Committee
The B of D has established professional committees by specific field for the effective and professional operation of the B of D, and has delegated partial authority to these committees
4 Tabs
The Audit Committee supervises the legality of performance of directors and management to enhance enterprise value. The Committee is operated independently from management and certain shareholders.
Organization
- The Audit Committee must be comprised of three or more directors and two-thirds or more from outside directors, and include one or more accounting or financial expert.
- The company's Audit Committee is currently comprised of four outside directors, (chair as outside director) and includes one accounting or financial expert.
Appointment and term of members
- The Audit Committee members are appointed by resolution at the annual general meeting of shareholders, and shareholders, who hold more than 3% of total number of shares, cannot exercise voting rights in respect of such excess shares beyond the limit.
- The term of an Audit Committee member is the same as that of the director, and can be extended by resolution at the AGM.
Operation
- Regular Audit Committee meetings are held at least once a quarter, and special meetings can be held as often as needed.
- The Audit Committee can ask an involved employee to attend the meeting, and can request for an expert consultation at the expense of the company.
- The Committee checks whether the company follows the standard of Law through the Compliance Officer, and may utilize the company's audit team for the performance of its duty.
- The operation details are determined by the Regulations of Audit Committee.
Rights
- Supervise legitimacy of performance of directors and management
- Examine validity and integrity of financial management
- Examine and control the internal audit system
- Assess the appropriateness of financial reporting
- Examine validity of changes in important accounting standards and accounting estimates
- Report appointment and dismissal of external auditor to AGM
- Mediate external auditor and the B of D
- Evaluate the activities of the external auditor regularly
- Approve, in advance, external auditor's management consultation for non-audit purposes.
- Check whether the company has taken corrective actions based on results of internal and external audits
- Revise the regulations of the Audit Committee
