Committees in Corporates

Corporates have different committees that are responsible for specific areas of the company. These committees are typically made up of board members and/or senior management. The most common committees include:

• Audit committee: The audit committee is responsible for overseeing the company's financial reporting and ensuring that it is accurate and compliant with applicable laws and regulations.

• Nominating committee: The nominating committee is responsible for recruiting and nominating new board members. They work with the chairman to identify qualified candidates and to ensure that the board has the right mix of skills and experience.

• Remuneration committee: The remuneration committee is responsible for setting the salaries and bonuses of the CEO and other senior executives. They work with the CEO to ensure that the executives are compensated fairly and that their pay is aligned with the company's performance.

• Risk committee: The risk committee is responsible for overseeing the company's risk management framework. They work with the CEO to identify and mitigate risks to the company's operations and financial health.

• Compliance committee: The compliance committee is responsible for ensuring that the company is complying with applicable laws and regulations. They work with the CEO to identify and mitigate risks of non-compliance.

In addition to these common committees, corporates may also have other committees, such as a nominating and governance committee, a social responsibility committee, or a diversity and inclusion committee. The specific committees that a corporate has will depend on the size and complexity of the company, as well as the industry in which the company operates.

When scaling up typically from Series A to Series B or C, it may be a time to review these and think about whether it makes sense to adopt one or more of these to start building a longer lasting structure.