Committees of the Board

The Company has three board committees and details are as follows:

Audit Committee

The Audit Committee is responsible for the oversight of the accounting and financial reporting processes of the Company, including its internal control principles and the audits and interim reviews of the financial statements of the Company. The Audit Committee meets at least three times a year.

Compensation Committee

The Compensation Committee oversees the evaluation of the executive management and reviews the compensation of the directors and executive officers. It also oversees and administers from time to time the employee share option scheme.

Nominations and Corporate Governance Committee

The responsibilities of the Nominations and Corporate Governance Committee include recommending the persons to be nominated to the board for election as directors, recommending the directors to be appointed to each committee of the Board, developing corporate governance guidelines and overseeing evaluation of the board.