><a href=\"#commitee\">Role of nomination and remuneration committee<\/a><\/li>\n<li><a href=\"#stakeholders\">Stakeholders relations committee<\/a><\/li>\n<li><a href=\"#relations\">Role of stakeholders relations committee<\/a><\/li>\n<li><a href=\"#corporate\">Corporate social responsibility committee<\/a><\/li>\n<li><a href=\"#social\">Role of corporate social responsibility committee<\/a><\/li>\n<li><a href=\"#posh\">The Committee under POSH Act<\/a><\/li>\n<li><a href=\"#act\">Role of the committee under POSH Act<\/a><\/li>\n<li><a href=\"#meeting\">Committee Meetings under Board Meetings<\/a><\/li>\n<li><a href=\"#final\">Final words<\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p id=\"constitution\" style=\"text-align: justify;\">Committees consist of Board Members and experts in the field for which the Committee is established. However, the Board of Directors is ultimately responsible for the actions of the committee. The Board is responsible for defining the role and structure of the committee.<\/p>\n<h2 id=\"audit\" style=\"text-align: justify;\"><strong>Constitution of Committees by Companies as per Companies Act, 2013<\/strong><\/h2>\n<h3 style=\"text-align: justify;\"><strong>Audit Committee<\/strong><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Every public company listed<\/li>\n<li><a href=\"https:\/\/www.cagmc.com\/public-company\/\">Public Limited Company<\/a> of<\/li>\n<li>Capital payment of 10 Crores or more; or<\/li>\n<li id=\"role\">Profit of 100 Crores or more; or<\/li>\n<li>Having a combined loan, balance or borrowing or debts or deposits of 50 Crores or more;<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Those companies are required to form an Audit Committee consisting of 3 sub-directors, most of whom are independent directors if any. A special person from the financial sector is recommended to be a member of that Committee.<\/p>\n<h3 style=\"text-align: justify;\"><strong>Role of Audit Committee &#8211;<\/strong><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Recommends appointments, salaries, and conditions of appointment of company auditors,<\/li>\n<li id=\"nomination\">To summon auditors&#8217; views on internal control systems,<\/li>\n<li>Internal financial control audits and risk management systems<\/li>\n<li>Any other type of Company that is not required to form such a committee, may form such a committee voluntarily.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><strong>Nomination and Remuneration Committee<\/strong><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Every public company listed<\/li>\n<li>Public Limited Company of<\/li>\n<li id=\"commitee\">Capital payment of 10 Crores or more; or<\/li>\n<li>Profit of 100 Crores or more; or<\/li>\n<li>Having a combined loan, balance or borrowing or debts or deposits of 50 Crores or more;<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Those companies are required to form a Nomination and Remuneration Committee with at least 3 Non-Executive Directors, most of whom are independent directors if any.<\/p>\n<h3 style=\"text-align: justify;\"><strong>Role of Nomination and Remuneration Committee-<\/strong><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Identify people who can be appointed as directors and executives<\/li>\n<li>Also the removal of any directors or KMP and your reasons.<\/li>\n<li id=\"stakeholders\">Clarify the Board&#8217;s effective evaluation of its performance.<\/li>\n<li>Creating a qualification, qualifications, and independence of director\/KMP\/employee<\/li>\n<li>Recommends Remuneration Policy for Directors\/KMPs\/Staff<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><strong>Stakeholders Relations Committee<\/strong><\/h3>\n<ul style=\"text-align: justify;\">\n<li>A company with shareholders\/creditors\/depositors or more than 1000 other security owners<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Those companies are required to form a Stakeholder Relations Committee consisting of a chairperson who will be a non-executive director and other members who may determine the Board.<\/p>\n<p id=\"corporate\" style=\"text-align: justify;\"><strong>Role of Stakeholders Relations Committee-<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Processing and resolving complaints from company security owners.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><strong>Corporate Social Responsibility Committee<\/strong><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Every Company Has a Total Value of 500 Crores or more; OR<\/li>\n<li>All Profit Company 1000 Crores or more; OR<\/li>\n<li id=\"social\">Every Profit Company with a surplus of 5 Crores or more<\/li>\n<li>In any financial year.<\/li>\n<li>Any other type of Company that is not required to form such a committee, may form such a committee voluntarily.