The Audit Committee was established on 14 March 2000 pursuant to the provisions set out in the corporate governance code (the “Corporate Governance Code”) as set out in Appendix 14 to the Rules Governing the Listing of Securities on the Stock Exchange.
The Audit Committee has three members, including the Company’s two independent non-executive Directors, namely Mr. Kwan Kai Cheong, Mr. Yen Yuen Ho, Tony and a non-executive Director, Mr. Tang Wenyong. Mr. Kwan Kai Cheong is the chairman of the Audit Committee.
The Audit Committee acts as an important link between the Board and the Company’s auditors in matters within the scope of the Group’s audit. The duties of the Audit Committee are to review and provide supervision over the financial reporting process of the Group. The Audit Committee meets regularly with the management and the external auditors to discuss the accounting principles and practices adopted by the Group and the financial reporting matters.