HUAI I Precision Technology Co., Ltd. adheres to operational transparency, values shareholder rights, and believes that a sound and efficient board of directors is the foundation of good corporate governance. In accordance with this principle, the board of directors of HUAI I Precision Technology has authorized to establish an audit committee to assist the board in fulfilling its oversight responsibilities. The charters of each committee have been approved by the board of directors, and the chair of each committee regularly reports on its activities and decisions to the board.
In accordance with the company's bylaws, the board of HUAI I Precision Technology currently consists of nine directors, including three independent directors, each serving a three-year term and eligible for re-election. The chairman of the board is selected by the directors. The chairman represents the company externally and manages all significant affairs of the company.
Current term of office for the board of directors: From June 27, 2022 to June 26, 2025.
The company's board of directors has established an audit committee in accordance with Article 14-4 of the Securities and Exchange Act.
Audit Committee
HUAI I Precision Technology established an audit committee in November 2019. The audit committee is responsible for the following duties and shall submit its recommendations to the board of directors for discussion:
- Establishment or amendment of the internal control system in accordance with Article 14-1 of the Securities and Exchange Act.
- Assessment of the effectiveness of the internal control system.
- Procedures for handling significant financial transactions such as acquisition or disposal of assets, engaging in derivative trading, lending funds to others, endorsing or guaranteeing for others in accordance with Article 36-1 of the Securities and Exchange Act.
- Matters involving the self-interest of directors.
- Significant asset or derivative transactions.
- Significant loans, endorsements, or guarantees.
- Issuance, offering, or private placement of equity securities.
- Appointment, dismissal, or compensation of certified public accountants.
- Appointment or dismissal of the financial, accounting, or internal audit officer.
- Annual financial reports and semi-annual financial reports.
- Other significant matters as required by other companies or competent authorities.
Current term of office for the committee: From June 27, 2022 to June 26, 2025