282. Every Québec company shall form an audit committee within its board of directors. The committee shall be composed of not less than three directors, the majority of whom are not officers, employees of the company or of a legal person affiliated with it or shareholders holding 10% or more of the shares of any class or of all the shares of the company or of a legal person affiliated with it.
The committee shall examine every financial statement intended for the shareholders and the annual statement referred to in section 293 before they are approved by the board of directors or certified by two directors.
The committee shall also examine every auditor’s report contemplated in section 275 and any matter prescribed by regulation of the Government.