Industrial and Commercial Bank of China Limited released a revised version of its Audit Committee Working Regulations (Version 2025). The document clarifies the committee’s supervisory role, focusing on internal control, financial information, and the internal audit system, as well as overseeing the effectiveness of directors’ and senior management’s performance of duties.

The revised regulations specify that the Audit Committee is composed solely of non-executive directors, with independent directors serving as the majority. At least one independent director must have an accounting background and lead the committee. Members are required to devote sufficient time to performing their duties, including attending meetings, reviewing materials, and conducting necessary investigations.

The responsibilities outlined include overseeing the Bank’s financial activities, reviewing significant financial policies, and assessing compliance within key business operations. The committee is authorized to propose the dismissal of directors or senior management who violate laws, regulations, or the Bank’s Articles of Association, and may also recommend the engagement or replacement of external auditors.

The new regulations emphasize regular assessment of internal control systems, ensuring they are both comprehensive and effective. The Audit Committee is also tasked with examining annual and interim financial reports, supervising the audit schedule, and communicating with external auditors to maintain timeliness and accuracy in financial disclosures. In addition, the regulations describe procedures for convening meetings, setting agendas, and reporting to the Board of Directors.