The main role of the Audit Committee is to monitor and evaluate the effectiveness of the REIT Manager's internal control.
The REIT Manager has established an Audit Committee to assist the Board in reviewing the completeness, accuracy, clarity and fairness of Prosperity REIT’s financial statements, recommending for the appointment and reviewing the relationship with the external auditor of Prosperity REIT periodically, as well as reviewing the effectiveness of financial reporting system, risk (including ESG risks) management and internal control systems and the internal audit function.
The Audit Committee is appointed by the Board and shall comprise a minimum of three members, all of whom must be Non-executive Directors and the majority of whom must be Independent Non-executive Directors. The chairman of the Audit Committee must be an Independent Non-executive Director. The Audit Committee meets on a half yearly basis and otherwise on an as-needed basis.
The members of the Audit Committee include: