Summary by Moomoo AI
The Construction Bank of China (Construction Bank) issued on 28 March 2024 a report on the performance of the 2023 Board Audit Committee. The report noted that the Audit Committee consists of 7 directors, including 2 non-executive directors and 5 independent non-executive directors, and is chaired by the independent non-executive director, Mr. Chung Kagyan. The committee's primary responsibilities are to oversee the financial reporting, internal controls, internal and external audit work of the construction company, and provide professional advice to the Board. In 2023, the Audit Committee held 7 formal meetings and reviewed the annual and half-yearly financial reports, while focusing on changes in the macro landscape and regulatory policy, to promote an improvement in the level of disclosure. Committee members actively participate in meetings and make recommendations on the appointment and management of external auditors. The report also outlines key work arrangements for 2024, including continuous optimization of financial disclosure and evaluation of external audit work.