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><strong>Role of Corporate Social Responsibility Committee-<\/strong><\/h3>\n<ul style=\"text-align: justify;\">\n<li id=\"posh\">Recommend <a href=\"https:\/\/www.cagmc.com\/corporate-social-responsibility\/\">CSR<\/a> Policy<\/li>\n<li>Expenditure cost<\/li>\n<li>Monitor its projects and programs.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><strong>Committee under POSH Act<\/strong><\/h3>\n<p style=\"text-align: justify;\">The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (\u201cPOSH Act\u201d) was enacted as a comprehensive law to provide a safe, secure and free environment for all women.<\/p>\n<ul style=\"text-align: justify;\">\n<li>All institutions whether in the formal sector or in the informal sector in which 10 or more employees work<\/li>\n<\/ul>\n<p id=\"act\" style=\"text-align: justify;\">It is necessary to establish an Internal Complaints Committee (ICC) consisting of a senior female employee, a staff of no less than 2 staff members who may be a social worker or legal practitioner, and one external member of a non-governmental organization or organization committed to the cause of a woman or a person.<\/p>\n<h3 style=\"text-align: justify;\"><strong>Role of Committee under POSH Act-<\/strong><\/h3>\n<ul style=\"text-align: justify;\">\n<li id=\"meeting\">Implementation of policies related to the prevention of sexual harassment<\/li>\n<li>Resolving Victims&#8217; Complaints<\/li>\n<li>Recommendations for the complaints<\/li>\n<\/ul>\n<h2 id=\"final\" style=\"text-align: justify;\"><strong>Committee Meetings under Board Meetings<\/strong><\/h2>\n<p><img decoding=\"async\" class=\"alignnone wp-image-20293 size-full\" src=\"https:\/\/www.cagmc.com\/wp-content\/uploads\/2021\/12\/comitee.jpg\" alt=\"Committee Meetings under Board Meetings\" width=\"2000\" height=\"437\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/comitee.jpg 2000w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/comitee-300x66.jpg 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/comitee-1024x224.jpg 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/comitee-1536x336.jpg 1536w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/comitee-1260x275.jpg 1260w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/comitee-615x134.jpg 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/comitee-400x87.jpg 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/comitee-292x64.jpg 292w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2021\/12\/comitee-1320x288.jpg 1320w\" sizes=\"(max-width: 2000px) 100vw, 2000px\" \/><\/p>\n<h2 style=\"text-align: justify;\"><strong>Final words<\/strong><\/h2>\n<p style=\"text-align: justify;\">The 2013 Act increases the number of committees and provides for each of the functions compared to the 1956 Act. It ensures the constitution of committees by companies as per the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Companies_Act_2013\" target=\"_blank\" rel=\"noopener\">Companies Act, 2013<\/a>. In addition, there appears to be an attempt to bring the 2013 Act in line with the List Agreement to some extent. Emphasis is also placed on the transparency and disclosure procedures of these committees which are included in the new provisions. However, the roles given to these committees appear to be highly commendable as the final authority is vested in the Board of Directors. Only the continued implementation of the 2013 Act over time could indicate the extent to which these committees could contribute to co-management.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Under Section 177 of the Companies Act, 2013, the Board of Directors may refer certain matters to committees established for [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":20295,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[70],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Constitution of Committees by Companies as per Companies Act 2013<\/title>\n<meta name=\"description\" content=\"Latest News about Constitution of Committees by Companies as per Companies Act, 2013, Audit committee, Role, Nomination and remuneration.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cagmc.com\/blog\/constitution-of-committees-by-companies-as-per-companies-act-2013\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Constitution of Committees by Companies as per Companies Act 2013\" \/>\n<meta property=\"og:description\" content=\"Latest News about Constitution of Committees by Companies as per Companies Act, 2013, Audit committee, Role, Nomination and remuneration.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cagmc.com\/blog\/constitution-of-committees-by-companies-as-per-companies-act-2013\/\" \/>\n<meta property=\"og:site_name\" content=\"Goyal Mangal &amp; 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