Audit committee requirements impose independent composition and oversight duties, including auditor selection and related party transaction approval.
Specified public and listed companies must constitute an Audit Committee with at least three directors and a majority of independent directors; the committee recommends auditor appointment and remuneration, reviews auditor independence and audit effectiveness, examines financial statements, approves related party transactions, scrutinises inter corporate loans and investments, evaluates internal financial controls and risk management, monitors end use of public offer funds, may call for auditors' comments and investigate matters within its functions, and the board must disclose the committee's composition and reasons for not accepting its recommendations. (AI Summary)

Corporate Social Responsibility requirement: companies must allocate a prescribed share of profits to specified activities and disclose compliance.
Statutory CSR obligations require companies exceeding prescribed financial thresholds to constitute a CSR Committee, approve and implement a CSR policy, and expend the prescribed share of average net profits on specified activities. The CSR Committee must recommend the policy and expenditure and monitor programmes. Net profit for CSR is computed under the Companies Act. Companies must disclose CSR committee composition, policy content, average net profit, responsibility statements and reasons for shortfall, and report CSR expenditure in financial statement notes. (AI Summary)