Annual Report - QuamIR

Corporate Governance Report (Continued)
The principal responsibilities of the Audit Committee are to, inter alia, review
and supervise the Group’s financial reporting process, internal control and risk
management procedures, as well as oversee the adequacy of the accounting
and financial reporting resources.
During the year, the Audit Committee held two meetings together with
senior management and external auditor. The attendance details of each
member are set out on page 17. The major work performed by the Audit
Committee during the year included reviewing interim and annual financial
statements, continuing connected transactions, internal audit reports on the
internal controls and risk management matters, as well as reviewing and
recommending re-appointment of external auditor.
Executive Committee
(formerly known as Steering Committee)
17
The Company established a Steering Committee which has been adopted as
a board committee and changed its name to Executive Committee recently.
The objectives of the Committee are to assist the Board to strengthen internal
management, improve efficiency, reduce management cost and minimize
operational risk of the Group. The Committee comprises all Executive
Directors and some executives of the Group. Mr. OEI Kang, Eric is the
Chairman of the Executive Committee.
The principal responsibilities of the Committee are to manage the Group’s
business activities, monitor and oversee the operating performance and
financial position of the Group and all strategic business units.
Auditors’ Remuneration
For the year ended 31 December 2011, the fees in respect of audit and
non-audit services provided to the Group by the auditor amounted to
approximately HK$6.5 million and HK$3.1 million respectively. The nonaudit
services mainly consist of tax advisory services, corporate exercise
professional fee, due diligence services and corporate governance
consultation.
6,500,0003,100,000
20 HKC (Holdings) Limited • Annual Report 2011