TCWG and Audit Committee

If we’re looking at the situation of a limited company, then those charged with governance (TCWG) are the same people as the board of directors of the company so, yes, the expressions are interchangeable

But if we’re looking at a situation away from corporate entities, for example a hospital or a school, these institutions don’t have elected boards of directors (at least, not in the same sense as companies have boards of directors)

Instead there will be a Board of Trustees for a hospital or a Board of Governors for a school

“Or is TCWG a sub group of an Audit Committee?”

No, as explained above, the expression TCWG refers generally to the board of directors

“Would it be possible to have a TCWG without an Audit Committee”

Yes – private companies are not required to have audit committees although there’s nothing to stop them having one

“… and vice versa?”

This isn’t possible because an audit committee is comprised of non-executive directors and, as explained above, the directors are collectively alternatively referred to as TCWG

“Or is Audit committee superior to TCWG?”

That depends whether you’re an executive director or a non-executive director! 🙂

Seriously, there’s not really any question of superiority / inferiority. In fact, a fundamental concept of the appointment of non-executive directors is that they collectively shall have the same power as the collective board of executive directors such that no individual or group can exert their power over the others

OK?