Wuxi Lead Intelligent Equipment Co., Ltd. recently released updated Terms of Reference for its Audit Committee, highlighting procedures and responsibilities to strengthen the company’s corporate governance. According to the announcement, the Audit Committee comprises three directors, with at least half classified as independent and at least one member possessing accounting expertise.
The document outlines core functions, including reviewing and monitoring financial reporting, evaluating the effectiveness of internal controls, supervising internal audits, and overseeing external auditors’ performance and independence. The committee is required to meet quarterly and is mandated to report its resolutions in writing to the Board, ensuring thorough oversight and accountability in areas such as financial disclosures, risk management, and audit quality.
The announcement also specifies procedures for member nomination, obligation to maintain strict confidentiality, and detailed guidance for interdepartmental coordination. These Terms of Reference will take effect from the date the company’s H Shares commence listing on the Hong Kong Stock Exchange, further aligning its corporate governance practices with regulatory standards.
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