Annual Report 2022

2022 Annual Report Transport International Holdings Limited 123 Delegation by the Board of Directors The Board maintains four designated Board Committees to oversee various aspects of the Group’s affairs: the Standing Committee, the Audit and Risk Management Committee, the Remuneration Committee and the Nomination Committee. The Committees are governed by their respective terms of reference and are provided with adequate authority and resources to discharge their duties. The terms of reference are regularly reviewed and are available on the websites of the Company and the Stock Exchange respectively. The membership of each Committee (as of 1 January 2023) is shown below: Name of Directors Standing Committee Audit and Risk Management Committee Remuneration Committee Nomination Committee Independent Non-executive Directors Dr Norman LEUNG Nai Pang, GBS, JP Chairman Dr John CHAN Cho Chak, GBS, JP Member Chairman Chairman Dr Eric LI Ka Cheung, GBS, OBE, JP Chairman Member Member Professor LIU Pak Wai, SBS, JP Member Member Mr TSANG Wai Hung, GBS, PDSM, JP Member Member Non-executive Directors Mr Raymond KWOK Ping Luen, JP Member Mr Charles LUI Chung Yuen, M.H. Member Ms Winnie NG, JP Member Member Mr Allen FUNG Yuk Lun Member Member Mr William LOUEY Lai Kuen Member Mr LUNG Po Kwan Member Executive Director Mr Roger LEE Chak Cheong Member Standing Committee The role of the Standing Committee is to advise and assist the Board in devising business strategies, making significant investment proposals and monitoring their implementation. The Standing Committee’s findings and recommendations are submitted directly to the Board. In 2022, the Standing Committee held six meetings with the Senior Management to review and discuss the Group’s financial, operational and strategic planning, as well as potential investment opportunities. Audit and Risk Management Committee The Chairman of the Audit and Risk Management Committee is Dr Eric LI Ka Cheung, an Independent Non-executive Director of the Company. He is a Certified Public Accountant who possesses the professional qualifications and accounting expertise prescribed by the Listing Rules. Dr LI and the other members of the Audit and Risk Management Committee have diverse experience in various business and professional fields as set down in the Directors’ biographies from pages 142 to 150 of this Annual Report. None of the members of the Audit and Risk Management Committee is a former or existing partner of the external auditors of the Company. The Audit and Risk Management Committee is responsible for establishing and maintaining an adequate internal control structure, ensuring the quality and integrity of financial statements, nominating independent external auditors, reviewing the adequacy of external audits in respect of cost, scope and performance, and ensuring that an effective system of internal control and risk management is established within the Company. The Audit and Risk Management Committee’s terms of reference are aligned with the recommendations set out in “A Guide for Effective Audit Committees” published by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and are regularly updated with reference to the recommendations of the CG Code of the Listing Rules. The terms of reference are available on the respective websites of the Company and the Stock Exchange.