Sinopec Engineering Tightens Audit Committee Rules to Bolster Governance

SINOPEC Engineering (Group) Co., Ltd. Class H ( (HK:2386) ) just unveiled an announcement.

SINOPEC Engineering (Group) Co., Ltd. has formalised updated terms of reference for its board audit committee, aligning the committee’s structure and operations with the Company Law of the PRC, Hong Kong Listing Rules and professional guidelines on effective audit committees. The revised framework specifies that the audit committee must consist entirely of non-executive directors, with a majority being independent and at least one member possessing professional expertise in accounting or financial management, and it sets clear eligibility, confidentiality and independence requirements, including a cooling-off period for former partners of the external auditor. It also clarifies the committee’s core duties, notably advising on the appointment, reappointment, removal and remuneration of the independent auditor, overseeing auditor independence and audit effectiveness, and formulating policies on non-audit services, thereby strengthening the company’s governance, oversight of financial reporting and protection of shareholder interests.

The most recent analyst rating on (HK:2386) stock is a Buy with a HK$8.50 price target. To see the full list of analyst forecasts on SINOPEC Engineering (Group) Co., Ltd. Class H stock, see the HK:2386 Stock Forecast page.

More about SINOPEC Engineering (Group) Co., Ltd. Class H

SINOPEC Engineering (Group) Co., Ltd. is a Chinese engineering and construction company focused on large-scale projects for the energy and petrochemical sectors, providing engineering, procurement and construction (EPC) services and related technical solutions to domestic and international clients in line with Hong Kong listing requirements and Chinese corporate law.

Average Trading Volume: 4,183,055

Technical Sentiment Signal: Buy

Current Market Cap: HK$32.96B

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