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Flytech Technology

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Investor Relations

Organizational chart

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Audit Committee

Flytech has set up audit committee in 2018. The committee members are all independent directors, in accordance with the Securities and Exchange Act, who specialize in electrical engineering, Finance and Marketing Management. The members are familiar with legal regulations, the rights and obligations of the companies’ directors, and the division of work and operating procedures of different divisions. All the operation procedures are in accordance with the company’s articles of incorporation “Audit committee organization rules”, the purpose of the committee is to assist board of directors in supervising the quality and integrity of accounting, auditing, financial reporting procedure and financial control. The matters for consideration includes:
  1. Review the establishment or revision of the internal control system.
  2. Evaluate the effectiveness of the internal control system.
  3. Review the Procedures for the Acquisition and Disposal of Assets, the trade of derivatives, loaning of funds, making of endorsement/guarantees or amended
  4. Review matters that involve the best interests of the directors.
  5. Review material assets or derivative transactions.
  6. Review the lending, endorsement, or guarantee of capital in huge sum.
  7. Review the public offering, issuance, or private placement of equity-type securities.
  8. Review the appointment, dismissal, or compensation of the CPAs.
  9. Review CPA independence and performance assessments.
  10. Appointment and dismissal of the Finance Officer, Accounting Officer, or Internal Chief Auditor.
  11. Review the Annual financial reports and interim financial report.
  12. Review audit plans and reports.
  13. Review the integrity operation system and implementation results.
  14. Audit Committee self-assessment of performance
  15. Review other significant matters required by the Company or the competent authorities

Compensation committee

Flytech has set up a remuneration committee, the convener is an independent director, and the present three committee members are highly educated and are professionals in the fields of electrical engineering, finance and marketing management. The rules of operation is followed by the company’s regulation, “Remuneration Committee organizational provisions”. The committee is responsible to the board of irectors and will submit its recommendations for the board of directors for further discussion, and will perform the following functions:
  1. Set and regularly review the policies, systems, standards and structure of directors’, supervisors’ and manager’s performance and the remuneration policy.
  2. Regularly evaluate and determine the remuneration of directors, supervisors and managers.
The committee should perform the functions of the preceding articles based on the following principles:
  1. The performance evaluation and remuneration of the directors, supervisors and managers should refer to the pay level of the counterparts in the industry, and should also consider the individual and company’s performance and the associated potential risks.
  2. The committee shall not induce the managers to exceed the company’s risk tolerance level in pursuit of the remuneration.
  3. When determining the short-term performance bonus ration and the payment time of the variable salary, the characteristics of the industry and the nature of each department’s operation should be taken into consideration.
Committee members