The Audit Committee is the representative of the members and acts as "watchdog" on behalf of members who are also stockholders. Its central role is to closely monitor the work of elected officials and professional staff and ensure that their activities are in accordance with the exchange's rules and decisions.
The committee examines the decision-making process of the exchange's Board and the various committees, and ensures that all position holders work in accordance with proper business practices and full transparency.
The committee, which also audits the Diamond Exchange’s subsidiaries, has up to nine members, who are elected at the time of the exchange's general elections.
The committee acts as an independent and objective body and consists of representatives from the various exchange committees. It examines all inquiries or complaints that are submitted and closely examines the activities of the members of the Board and the committees, with an emphasis on how decisions are made and implemented.
During the course of the ongoing activity, in accordance with the circumstances, the committee can publish its findings on the bulletin boards in the Trading Hall to provide relevant information to the public.
Once a year, as part of the Annual General Meeting, the Audit Committee submits an annual report to the Diamond Exchange members. As part of the report, the Committee summarizes its activities and findings during the past year, citing exceptional (positive and negative) events, as well as recommendations for future improvements and repairs.