UWC created two Committees to advise and assist the Board in key areas. These are the Audit Committee and Remuneration and Nomination Committee.
The purpose of the Audit Committee is to assist the Board of Directors to perform its duties in terms of oversight of financial and economic activities of UWC.
The main responsibilities of the Audit Committee include:
- Overseeing the financial reporting and disclosure process;
- Monitoring system performance effectiveness of Governance Risk & Internal controls;
- Overseeing hiring, performance and independence of internal and external audit;
- Monitoring system performance effectiveness of whistleblower hotlines, reporting of potential unscrupulous practice of UWC workers (including the dishonest use of insider or confidential information) and third parties and other UWC malfunctions as well as control over the implementation of measures taken by the executive body of the UWC and other functions.
Remuneration and nomination committee
Remuneration and Nomination Committee makes recommendations and suggestions to the Board of Directors on the following issues:
- Regarding the UWC organizational structure;
- Regarding the keynotes of personnel policy;
- Regarding criteria for admission and evaluation of persons appointed by the UWC Governing bodies and determining their rate of remuneration;
- Regarding the procedure of system construction of remuneration of the UWC individual executive body and the UWC executive secretary.