Regulation 18 - Audit Committee.

Audit committee composition: majority independent directors and financial expertise required, independent chair must attend annual meeting.

Regulation 18 requires an audit committee of minimum three directors with two thirds independent membership (or only independent directors where specified equity instruments exist). Members must be financially literate and at least one must have accounting or related financial management expertise. The independent director chair must attend the annual general meeting to answer shareholder queries; the company secretary is secretary to the committee. The committee may invite finance, internal audit and statutory audit representatives, meet at least four times a financial year with prescribed intervals, maintain a quorum including two independent directors, and exercise investigatory and advisory powers.