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Board Committee Roles and Responsibilities Mind Map

BOARD COMMITTEE ROLES & RESPONSIBILITIES
Duties
Audit Committee
Ensure integrity of financial information
Increase the emphasis on risk and control
Give directors more insight in the company
accounting and control system
Increase directors understanding in external and
internal audit
Improve communication between board and
external auditor
Improve quality of financial reporting
Create forum for the chief financial officer
Strengthen the internal audit function
Nominating Commitee
Assessing and recommend to the board
candidate of director
Appointment of directors to board commitee
Review board's succession plans and training
programs
Facilitate board induction and training program
Establish policy formalising its approach to
board room diversity
Remuneration Committee
Determine the compensation and benefits of
director and executive
Setting compensation plans
Recommended Committees
Audit Committee
Principle 5: Uphold Integrity In Financial
Reporting
Para 15.12 of Listing Requirements
Nominating Committee
PRINCIPLE 2: Strengthen Composition
Best Practice AAIX and AAX of the Malaysian
Code on Corporate Governance (function)
Remuneration Committee
PRINCIPLE 2: Strenghten Composition
Importance of board committee
Reduces board workload and improve focus on
other issues
Creates structures that can use inherent
expertise to improve decisions in key areas
Communicates to shareholders
Increase in shareholder confidence
Communicates to stakeholders
Satisfy requirements of the governance
requirements
5
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