ENM Holdings Limited (00128) has released updated terms of reference outlining the structure and responsibilities of its Audit Committee. The Committee, appointed by the Board, must comprise not fewer than three Non-Executive Directors, with a majority serving as independent non-executive directors. At least one independent member must possess appropriate professional qualifications, including accounting or related financial management expertise. Meetings are held at least twice annually, with the Chief Financial Officer, a representative of the Internal Audit function, and designated external auditors typically in attendance.

The Board has granted the Committee authority to investigate relevant activities, request information from employees, and engage external advisers as needed. In cases where the Board’s views differ from the Committee’s recommendations on selecting or dismissing external auditors, the Committee may issue a formal statement explaining its position for inclusion in the Annual Report’s Corporate Governance Report.

Primary Committee duties include managing external auditors, reviewing the integrity of financial disclosures, and ensuring the effectiveness of the financial reporting system, risk management, and internal control processes. Oversight of the Internal Audit function, if present, involves ensuring adequate resources, reviewing operational findings, and approving the internal audit plan. The Committee also monitors the whistleblowing policy, ensuring employees and other stakeholders can confidentially raise concerns regarding potential improprieties.

The Terms of Reference specify that the Chairman of the Audit Committee should routinely attend the Company’s Annual General Meeting to address shareholder queries. After each Audit Committee meeting, the Chairman must provide a timely update to the Board, reporting the Committee’s work, decisions, and recommendations.