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The terms of reference of the Audit Committee of the Company are updated from time to time in accordance with CG Code requirements. The written terms of reference of the Audit Committee are available upon request and a summary of the principal duties is posted on the Companys website.

The Audit Committee currently comprises four Independent Non-executive Directors, namely, Mr. Cheng Hoi Chuen, Vincent (who is the chairman of the Audit Committee), Professor Wong Yue Chim, Richard, Mrs. Lee Pui Ling, Angelina and Mr. Zhu Qi. None of the four members of Audit Committee has been a former partner of the Companys external auditor.

Two Audit Committee meetings were held in 2010. The attendance of individual members at the Audit Committee meetings held in 2010 is set out below:

Members of Audit Committee Independent Non-executive Directors CHENG Hoi Chuen, Vincent WONG Yue Chim, Richard LEE Pui Ling, Angelina ZHU Qi Average Attendance Rate

Audit Committee Meetings Attended/ Audit Committee Meetings Held

1/2 2/2 2/2 2/2 87.50%

Audit Committee Meetings held in 2010

During the financial year ended 31 December 2010, two meetings of the Audit Committee were held. The following is a summary of the major work done of the Audit Committee at these meetings:

  • reviewed various internal audit activities and approved the annual audit plan;

  • reviewed the effectiveness of the internal control system;

  • reviewed the significant findings and recommendations from the internal auditor and external auditor, and monitored

subsequent implementations;

  • reviewed the Groups accounting, finance and reporting functions, and governance and compliance issues;

  • reviewed the audited financial statements for the year ended 31 December 2009 and the unaudited financial

statements for the six months ended 30 June 2010;

  • reviewed and approved the draft 2009 Annual Report and final results announcement of the Company;

  • reviewed and approved the draft 2010 Interim Report and interim results announcement of the Company; and

  • reviewed and considered the re-appointment of Messrs. Deloitte Touche Tohmatsu as the external auditor and

approved their remuneration.

Annual Report 2010


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