Audit Committee rules: composition, financial literacy, chairmanship, meeting frequency, quorum and investigatory powers for HVDLEs.

The regulation requires every HVDLE to constitute an audit committee of at least three directors with two thirds independent directors; all members must be financially literate and one must have accounting or related financial management expertise. The chair must be an independent director and attend the annual general meeting; the company secretary acts as committee secretary. The committee must meet at least four times per financial year, with no more than 120 days between meetings, a quorum including at least two independent directors, and has investigatory powers and authority to obtain external advice. The committee's specific role is set out in Part C of Schedule II.

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