The organizational structure of Audit Committee consists of a Chairman and member(s) of the Committee. The chairman is appointed from among Independent Commissioner(s) or Commissioner(s) that can act independently. The member(s) of the Audit Committee are other Commissioner(s) or third parties. Members of the Audit Committee shal consis of 2 (two) persons with knowledge and background in Accounting or Financial Management and must have extensive knowledge on company business management. A member of the Audit Committee is appointed for a maximum of 3(three)-year period of term of office and may afterwards be re-appointed for the a maximum of 2(two)-year period of the following term of office.
The Audit Committee is in charge of providing independent professional insights for the Board of Commissioners regarding reports or other matters submitted by the Board of Directors to the Board of Commissioners to assist the Board of Commissioners in the supervision responsibilities, including identifying matters that require the attention of the Board of Commissioners and performing other tasks assigned by the Board of Commissioners i.e:
The Audit Committee shall conduct a study in the event that there is any member(s) of the staff reporting any infringements concerning financial reports and other matters and ensure that an independent investigation has been conducted on such report and adequate measures of follow-up has been undertaken.
The term of office of the member(s) of the Audit Committee may not exceed the term of office of the Board of Commissioners pursuant to the Company’s Articles of Association and the member(s) may be re-appointed only for 1 (one) additional term of office.
This Audit Committee Charter takes effect as of 1st September 2021. The Audit Committee shal review this Audit Committee Charter at leas once a year to attain Approval from the Board of Commissioners.