Our Company established an audit committee in October 2006. The primary duties of the audit committee are to review and supervise the financial reporting process and internal control systems of our Group. The audit committee comprises Mr. Ma Yuanju, Mr. Luo Jianhua and Mr. Zhang Shuting. Mr. Ma Yuanju is the chairman of the audit committee.
Our Company established a remuneration committee in October 2006. The functions of this committee include the formulation and recommendation to the Board in respect of our Company's policy and structures for all remuneration of our Directors and senior management of our Company, the establishment of a formal and transparent procedure for developing policy on remuneration, the determination of specific remuneration packages of all executive Directors and senior management in the manner specified in the terms of reference, the recommendation to the Board of the remuneration of non-executive Directors, review and approval of performance-based remuneration, and review and recommendation to our Shareholders as to the fairness and reasonableness of the terms of any Director's service agreement which is subject to the prior approval of our Shareholders in general meeting pursuant to the Listing Rules. The remuneration committee comprises Mr. Luo Jianhua, Mr. Ma Yuanju and Mr. Zhang Shuting. Mr. Luo Jianhua is the chairman of the remuneration committee.
Our Company established a nomination committee in October 2006. The primary duties of the nomination committee are to review and make recommendations to the Board on all candidates nominated for appointment to the Board, to identify and make recommendations to the Board as to the Directors who are to retire by rotation and to be put forward for re-election at each annual general meeting of our Company, and to determine annually whether or not a Director is independent. The nomination committee comprises Mr. Ma Yuanju, Mr. Wen Yibo and Mr. Luo Jianhua. Mr. Ma Yuanju is the chairman of the nomination committee.