Qingdao Port bolsters governance with new remuneration and audit committees

Qingdao Port International Co., Ltd. has formalized the terms of reference for its Remuneration Committee, aiming to strengthen remuneration management and improve assessment systems. This committee, a special body under the board of directors, will recommend remuneration packages for directors and senior management, establish transparent remuneration policies, and advise on share option schemes and other incentive plans. Comprising at least three directors, with a majority being independent, the Remuneration Committee is accountable to the board.

Concurrently, the company also established the Audit Committee to enhance risk management, internal control, and financial information oversight. This committee will review financial reporting systems, supervise internal audits, and recommend external auditors. The Audit Committee will consist of at least three directors who are not senior management, with a majority being independent directors, and its chairman will be an accounting professional. Members must possess financial or legal expertise, with at least one independent director holding appropriate professional qualifications or financial management expertise.

Both committees are designed to align with relevant laws, regulations, and listing rules across various exchanges, including the Company Law of the PRC and the listing rules of Shanghai Stock Exchange and The Stock Exchange of Hong Kong Limited. The establishment of these committees underscores Qingdao Port's commitment to robust corporate governance and safeguarding shareholder interests.