Under the Securities Exchange Act, AIDC set up the Audit Committee consisting of independent directors to replace the supervisors in Jun 2015. The Audit Committee assists the Board fulfilling its oversight of the quality and reliability of the accounting, auditing, financial reporting, and control practices of the Company. The Audit Committee is responsible to review the Company’s: financial reports; internal control systems; material asset or derivatives transactions; material lending funds, endorsements or guarantees; offering or issuance of any equity-type securities; potential conflicts of interests involving executive officers and directors; hiring or dismissal of an attesting CPA, or the compensation given thereto; and appointment or discharge of financial, accounting, or internal auditing officers.
Empowered by its Charter, the Audit Committee has the right to request the relevant department managers, internal auditors, accountants, legal advisers or any other persons to attend and provide necessary information. The Audit Committee also has the right to hire a lawyer, accountant or other professionals to assist the members in performing their duties.
The Audit Committee meets at least once every quarter. Please consult AIDC's Annual Report for the relevant year for the number of meetings convened and each member’s attendance rate.
The compensation committee is set to assist the board of directors evaluate and execute the company's overall compensation and benefit policies, as well as undertake remuneration for the directors and managers.
According to ROC law, the members of the compensation committee are appointed by the Board. According to AIDC's procedure for the organization of the compensation committee, there should be no less than three members with at least one independent director. Currently, the AIDC's compensation committee is composed of three independent directors.
The compensation committee holds at least two meetings annually and reserves optional meetings depending on needs. For the meeting status and attendance of each member, please refer to company's annual report.