The three-member Audit Committee overseas the Company's financial statements. The Committee conducts an independent audit of financial information provided by the Company's management, internal controls in relation to compliance with financial and accounting requirements.
The Committee also monitors the Company's auditing, accounting and financial reporting processes more generally. The Board of Directors appoint members of the Audit Committee at its first meeting after the appointment of the Board of Directors at the General Meeting of Shareholders.
The authority of the Audit Committee members terminate upon the end of the term of office of the Board of Directors.
The Human Resources, Compensation and Benefits Committee consisting of three members, supervises the performance and reward of the team. The committee advises the Board of Directors on the base salary and other compensation for the CEO and officers reporting directly to the CEO, as well as on the establishment of performance targets for senior management and variable compensation plans for other employees.
The committee also reviews the company's human resources policies and processes including recruitment and benchmarking. The Board of Directors appoints members of the Human Resources, Compensation and Benefits Committee at its first meeting after the election of the Board of Directors at the annual general meeting of shareholders. The authority of the members of the Human Resources, Compensation and Benefits Committee terminate at the end of the term of office of the Board of Directors.
