Performance evaluation of statutory committees of MIIs requires external triennial reviews and annual internal evaluations. External evaluation of Statutory Committees of MIIs must be performed by an Independent External Agency appointed with SEBI's prior no-objection, selected for domain expertise and absence of conflict of interest, on a triennial basis (first review for FY 2024 25). Minimum external assessment criteria and weightages are Roles, Responsibilities and Duties (40%), Effectiveness of Meetings (30%), and Governance Aspects (30%); a standardized rating framework with sample quantitative and qualitative KPIs will be used. MIIs must also perform annual internal evaluations and submit reports to their Governing Board within three months of each financial year-end.