Huaxin Building Materials Sets Robust Audit Committee Rules to Bolster Governance

Huaxin Cement Co., Ltd. Class H ( (HK:6655) ) has shared an announcement.

Huaxin Building Materials Group has established an Audit Committee under its Board of Directors and adopted detailed rules of procedures to strengthen the board’s decision-making role and oversight of financial accounting, internal and external audits, internal controls and major investments. The committee, composed entirely of non-executive directors with a majority of independent members and at least one accounting or financial expert, is empowered with adequate resources, access to management and external auditors, and the ability to seek independent professional advice, with the aim of enhancing corporate governance and ensuring regular performance and independence reviews of its members.

The company will provide logistical support, staffing and budget approval mechanisms to enable the Audit Committee to conduct its duties effectively, including organizing meetings, preparing documents and maintaining records. Provisions also stipulate term alignment with the board, automatic cessation of membership when a director leaves the board, and a cooling-off period for former partners of the company’s current audit firm before they can serve on the committee, reinforcing independence and risk oversight for stakeholders.

The most recent analyst rating on (HK:6655) stock is a Buy with a HK$22.50 price target. To see the full list of analyst forecasts on Huaxin Cement Co., Ltd. Class H stock, see the HK:6655 Stock Forecast page.

More about Huaxin Cement Co., Ltd. Class H

Huaxin Building Materials Group Co., Ltd. is a China-based building materials company primarily engaged in the production and sale of cement and related construction materials. The company is listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange, operating under a governance framework aligned with PRC company law and Hong Kong listing rules.

Average Trading Volume: 3,289,427

Technical Sentiment Signal: Buy

Current Market Cap: HK$42.08B

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