Eastroc Beverage (Group) Co., Ltd. released updated Terms of Reference for its Remuneration and Appraisal Committee, applicable upon issuance and listing of the company’s H shares. According to the announcement, the committee is primarily in charge of formulating criteria and conducting assessments for directors (excluding independent non-executive directors) and senior management, as well as reviewing and recommending remuneration policies to the company’s board of directors.
The announcement states that the committee must consist of three directors, with a majority being independent non-executive directors. It also clarifies the committee’s authority to examine and approve remuneration packages, propose equity incentive plans, and maintain a formal and transparent procedure for addressing remuneration matters. Key information includes the requirement for committee members to conduct performance assessments based on the company’s strategic goals and to abstain from voting on matters in which they hold a personal interest.
The revised terms take effect from the date when Eastroc Beverage’s H shares are filed with the relevant regulatory bodies and listed on The Stock Exchange of Hong Kong Limited. Written minutes of each committee meeting must be retained by the secretary to the board for at least ten years, underscoring the company’s emphasis on thorough recordkeeping and compliance with applicable rules and regulations.
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