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Audit Committee
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Established in August 1998, the Audit Committee, chaired by an independent non-executive director, consists of four members, all of whom are independent non-executive directors of the Company. All committee members are well-versed in the accounting, legal, banking and/or commercial areas. The committee is authorised by the Board to investigate any activity within its terms of reference. It has unrestricted access to information relating to the Group, to both the internal and external auditors, and to the management and staff. Its terms of reference are aligned with the recommendations set out in "A Guide for Effective Audit Committees" issued by the Hong Kong Institute of Certified Public Accountants and the code provisions set out in the Corporate Governance Code.

The Audit Committee, in addition to providing advice and recommendations to the Board, also oversees all matters relating to the external auditors. It therefore, plays an important role in monitoring and safeguarding the independence of the external auditors. Both the Financial Controller and the Internal Auditor are directly accountable to the Chairman of the Audit Committee.

Mr. CHOW Kwong Fai, Edward* (Chairman of the Committee)
Mr. Timothy George FRESHWATER*
Dr. FAN HSU Lai Tai, Rita*
Mr. Adrian David LI Man Kiu*
* Independent Non-executive Director

[terms of reference]

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