PRADA GROUP MAKING OF
Prada Re-Edition 1995
All major decisions are made by the Board; however, the Board has established four committees to enable it to handle certain matters in more depth: the Audit Committee, the Nomination Committee, the Remuneration Committee and the Sustainability Committee.
Each Committee is chaired by, and made of, a majority of Independent Non-Executive Directors.
The majority of directors serving on Nomination, Remuneration and Sustainability committees and all directors serving the Audit committee must be independent, as determined by the Board in accordance with these governance guidelines and as required by applicable law and regulation.
The Audit Commitee advises and makes recommendations to the full Board on financial statements and reports, to ensure the Company’s accounting methods are appropriate and reliable. It also checks the adequacy and effectiveness of the internal control and risk management system.
The Audit Committee recommends the appointment of the Company’s external audit firm and assesses its independence.
The Nomination Committee advises and makes recommendations to the full Board on the composition of the Board and the appointment of Directors. It also assesses the independence of the Directors on the basis of the criteria set by the Code of Corporate Governance of the Hong Kong Stock Exchange.
The Remuneration Committee advises and makes recommendations to the full Board on the remuneration of the Company’s Directors and Executives.
The Sustainability Committee supports the Board of Directors with proposing and advisory functions on sustainability-related issues, overseeing the Company’s commitment to sustainable development along the value chain.
It supports the Board defining strategic sustainability guidelines and the relevant policy, as well as drafting and reviewing the non-financial reports, including the Annual Sustainability Report, and all communications concerning sustainability to be submitted to the Board of Directors for approval.