Elucidate the following: Board committees.

A board committee is a small working group identified by the board, consisting of board members, for the purpose of supporting the board's work. Committees are a sub-set of the board, deriving their authority from the powers delegated to them by the board. Committees are generally formed to perform some expertise work. Members of the committee are expected to have expertise in the specified field. Committees are usually formed as a means of improving board effectiveness and efficiency in areas where more focused, specialized and technical discussions are required. These committees prepare the groundwork for decision-making and report at the subsequent Board Meeting. Committees enable better management of Board's time and allow in-depth scrutiny and focused attention. The board committees may be statutory or non-statutory which work as a means of improving board effectiveness and efficiency where more focused, specialized and technically oriented discussions are required. Following are mandatory committees under the Companies Act 2013: Audit Committee Nomination and Remuneration Committee Stakeholders' Relationship Committee Corporate Social Responsibility Committee SEBI (LODR) Regulations 2015 also provides for the constitution of Risk Management Committee. Companies depending upon the need may have non mandatory committees like: Corporate Governance Committee Regulatory compliance & Govt Affairs Committee Strategies Committee Capital Expenditure (Capex) Committee HR Committee Project Appraisal Committee