1. A CSD shall establish the following committees:

(a) a risk committee responsible for advising the management body on the CSD's overall current and future risk tolerance and strategy;

(b) an audit committee responsible for advising the management body on the performance of the CSD's internal audit function, which it shall oversee;

(c) a remuneration committee responsible for advising the management body on the CSD's remuneration policy, which it shall oversee.

2. Each committee shall be chaired by a person who has appropriate experience in the field of competence of that committee and is independent from the CSD's executive members of the management body.

The majority of members of each committee shall not be executive members of the management board.

The CSD shall establish a clear and publicly available mandate and procedures for each committee, and shall ensure their access to external expert advice where necessary.