Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 46

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 6
Chunk 46
---
 year following the filing of any financial statement that the
issuer is required to restate because of misconduct, and the reimbursement of those funds to the issuer. A copy of the Compensation Recovery
Policy has been filed herewith as Exhibit 97.1.

6. C. Board Practices

Board of Directors

Our board of directors
consists of five directors. A director is not required to hold any shares in our company to qualify to serve as a director. Subject to
the rules of the relevant stock exchange and disqualification by the chairman of the board of directors, a director may vote with respect
to any contract, proposed contract, or arrangement in which he or she is materially interested. A director may exercise all the powers
of the company to borrow money, mortgage its business, property and uncalled capital and issue debentures or other securities whenever
money is borrowed or as security for any obligation of the company or of any third party. There are no directors’ service contracts
with the Company or its subsidiaries providing for benefits upon termination of employment.

Committees of the
Board of Directors

Our board of directors
has established an audit committee, a compensation committee, and a nominating and corporate governance committee under the board of directors,
and an investment committee under the management. Our board of directors has adopted a charter for the audit committee, the compensation
committee, and the nominating and corporate governance committee. Each committee’s members and functions are described below.

Audit Committee. Our audit committee consists of Mr. Anthony S. Chan, Ms. Mei Cai, and Mr. Mau Chung Ng and will be chaired by Mr. Anthony S. Chan.
Mr. Mau Chung Ng and Ms. Mei Cai each satisfies the “independence” requirements of Rule 5605 of the Corporate Governance Rules
of Nasdaq Stock Market and meet the independence standards under Rule 10A-3 under the Exchange Act. We have determined that Mr. Anthony
S. Chan qualifies as an “audit committee financial expert.” The audit committee will oversee our accounting and financial
reporting processes and the audits of the financial statements of our company. The audit committee will be responsible for, among other
things:

  selecting the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm;  

  reviewing with the independent registered public accounting firm any audit problems or difficulties and management’s response;  

  reviewing and approving all proposed related party transactions, as