PACIFIC CENTURY PREMIUM DEVELOPMENTS LIMITED announced that its Board of Directors approved revised Terms of Reference for the Audit Committee on 13 November 2025. The updated framework outlines the Committee’s responsibility for ensuring the objectivity and credibility of financial reporting, conducting periodic reviews to assess the effectiveness of the Company’s risk management and internal control systems, and maintaining robust corporate governance practices in accordance with relevant laws and regulations.

Under the revised structure, only independent non-executive directors may serve as Committee members, with one member possessing appropriate accounting or financial management expertise as mandated by the relevant listing rules. The Committee is required to meet at least twice a year to discuss audit details and review financial statements before submission to the Board. It is also entrusted with monitoring the external auditor’s independence and overseeing arrangements for handling potential improprieties, while retaining the authority to investigate any activity within its scope.

The Terms of Reference emphasize internal coordination between the audit and management teams, ensuring that the internal audit function is adequately resourced and effective. They also detail requirements for regular reporting to the Board and outline procedures for reviewing and approving audit and non-audit services. The revised guidelines underscore the Company’s commitment to continually strengthening oversight mechanisms, with annual reviews of the Terms of Reference to keep governance standards aligned with evolving regulatory requirements.