The board has established four committees: the Audit Committee; the Nomination Committee; the Remuneration Committee and the Board Risk Committee. Each committee is responsible for the review and oversight of the activities within its defined terms of reference. Details of the individual committees are as follows:
The primary duties of the Audit Committee are to oversee the Group’s financial reporting system and internal control procedures, monitor the integrity of the preparation of the Company’s financial statements including interim and annual results of the Group, oversee and manage the relationship with the Group’s external auditors, including reviewing and monitoring the external auditor’s independence and objectivity and the effectiveness of the audit process in accordance with applicable standards, review the Group’s financial and accounting policies and practices, review whistle-blowing arrangements and oversee the internal audit process by the internal audit department of the Group.
The primary duties of the Nomination Committee are to make recommendations to the Board on the structure, size and composition of the Board, the selection of new directors and succession planning for Directors and determining the membership of Board committees.
The primary duties of the Board Risk Committee are to advise on the risk profile and risk management strategy of the Group and consider, review and approve risk management policies and guidelines and decide on risk levels and the risk governance structure and major risks.