Gaoyu Finance Group Limited (the “Company”) announced updated terms of reference for its Remuneration Committee, originally established by the board of directors on 5 December 2016. The Committee is required to comprise at least three members, with a majority being independent non-executive directors, and is led by an independent non-executive director as its chairman.

According to the announcement, the Committee’s primary responsibilities include making recommendations on remuneration policy and structure for directors and senior management, reviewing and approving related proposals with reference to corporate objectives, and providing recommendations on individual executive remuneration packages. The Committee is also charged with ensuring compensation related to the termination of office or appointment remains consistent with contractual terms and is fair and not excessive.

Meetings may be conducted in person or remotely, and a quorum requires two members. The Committee is granted authority to seek information from the Company and, if necessary, to obtain external professional advice. The Company will make the updated terms of reference publicly available on its own website and that of the Stock Exchange of Hong Kong Limited.