Directors' Report - Alibaba

CORPORATE GOVERNANCE REPORT
Key principle/practice CP/RBP Note How did Alibaba.com apply them?
Audit Committee
• Clear authority and duties CP
C.3.3
• A majority of members are
independent non-executive
directors
• Summary of Work
Performed
Alibaba.com Limited Annual Report 2010
Role and function:
Directors’ Responsibility for the Consolidation of Financial Statements
• Directors’ responsibility for
preparing the accounts
• Auditors’ reporting
responsibility in the
auditors’ report
CP
C.1.2
Note: CP denotes a code provision and RBP denotes a recommendated best practice
Our audit committee is primarily responsible for assisting our board in
providing an independent view of the effectiveness of our financial reporting
process, internal control and risk management system, and for overseeing
the audit process and performing other duties and responsibilities as
assigned by our board. It meets regularly to review financial reporting,
internal control and risk management matters and to this end has
unrestricted access to both our external and internal auditors.
Our audit committee has a total of three members, namely
KWAUK Teh Ming, Walter (committee chairman), TSAI Chung, Joseph and
KWAN Ming Sang, Savio with a majority of independent
non-executive directors.
Our audit committee held four meetings during the year. The attendance of
its members is described on page 43 of this Annual Report.
Our audit committee reviewed, considered and approved the following
matters in its meetings held during the year:
✓ Our Company’s unaudited quarterly, interim consolidated financial
statements and audited annual consolidated financial statements, with a
recommendation to the board for approval;
✓ The terms of engagement and remuneration of our Company’s external
auditors;
✓ All connected transactions/continuing connected transactions of our
Company;
✓ Internal control and risk management plan and measures;
✓ Internal audit plan and measures; and
✓ Other compliance and corporate governance measures and practices.
Our directors acknowledge their responsibility for preparing our consolidated
financial statements and of ensuring that the preparation of our consolidated
financial statements is in accordance with the statutory requirements and
applicable standards.
The statement of our auditors concerning their reporting responsibilities on
our consolidated financial statements is set out in the Independent Auditor’s
Report on page 82 of this Annual Report.
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