Shougang Fushan Tightens Audit Committee Mandate to Bolster Governance
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Shougang Fushan Resources Group Limited has formalized its audit committee's terms of reference to enhance corporate governance. The committee will consist mainly of independent non-executive directors, chaired by an independent director, and will meet at least twice a year. It is responsible for recommending the appointment and remuneration of external auditors and ensuring audit independence. Recent restrictions prevent former partners of the external auditor from serving on the committee for two years. The latest analyst rating for the stock (HK:0639) is a Buy with a price target of HK$3.50.
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