Pursuant to our internal regulations, our Audit Committee consists of at least three members from our Board of Directors, each of whom is to be an independent director (or, if this is not reasonably possible, either an independent or non-executive director). Each member will serve until our next annual meeting of shareholders.
The Audit Committee is principally responsible for:
- review of our financial statements;
- review of reports of the Internal Audit Commission and the internal control department;
- review of and making recommendations to the Board of Directors in relation to the standards and procedures for internal and risk control of TMK;
- evaluating the efficiency of internal control procedures and preparing proposals for their improvement;
- assessment of planned major and interested party transactions to be entered into by TMK; and
- analysis, together with the external auditors, of major issues with respect to the audit of financial and accounting reporting.