Annual Report 2023

ANNUAL REPORT 2023 43 AUDIT COMMITTEE The Audit Committee of the Company (“ Audit Committee ”) comprises all of the five Independent Non-executive Directors. The Audit Committee meets at least twice a year. Two meetings were held in 2023. The minutes of the Audit Committee meetings were tabled at next Audit Committee meetings for committee members to take note and for action where appropriate. The attendance of each member is set out as follows: Name of members Number of meetings attended in 2023 Attendance rate Li Ka Fai David (Chairman of the Audit Committee) 2/2 100% Chan Hiu Fung Nicholas 2/2 100% Chan Yuen Sau Kelly* 1 (appointed on 21 March 2023) 2/2 100% Wong Chi Wing* 2 (appointed on 24 July 2023) 1/1 100% Wong Pui Wah 2/2 100% Bong Shu Ying Francis* 3 (ceased on 2 June 2023) 1/1 100% Kut Ying Hay* 4 (ceased on 21 March 2023) N/A N/A *1. Ms. Chan Yuen Sau Kelly was appointed as an Independent Non-executive Director of the Company and a member of the Audit Committee on 21 March 2023. *2. Mr. Wong Chi Wing was appointed as an Independent Non-executive Director of the Company and a member of the Audit Committee on 24 July 2023. *3. Mr. Bong Shu Ying Francis retired as an Independent Non-executive Director of the Company and ceased to be a member of the Audit Committee on 2 June 2023. *4. Mr. Kut Ying Hay resigned as an Independent Non-executive Director of the Company and ceased to be a member of the Audit Committee on 21 March 2023. During the meetings held in 2023, the Audit Committee had performed the following work: (i) reviewed the financial reports for the year ended 31 December 2022 and for the six months ended 30 June 2023; (ii) reviewed the effectiveness of risk management and internal control systems; (iii) reviewed the external auditor’s audit plan and engagement letter; (iv) reviewed the management letter from the external auditor in relation to the audit of the Group for the year ended 31 December 2022; (v) reviewed and recommended for approval by the Board the 2023 audit scope and fees; and (vi) reviewed the connected transactions entered into by the Group during 2022. The major roles and functions of the Audit Committee are as follows: 1. to be primarily responsible for making recommendations to the Board on the appointment, reappointment and removal of the external auditor, and to approve the remuneration and terms of engagement of the external auditor, and any questions of its resignation or dismissal; 2. to review and monitor the external auditor ’ s independence and objectivity and the effectiveness of the audit process in accordance with applicable standards. The Audit Committee should discuss with the auditor the nature and scope of the audit and reporting obligations before the audit commences and ensure co-ordination where more than one audit firm is involved;