China Minsheng Bank Tightens Governance With New Audit Committee Charter

China Minsheng Banking ( (HK:1988) ) just unveiled an announcement.

China Minsheng Banking Corp., Ltd. has formalized detailed terms of reference for its Board Audit Committee to strengthen corporate governance and internal supervision. The document clarifies the committee’s mandate to oversee financial reporting, accounting policies, internal controls, and both internal and external audits, and empowers it to provide professional opinions to the board and supervise the performance of directors and senior management. It specifies that the Audit Committee must be composed of at least three non–senior management directors, with a majority of independent directors and an independent director with accounting qualifications serving as chair, and outlines rules on tenure, replacement, and support by a dedicated secretarial body. The committee’s responsibilities also include rigorous review of periodic financial reports, major accounting changes and corrections, fraud risks, and the selection, engagement, and fee review of external auditors, aiming to enhance transparency, regulatory compliance, and investor confidence in the bank’s financial disclosures and audit processes.

The most recent analyst rating on (HK:1988) stock is a Hold with a HK$4.00 price target. To see the full list of analyst forecasts on China Minsheng Banking stock, see the HK:1988 Stock Forecast page.

More about China Minsheng Banking

China Minsheng Banking Corp., Ltd. is a joint stock commercial bank incorporated in the People’s Republic of China and listed in both Shanghai and Hong Kong. Operating in the banking and financial services industry, the bank focuses on corporate and retail banking, with a particular emphasis on small and medium-sized enterprises, and is subject to China’s commercial banking and listed company governance regulations.

YTD Price Performance: 20.31%

Average Trading Volume: 26,831,389

Technical Sentiment Signal: Buy

Current Market Cap: HK$184.6B

For an in-depth examination of 1988 stock, go to TipRanks’ Overview page.