Bank of Tianjin Co., Ltd. (1578), a joint stock company incorporated in the People’s Republic of China, has released revised Terms of Reference for its Audit Committee of the Board of Directors. The document highlights the committee’s composition, responsibilities, authorities, and meeting protocols, aiming to strengthen internal supervision, risk control, and ensure compliance with relevant laws and regulations.

The announcement states that the Audit Committee now performs the functions and powers typically overseen by a Board of Supervisors. The committee has been given authority to review the financial position of the company, supervise performance of directors and senior management, propose dismissal of directors and senior management violating laws or regulations, and submit proposals to the general meeting when necessary. It is also responsible for guiding the company’s internal audit policies and procedures.

Under these revised Terms of Reference, the Audit Committee must consist of three or more directors with finance, audit, accounting, or legal expertise, and at least one independent director must possess appropriate professional qualifications. The committee’s tasks include examining the independence and objectivity of external auditors, regularly assessing internal audit work, and reviewing financial statements, annual reports, interim reports, along with internal control practices.

Meeting protocols in the newly issued Terms of Reference indicate that the committee must convene at least once every quarter. Resolutions require approval by more than half of all members, and each member holds one vote. Clear outlines for handling meeting procedures, disclosure obligations, and accountability have also been set. The effective date of this updated document coincides with its approval by the Board of Directors, replacing the previous Terms of Reference for the Audit Committee.