Members: J. M. O’Neill (Chairman), J. Biziwick, K. Phiri
Although ultimate responsibility for risk oversight and risk management rests with the Board, the responsibility of the Audit Committee is to monitor and advise on the risk management and internal control structure, to safeguard TNM’s assets and to ensure reliable financial records are maintained.
The committee meets at least four times a year and also assists the Board in monitoring the compliance by the Company with legal, corporate governance and regulatory requirements, monitors external auditor’s independence, qualification and performance and the performance of the internal audit function.
The Audit Committee is required to have at least three members, two of which are appointed from the existing independent non-executive Directors.
All members must be independent non-executive Directors of the Company and the Chairman of the Company is prohibited from being the Audit Committee Chairman.
At least one member of the Audit Committee should have recent and relevant financial or audit experience.
The committee chairman is required to be appointed from among the independent non-executive Directors of TNM’s Board.
At least once a year the Audit Committee is required to meet the external and internal auditors without executive Board members present, and the Audit Committee Chairman is required to attend the AGM and answer questions on the committee’s activities and responsibilities, through the Chairman of the Board.