The Lessons Learnt and Reconciliation Commission (LLRC) appointed in 2010 was mandated to look back at the separatist conflict with the Tamil minority and recommend ways to prevent repetition of the bloody clashes which spanned over three decades.
Lalith Weeratunga, the island's top civil servant in his capacity as the presidential secretary will head the committee, while other members are yet to be named, the Sunday Times reported.
The appointment of the Weeratunga committee assumes significance in the wake of a meeting between External Affairs minister GL Peiris and US Secretary of State Hilary Clinton on May 18.
The meeting with Clinton will be a sequel to the US sponsored resolution against Sri Lanka adopted at United Nations Human Rights Council (UNHRC) sessions late March with India's backing.
The resolution urged Sri Lanka to expeditiously implement the LLRC recommendations on accountability over rights issues and steps to achieve reconciliation with the Tamil minority.
The US, the paper reported, has called for the formulation of an action plan detailing the steps that the government has taken and will take to implement the LLRC recommendations.
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The Weeratunga committee appointment had come as the government's response.
The government last month asked its constituent parties to come up with their own recommendations with regard to the LLRC.
The Sunday Times report said the Weeratunga committee would analyse such recommendations by parties before drawing up the action plan.
Though the LLRC cleared the military it recommends that investigations be carried out if there was evidence of isolated cases of excesses.
The commission called for a political settlement of the ethnic conflict with the Tamil minority and asked the government to take the initiative for "a serious and structured" dialogue with all political parties, particularly those representing the minorities.
It has asked the government to reach out to minorities and said that Tamils should in turn reposition themselves in their role vis a vis the state.