ICSI Recommendations to strengthen Corporate Governance framework suggests for constitution of Corporate Compliance Committee on mandatory basis. If such recommendations are accepted by competent authority, what will be

ICSI Recommendations to strengthen Corporate Governance framework suggests for constitution of Corporate Compliance Committee on mandatory basis in respect of all public limited companies having a paid-up capital of ₹5 crore or more. The charter of the committee may include any 3 of the following functions: To oversee the Company's compliance efforts with respect to relevant Company policies, the Company's Code of Conduct, and other relevant laws and regulations and monitor the Company's efforts to implement legal obligations arising from agreements and other similar documents; To review the Company's overall compliance programme to ensure that it is well communicated, supports lawful and ethical business conduct by employees, and reduces risk to the Company for non-compliance with laws and regulations related to the Company's business; To review complaints received from internal and external sources, regarding matters other than the financial matters which are within the purview of the Audit Committee; To periodically present to the Board for adoption appropriate changes to the policies, and oversee implementation of and compliance with these policies; To review regularly the company's compliance risk assessment plan; To investigate or cause to be investigated any significant instances of non-compliance, or potential compliance violations that are reported to the committee; To coordinate with other committees regarding matters brought to the committees attention that relate to issues of compliance with applicable laws and regulations; Regularly report to the Board on the Committee's activities, recommendations and conclusions; To discuss any significant compliance issues with the Chief Executive officer; To periodically report to the Board and CEO on the adequacy and effectiveness of the company's compliance programme; To retain at the company's expense, independent advisors to assist the committee with carrying out its responsibilities from time to time; To perform such other duties and responsibilities as may be assigned to the committee by the board.