Public Financial Holdings Limited (626.HK) has released a Terms of Reference document outlining the structure and responsibilities of its Nomination and Remuneration Committee. The document clarifies objectives that include reviewing board composition, identifying candidates for key roles, formulating succession plans, and conducting annual assessments of the Board of Directors. It also sets procedures for establishing a board skills matrix, developing remuneration strategies, and overseeing both board and workforce diversity policies.
The Committee is composed of Non-Executive Directors, with a majority of Independent Non-Executive Directors, and is chaired by an Independent Non-Executive Director. The secretary role may be performed by the Company Secretary or a designated Human Resources representative from Public Bank (Hong Kong) Limited. The Committee holds the authority to investigate any relevant activity, seek professional advice, and access necessary information from within the organization.
The Terms of Reference address performance evaluations of Directors and Senior Management, compliance with regulatory guidelines for Independent Non-Executive Director appointments, and creation of a transparent framework for remuneration. The Committee also reviews compensation for leadership positions, ensuring alignment with the company’s long-term interests and adherence to fair, market-competitive practices. Meeting frequency is set at least once per year, requiring a quorum with two Independent Non-Executive Directors present, and meeting minutes are recorded for reference by the Board.
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