Property group Centro (ASX:CNP) has formed a special committee to consider the charges filed against eight of its current and former directors and executives by regulator ASIC.

The company said that only the non-implicated directors will appear on the committee, which will consider any corporate governance implications for Centro.

Two sitting and four previous directors have been named in the suit, as well as two of its prior executives.

ASIC has alleged that the accused approved the release of financial reports that did not fully disclose the liabilities of two of its subsidiaries.