Axera Semiconductor (Stock Code: 600) has released the Terms of Reference of its Audit Committee. The document sets forth the Audit Committee’s composition, responsibilities, meeting rules, and voting procedures, all aimed at enhancing oversight of the company’s financial reporting and internal controls.

According to the publication, the Audit Committee will comprise three members, all non-executive directors, including two independent directors. At least one independent director will have professional accounting qualifications. The committee will report directly to the board of directors, focusing on reviewing and supervising financial disclosures, auditing procedures, and internal control effectiveness. Key points include the requirement for members to examine periodic financial statements, evaluate external and internal audit processes, and oversee risk management frameworks.

The responsibilities also extend to reviewing the company’s financial and accounting policies, coordinating internal and external audits, and ensuring relevant recommendations are properly addressed. The committee reserves the right to engage professional institutions, such as accounting or legal firms, for investigation or advisory support when needed. Meeting procedures stipulate quarterly sessions, with the possibility of extraordinary meetings if at least two members make such a request or the committee chair deems it necessary.

These Terms of Reference become effective upon approval by the board and take into account applicable national laws, the Hong Kong Stock Exchange Listing Rules, and the Articles of Association. All committee decisions aim to strengthen the company’s corporate governance and ensure robust supervision of its financial processes.