Vision - Alibaba

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76 Annual Report 2007 Nomination procedures, process and criteria The nomination committee reviews the structure, size and composition (including the skills, knowledge and experience of each of the directors) of our board on a regular basis and makes recommendations to our board regarding any proposed changes. It identifi es individuals suitably qualifi ed to become board members and select, or make recommendations to our board on the selection of persons nominated for directorships. Meetings and individual attendances Our nomination committee did not hold any meeting during the Relevant Period. AUDITORS’ REMUNERATION PricewaterhouseCoopers has been appointed as our external auditors until the conclusion of the forthcoming annual general meeting. For the year ended December 31, 2007, the total remuneration in respect of services provided by PricewaterhouseCoopers amounted to RMB5,099,000 which can be analyzed as follows: RMB’000 Audit services in respect of: – initial public offering (1) 3,037 – annual audit 1,967 5,004 Non-audit service in respect of: – taxation 95 Total: 5,099 Note: (1) This amount represents service fee in connection with our initial public offering which was charged against the share premium account in our consolidated fi nancial statements. Such audit service fee, along with all other listing related expenses, were allocated between our Company and Alibaba Group Holding Limited with reference to the amount of funds raised by the respective parties in the initial public offering. AUDIT COMMITTEE Role and function Our audit committee, established by our board on October 12, 2007, is primarily responsible for assisting our board in providing an independent view of the effectiveness of our fi nancial reporting process, internal control and risk management system, to oversee the audit process and to perform other duties and responsibilities as assigned by our board. It meets regularly to review fi nancial reporting, internal control and risk management matters and to this end has unrestricted access to both our external and internal auditors. We have adopted and posted on our website the written terms of reference of our audit committee, which clearly defi ne its role, authority and function.
Corporate Governance Report Composition Our audit committee consists of non-executive directors, KWAUK Teh Ming, Walter, LONG Yong Tu and TSAI Chung, Joseph, a majority of whom are independent non-executive directors. Our audit committee is chaired by KWAUK Teh Ming, Walter, a qualifi ed accountant with extensive experience in fi nancial reporting and controls as required by the Listing Rules. Summary of work performed During the Relevant Period, our audit committee reviewed the internal control system and internal audit function together with the corresponding work plan, and reviewed and approved the audit work plan and the audit fees proposal for 2007. It also reviewed our Company’s cash management policy. Meetings and individual attendances During the Relevant Period, our audit committee held one meeting. The attendance record of each member of the committee is set out below: Committee Members Attendance Percentage Rate (Independent Non-executive Director) KWAUK Teh Ming, Walter 1/1 100% (Independent Non-executive Director) LONG Yong Tu 1/1 100% (Non-executive Director) TSAI Chung, Joseph 1/1 100% Directors’ responsibility for the fi nancial statements Our directors acknowledge their responsibility for preparing our consolidated fi nancial statements of Alibaba.com and of ensuring that the preparation of our consolidated fi nancial statements is in accordance with the relevant requirements and applicable standards. The statement of our auditors concerning their reporting responsibilities on our consolidated fi nancial statements is set out in the Independent Auditors’ Report on pages 82 to 83 of this Annual Report. INTERNAL CONTROLS Alibaba.com’s internal control system is designed to provide reasonable assurance in safeguarding our assets, preventing and detecting frauds and irregularities, providing reliable fi nancial information as well as ensuring compliance with applicable laws and regulations. Such system is designed to manage, rather than eliminate, the risk of failure to achieve our business objectives, and it aims to provide a reasonable, as opposed to an absolute, assurance in this respect. Our board acknowledges that it has an overall responsibility for establishing, maintaining and reviewing the effectiveness of Alibaba.com’s internal control system. 77
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Financial and Operational Highlight
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orld’s leading nline marketplace
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CORPORATE HEADQUARTERS 6th Floor, C
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November Launched TradeManager inst
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Awards and Recognitions Awards and
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Global E-Commerce Leader Alibaba.co
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Along with other members of Alibaba
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2007 Financial highlights We achiev
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CEO’s Statement This mission star
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Global Trade Starts Here Alibaba.co
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BUSINESS ENVIRONMENT Buoyant China
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International marketplace operating
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localize user services and facilita
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