The Board can delegate any of its powers, authorities and discretions to committees, consisting of directors and other persons as it thinks fit. In order to manage the Company in an efficient manner, the Company has established a number of committees, including:
The Executive Committee is established to consider various strategic issues affecting the Group as a whole. The Committee, which is consisted of senior level executives across the Group, is chaired by the COO and reports to the CEO. It meets quarterly to enable interactive exchange of information, foster cooperation, facilitate more efficient integration and promote cross-selling among Xinhua Finance's various global units. The Executive Committee is a key contributor to the efficient execution of strategies and harmonization of policies throughout the Group.
The purpose of the Audit Committee is to assist the Board by reviewing (i) quarterly, interim and annual financial information of the Company; (ii) external and internal audit reports; and (iii) systems of corporate governance and control which management and the Board have established
The mandate of the Compensation Committee is to assist the Board by reviewing and determining the compensation to be paid to employees and officers of the Company. The Committee is authorized to do all things that the Board would otherwise be authorized to do in respect of compensation of officers and employees of the Company. Full minutes of all meetings of the Compensation Committee must be kept and filed with the Company.
On 17 November 2005, the Investment Committee was established by the Board of Directors. It has the authority to review and approve investment transactions proposed by Company's management valued in an amount not to exceed, for any particular transaction, up to USD 2,000,000 in cash, stock or a combination thereof.