"The committees are a sub-set of the Board, deriving their authority from the powers delegated to them by the Board." In the light of above statement, discuss the need and advantage of committee management.

Board committees are pillars of corporate governance. The board constitutes various committees, statutory as well as non-statutory, as a means of improving board effectiveness and efficiency where more focused, specialized and technically oriented discussions are required. Committees prepare the ground work for decision making and report at the subsequent board meetings. Further, committees enable better management of the board's time and allow in-depth scrutiny and focused attention. Committees allow the board to handle larger number of issues with greater efficiency by having experts focusing on specific matters. Committees review information in greater detail and provide the Board with an objective and independent insight into board's functioning and judgment. The board must identify the requirements of the committee to support its work and responsibilities. As such, it lays down the terms of reference for each committee so created. The terms of reference comprise a clear statement which describes the purpose of the committee, its membership composition, authority, major areas of responsibility and reporting mechanism to the board. Greater specialization and intricacies of modern board work is one of the reasons for increased use of board committees. Some advantages of committees include: Responsibilities are shared. More members become involved. Specialized skills of members can be used to best advantage. Inexperienced members gain confidence while serving on the committee. Matters may be examined in more detail by a committee