Since the establishment of the Company, it has implemented comprehensive internal control system and measures to ensure sound corporate governance in place for the Company, including measures which (1) clarify authorization and power delegation for each layer of management from shareholder’s meetings, board of directors, chairman of the board to the general manager, (2) ensure secured and proper funds usage, (3) adopt stringent risk control for external investments,(4) strengthen project management for engineering projects, (5) optimize procurement and purchase system and plug the loopholes of the procurement process, (6) enhance the control policy in respect of fund raising, and (7) provide guidance for transactions with related parties.
The Group has established its audit committee and adopted an updated written terms of reference in August 2013. The responsibilities of its audit committee are to supervise its internal control, financial information disclosure and financial reporting matters, which include the following: proposing the appointment, re-appointment or removal of external auditors; reviewing and monitoring the external auditors’ independence and objectivity and the effectiveness of the audit process in accordance with applicable standards; reviewing the financial information of the Company; overseeing the financial reporting system and internal control procedures of the Company; and enhancing the communication between internal auditors and external auditors.
The audit committee comprises Ms. Zang Xiu qing, Ms. Xiao Xiang and Mr. Xiao Zuhe. Ms. Zang Xiu qing and Mr. Xiao Zuhe are independent non-executive Directors. Ms. Zang Xiu qing is the chairman of the audit committee.
Listed Date 12 Dec 2013
22/F, World-Wide House,
19 Des Voeux Road Central,
Telephone (86) 335 3099676
Facsimile (86) 335 3093599