Organizational structure of corporate governance

For an extended period Primax's Board of Directors has adhered to high standards, often surpassing legal requirements, in its corporate governance principles. This serves as the foundation for a robust system, ensuring the effective operation of the Board and safeguarding shareholder interests. It's also a pivotal cornerstone of the company's sustainable operations. To bolster the structure and functioning of the Board, various committees have been established underneath it, including the Remuneration Committee, Audit Committee, Nomination Committee, and, as of November 2021, the Risk Management Committee. This formation aims to elevate the governance level of risk management and enhance the Board's functions.
please visit the Company’s website, and refer to pages 8–10 of the 2021 Annual Report for details of its operations.

Composition of the board of directors

Board members at Primax Electronics are chosen through nomination and elected by all shareholders in a transparent, electronic voting session. All members possess the necessary abilities, knowledge and experience to exercise their powers and responsibilities. All directors have placed the Company's and shareholders' long-term interests at the top of their priority, and formulated strategies in an objective manner. The current term of the Board of Directors is from July 13 , 2021 , to July 12 , 2024 . The Board holds meetings at least once per quarter, and a total of 10 board meetings were convened in 2022 , with a 100 % average attend ancerate of all directors. Mr. Liang, Li-Sheng is the original founder of Primax Electronics (retired at the end of May 2023 ) and serves as both the Chairman of the Board and the General Manager to enhance global expansion and decision-making efficiency in response to rapid industry changes. To add ressthis situation, the majority of the current Board of Directors are not concurrently employees or managers, and the number of independent directors has been increased to strengthen the Board's structure. Furthermore, considering the long term needs of corporate governance, the Board has approved a succession plan to actively cultivate potential candidates to succeed the General Manager, and the appointment of a new General Manager will be made at an appropriate time as deemed necessary. Please refer to“ Board of Directors and Functional Committees” on the Company’s official website for the profiles of the board members.

The company places great importance on promoting board diversity and has set specific phased goals for achieving a  diverse board composition. During the director selection process, the Nomination Committee considers candidates from different age groups and encourages a gradual generational transition to ensure a diverse and inclusive representation on the board. In respect of professional background, all directors have experience in management and from industries, including R&D, marketing, and finance. In terms of directors’ professional knowledge and skills, all eight directors possess knowledge and skills in leadership and decision-making and business management, with expertise in risk management, information technology, financial accounting, and law.

Board Diversity and Objectives

For the profile and diverse background of the board members, please refer to 【Investor Relations/Corporate Governance/Board and Functional Committees】