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There are six committees under the Board and each of these committees has their specific terms of reference. Each of the members of such committees is authorized to make the relevant decisions within the terms of reference of their respective committees.
Strategic Development Committee
The Strategic Development Committee of the Company, established in April 2005, comprises one independent non-executive director, one non-executive director and one executive director of the Company. It is chaired by Ms. LI Boxi and the other two members are Mr. Zhang Liang and Mr. XU Lirong.
The committee is responsible for considering, evaluating, reviewing and making recommendations to the Board in respect of proposed major investments, acquisitions and disposals. It is also responsible for conducting post-investment evaluation of investment projects and for reviewing and considering the overall strategic direction and business developments of the Company.
Risk Management Committee
The Risk Management Committee of the Company, established in April 2005, comprises one independent non-executive director and two non-executive directors of the Company. It is chaired by Mr. LI Jianhong and the other two members are Ms. LI Boxi and Ms. SUN Yueying.
The Risk Management Committee provides independent support to the Board to identify the operational risks of the Company, monitor and manage these risks, set a clear direction for the Group's risk management strategies and strengthen the risk management system of the Group.
Audit Committee
The Audit Committee of the Company, established in April 2005, comprises two independent non-executive directors and one non-executive director of the Company. It is chaired by Mr. HAMILTON Alexander Reid and the other two members are Ms. SUN Yueying and Mr. CHENG Mo Chi. All members of the committee have extensive experience in understanding, analysing and reviewing the financial reports of listed companies. Mr. Hamilton, the chairman, was formerly a partner of Pricewaterhouse Coopers. Neither Mr. CHENG Mo Chi nor Ms. SUN Yueying was a partner of the auditors of the Company.
The Audit Committee is mainly responsible for reviewing and monitoring the financial reporting procedures of the Company. It is also responsible for overseeing all matters in respect of, among other things, the appointment, remuneration, removal and resignation of auditors. Besides, it is the duty of the audit committee to review the robustness of the internal control system, including the ongoing review of the effectiveness of various checks and balances in respect of the corporate structure and business processes of the Company, as well as considering the existence of any potential risks and the degree of urgency in controlling them to ensure the smooth business operation and the realisation of the corporate goals and strategies of the Company The scope of review covers finance, operation, legal compliance and risk management. Meanwhile, the Audit Committee reviews the internal audit plans of the Company and submits reports and recommendations to the Board from time to time.
Remuneration Committee
The Remuneration Committee of the Company, established in April 2005, comprises two independent non-executive directors and one non-executive director of the Company. It is chaired by Mr. CHENG Mo Chi, and the other two members are Mr. XU Lirong and Mr. HAMILTON Alexander Reid.
The Remuneration Committee is mainly responsible for making recommendations to the Board on the remuneration polices and structures for the directors and supervisors of the Company. In addition, the Remuneration Committee is also responsible for reviewing and approving remuneration which are determined on results and performance of duties with the reference to the corporate objectives approved by the Board from time to time. The Remuneration Committee convenes meetings whenever necessary and reports to the Board.
Nomination Committee
The Nomination Committee of the Company, established in April 2005, comprises two independent non-executive directors and one non-executive director of the Company. It is chaired by Mr. TEO Siong Seng and the other two members are Mr. ZHANG Liang and Mr. CHENG Mo Chi.
The Nomination Committee is mainly responsible for nominating potential candidates for directorships, reviewing the nomination of directors and making recommendations to the Board on directorship appointments.
Executive Committee
The Executive Committee of the Company was established in December 2005 to make decision in a more effective manner. The terms of reference, scope of responsibilities and rules of procedures, applicable to the committee, inter alia, have been expressly defined by the Board.
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