Investor Relations

The responsibilities of the Audit Committee are involved with appraising the Financial Reports and its fairness of representation, appraising the Internal Control environments and adequacy thereof, appraising the Statutory Auditor’s fairness and transparency, and ensuring the compliance of Internal Control environments.

The Audit Committee is authorized in fulfillment of its role and whilst observing confidentiality and sensitivity of information, with full, free and unrestricted access to relevant documents of the Board of Directors, Executive management, and the Company’s employees. The Audit Committee is entitled to seek clarifications regarding relevant subjects of interest, and request the Board of Directors to call for the General Assembly to be notified should their independence is compromised, their role is impeded, or the company was facing significant damages or losses, as and when this may be required. The Audit Committee develops arrangements that enable employees to confidentially provide their remarks with respect to any inaccuracies in the financial statements or other TASNEE reports.

The Audit Committee is formed by a resolution of the Company's Ordinary General Assembly as suggested by the Board of Directors, and the members of the Audit Committee can be from the shareholders or others provided that at least one of its members is an Independent Director and that no Executive Director is among its members, few members can also be a non-board member. The number of members the audit committee has is not less than three nor more than five, provided that one of its member is specialized in finance and accounting. Should any position become vacant in the Audit Committee, the Board may assign another member for the position, which will be voted upon for approval in the nearest General Assembly Meeting. The chairman of the Audit Committee or their delegated authority attends the General Assembly meeting to answer any inquiries raised by the shareholders, and the General Assembly has the authority to end the term or reappoint the members, at any time.

The Board of Directors’ specifies in the Audit Committee formation resolution, its responsibilities, scope of work, and members remuneration. The membership term for Audit Committee members coincides for the elected Board of Directors’ term. The Audit Committee members are adequately qualified to assume their roles, and have clear understanding for the importance of their active participation in Corporate Governance, and can take appropriate decisions for the Audit Committee activities. The combined Audit Committee members expertise covers all aspects relevant to TASNEE’s activities and includes financial and accounting proficiency necessary in conducting its function. TASNEE Audit Committee members also hold no indictment of fraudulent or dishonorable activities and have commendable integrity standards. In order to redress any potential conflict of interest, it is also required that Audit Committee members have not been working for at least two years in executive or financial management of TASNEE, nor its Statuary Auditor.

The Audit Committee periodically convenes at least four times during the Company’s financial year, the meetings are called by the Audit Committee Chairman and additional meetings are made when requested by either the Audit Committee members, the Internal Audit Department, or the Statuary Auditor, as needed. The Audit Committee meeting is valid only if the attendees, whether Audit Committee members or their delegated authority, constitute the quorum. The Audit Committee Secretary is assigned to record the meeting’s proceedings and he can be either a member or a non-member of the Audit Committee.