Prosper Construction Formalizes Audit Committee Mandate to Strengthen Governance

Prosper Construction Holdings Limited ( (HK:6816) ) has provided an announcement.

Prosper Construction Holdings Limited has set out formal terms of reference for its Audit Committee, originally established by a board resolution on 22 June 2016, detailing how members are appointed, removed, and structured to align with Hong Kong Listing Rules. The document specifies that the committee must comprise at least three non-executive directors, with a majority being independent and at least one possessing professional accounting or financial expertise, while also barring recent partners of the current auditing firm and formalizing procedures for convening meetings, notices and secretarial support to strengthen corporate governance.

Under the updated framework, the Audit Committee chairman must be an independent non-executive director appointed by the board or elected by committee members, and the company secretary will serve as the committee’s secretary unless a substitute is chosen for a specific meeting. These measures are designed to reinforce the independence, transparency and effectiveness of Prosper Construction’s financial oversight and audit processes, which may enhance investor confidence and compliance with regulatory standards.

More about Prosper Construction Holdings Limited

Prosper Construction Holdings Limited is a Hong Kong-listed company engaged in the construction sector. The group operates through a board comprising executive and non-executive directors, including independent non-executive directors, and is subject to the corporate governance and listing requirements of the Hong Kong Stock Exchange.

Average Trading Volume: 39,000

Technical Sentiment Signal: Sell

Current Market Cap: HK$152M

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