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sir as per corporate governance best practices which committees are required on comply or explain basis?
I believe separate audit committee is required for listed companies,
not sure about nomination, risk and remuneration…
The UK Corporate Governance Code specified: nomination, remuneration and audit committee.
The code applies on a comply or explain basis only to listed companies.
To quote the Code with regard to a risk committee:
“The board should establish an audit committee of independent non-executive directors…… The main roles and responsibilities of the audit committee should include:……
…reviewing the company’s internal financial controls and internal control and risk management systems, unless expressly addressed by a separate board risk committee composed of independent non-executive directors, or by the board itself;
That’s the only mention of the risk committee in the Code.
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