Legal Definitions - with full power

Definition: A committee to which the referring body has delegated the necessary authority for acting on the business referred, usually without the need for a prior report to the referring body.

Example: A company's board of directors may appoint an audit committee with full power to oversee the financial reporting process, select an independent auditor, and receive the audit. The committee member should be financially literate and wholly independent, having no financial interest in the company, no executive position, and no familial relationship with any member of the company's management or a major shareholder.

Explanation: The example illustrates how a committee with full power is appointed to oversee a specific task or responsibility. In this case, the audit committee is given the necessary authority to carry out its duties without the need for a prior report to the board of directors. This allows the committee to act independently and make decisions without interference from the referring body. The example also highlights the importance of having independent and qualified members on the committee to ensure its effectiveness and integrity.