Yibin City Commercial Bank Strengthens Governance With Expanded Audit Committee Mandate

Yibin City Commercial Bank Co., Ltd. Class H ( (HK:2596) ) has provided an update.

Yibin City Commercial Bank Co., Ltd. has formalised detailed Terms of Reference for its Board Audit Committee, aligning its governance structure with Chinese banking laws, corporate governance codes and Hong Kong listing requirements. The Audit Committee, positioned as a key supervisory body under the Board, will be composed entirely of non–senior management directors, with a majority of independent directors and at least one member possessing professional accounting or financial expertise, and will be led by an independent director who is a professional accountant. Its remit covers overseeing the bank’s operations, risk and compliance framework, accounting policies, financial reporting processes and position, as well as supervising internal and external audit work and exercising some functions traditionally assigned to a board of supervisors. The committee is empowered to recommend the appointment, reappointment or removal of external auditors, set and review their remuneration and terms of engagement, evaluate their independence and performance, and establish policies governing non-audit services, with an internal audit-based office supporting its daily work, signalling a strengthened internal control and oversight regime aimed at bolstering transparency and protecting stakeholder interests.

The most recent analyst rating on (HK:2596) stock is a Buy with a HK$3.00 price target. To see the full list of analyst forecasts on Yibin City Commercial Bank Co., Ltd. Class H stock, see the HK:2596 Stock Forecast page.

More about Yibin City Commercial Bank Co., Ltd. Class H

Yibin City Commercial Bank Co., Ltd. is a Chinese commercial bank whose shares are listed in Hong Kong, operating under the regulatory framework of the PRC Company Law, the Law on Commercial Banks, and the Hong Kong Listing Rules, with a focus on providing banking and financial services in compliance with banking and insurance corporate governance standards.

Average Trading Volume: 12,572

Technical Sentiment Signal: Strong Buy

Current Market Cap: HK$12.02B

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