Shandong International Trust Co., Ltd. (stock code: 1697) disclosed updated Terms of Reference for its Audit Committee, aiming to enhance the decision-making process of the Board and mitigate operational risks. The committee oversees financial reporting, internal and external audit reviews, and internal controls, and reports to the Board. According to the document, the committee is granted the authority to investigate relevant activities, review company disclosures, and ensure compliance with applicable rules.

The committee is composed entirely of non-executive directors, with a majority who are independent directors. At least one member must be an accounting professional or possess relevant financial management expertise. The chairman of the committee must be an independent director with an accounting or financial background and is expected to devote not less than 25 working days annually to the committee’s duties. Members serve for three-year terms and may be re-elected after their terms expire.

Core responsibilities include reviewing the company’s quarterly, interim, and annual financial statements; supervising risk management and internal control systems; monitoring the work of external auditors and approving their remuneration; overseeing non-audit services; and ensuring resources for internal audit. The updated Terms of Reference took effect upon the Board’s resolution and are subject to national regulations, the company’s Articles of Association, and the Hong Kong Listing Rules.