Standard Chartered PLC (the Company) released its updated Audit Committee Terms of Reference, approved by the Board in February 2026. The Audit Committee assists the Board in overseeing financial and non-financial information, verifying the integrity of financial statements, and evaluating the Company’s internal controls and audit frameworks. It also monitors compliance with accounting standards, reviews the Company’s going concern assumptions, and ensures fair disclosure in financial reports and disclosures such as the Pillar 3 and Minimum Requirement for Own Funds statements.
The Terms of Reference outline the committee’s oversight of internal audit functions, including approval of the annual Audit Plan, budget, and mandate. The Audit Committee evaluates external statutory audit arrangements, assessing the auditor’s independence and effectiveness. It also reviews any major disputes, regulatory investigations, and correspondence with financial regulators. Additional sections detail whistleblowing channels, the UK tax strategy, and how subsidiary audit committees link back to the main committee.
Membership of the committee requires at least three independent Non-Executive Directors, one of whom must also sit on the Board Risk Committee. The Terms of Reference specify regular review of committee performance, ensuring that responsibilities are discharged effectively and remain aligned with relevant regulations and governance practices.
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