In May, 2017, Advantech formed Audit Committee to replace the Supervisory Board in order to further enhance corporate governance responsibilities of Board Members and strengthen Board Operation. The audit committee is comprised of all Independent Directors and at least one of them is expert in finance or accounting. The term of Independent Directors shall be three years and can be re-elected.
The Audit Committee is responsible to review the following major matters:
- The establishment or amendment of Internal Control System as provided for in Article 14-1 of the Securities and Exchange Act.
- Assessment of the effectiveness of Internal Control System.
- The establishment or amendment of major financial regulations, Acquisition and Disposal of Assets, Derivatives Trading, Lending of Capital, Endorsements or Guarantees; the operation procedures, Merge, Division, Acquisition and Share Transferee, and its information disclosure and other major financial transactions as provided for in Article 36-1 of the Securities and Exchange Act.
- Matters relating to the directors’ own interests.
- Material assets or derivative transactions.
- Material lending funds, endorsements or guarantees.
- The raising, issuance or private placement securities that with equities nature.
- Hiring or dismissal of an attesting CPA, or the compensation given thereto (Including non-audit related services provided by the CPA).
- Appointment or discharge of financial, accounting or internal auditing officers.
- Annual, semi-annual and quarter financial reports.
- Annual Business Report and the plan for distribution of profit or covering of losses.
- Accounting policy or accounting accruals; donation to 3rd party more than NTD 2 million.
- Any other material matter so required by the company or competent authority
The matters set out above mentioned shall be subject to the consent of one-half or more of the entire membership of the Audit Committee and be submitted to the board of directors for a resolution.
With exception of approving financial reports, a matter has not been consented to by one-half or more of the entire membership of the Audit Committee may be adopted with the consent of two-third or more of the entire board of directors.
Members of Audit Committee
|Title||Name||Education and selected past positions|
|Independent Director||Benson Liu||
|Independent Director||Jeff Chen||
|Independent Director||Chan-Jane Lin||
|Benson Liu / Independent Director|
|Jeff Chen / Independent Director|
|Chan-Jane Lin / Independent Director|