MEIG (03268) has officially released the Audit Committee Terms of Reference, which will apply after the issuance and listing of its H shares. According to the document, the Audit Committee will serve as a specialized body under the Board, consisting entirely of independent directors, with at least one director possessing accounting or relevant financial management expertise.

The Terms of Reference outline the committee’s primary responsibilities: review of financial information and its disclosure, supervision and evaluation of external and internal audit work, and oversight of internal control processes. The committee is also tasked with engaging external auditors, monitoring their performance and independence, coordinating with the internal audit department, and ensuring the company’s risk management and regulatory compliance remain effective.

The Terms of Reference provide detailed procedures for the committee’s composition, meeting frequency, and decision-making processes. They stipulate that the committee shall hold regular quarterly meetings, with extraordinary sessions convened as deemed necessary. The document also clarifies the procedures for supervising external audits, reviewing financial reports, and communicating with company management. Meeting minutes will be documented and retained for no less than 10 years.

The release indicates that the committee bears ultimate responsibility for ensuring the integrity of MEIG’s internal controls and the accuracy of its financial disclosures, reflecting a continued commitment to robust corporate governance practices.