Lenovo 2009 Annual Report Download - page 42

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CORPORATE GOVERNANCE
2008/09 Annual Report Lenovo Group Limited
40
The following lists out the membership, responsibilities and the summary of work that each Board Committee performed
on behalf of the Board during the financial year:
Audit Committee
Membership
All members of the Audit Committee (defined as “Committee” in this section) are non-executive directors, the majority
of which including the Committee Chairman are independent non-executive directors. The members during the year
were Mr. John W. Barter III (Committee Chairman), Professor Woo Chia-Wei, Mr. Ting Lee Sen, Mr. Shan Weijian
and Ms. Ma Xuezheng. Mr. Shan resigned as a Committee member concurrent with his resignation as director of the
Company effective on May 23, 2008.
The Committee members possess diversified industry experience and the Chairman has the accounting or related
financial management expertise.
Responsibilities and summary of work
The Committee is responsible for assisting the Board in providing an independent review of the financial statements
and internal control system. It acts in an advisory capacity and makes recommendations to the Board. The
Committee met with external auditors and management of the finance and internal audit functions of the Company
at least four times a year at quarterly interval and is authorized to obtain independent professional advice to support
its function. In each of these regular meetings, a separate executive session was arranged for the Committee to
meet with external auditors, Internal Auditor and General Counsel in the absence of management to discuss matters
relating to any issues arising from the audit and any other matters such persons would like to raise.
The Committee met four times during the year and has reviewed and/or approved items including:
• The accounting principles and practices adopted by the Group
• The financial reporting matters including the quarterly, interim and annual financial statements, announcements,
interim report and annual report before submission to the Board for approval
• 2007/08 internal audit and business control review and 2008/09 internal audit report of the Group
• 2007/08 external audit progress report and 2008/09 audit plan of the Group
• Non-audit services provided by external auditors
• Continuing connected transactions of the Group
• Recommendation on re-appointment of external auditors