The Group is committed to maintaining high standards of corporate governance at all times and in all areas of its operations. The Board believes that good corporate governance is an essential element in enhancing the confidence of current and potential shareholders, investors, employees, business partners and the community as a whole.
Board
The Board is comprised of the following seven directors:
Executive Directors
Liu Xiaoming (Co-chairman)
Xu Zhouwen (Co-chairman)
Wang Tieguang
Non-executive Director
Patrick E Bowe
(Steven C Wellington - alternate director to Patrick E Bowe)
Independent Non-executive Directors
Chan Man Hon, Eric
Lee Yuen Kwong
Li Defa
The Board regularly reviews the Group's corporate governance guidelines and developments. It is our belief that the Group has endeavored to comply with the relevant recommendations as laid down in the Code on Corporate Governance Practices as set out in Appendix 14 to the Rules Governing the Listing of Securities on the Stock Exchange and Corporate Governance Report as set out in Appendix 23 to the Listing Rules. The Board has also reviewed the Group's corporate governance practices and is satisfied that the Group has been in full compliance with all the code provisions of the Code.
Audit Committee
The Audit Committee comprises three independent non-executive directors:
Lee Yuen Kwong (Chairman)
Chan Man Hon, Eric
Li Defa
The Committee assists the Board in, among other matters, providing an independent and objective review of the effectiveness of the financial reporting process, internal control and risk management system as well as internal audit function of the Group. It primarily aims to increase the Board's accountability, transparency and objectively.
The Audit Committee, with the management and the Company's auditors, has (i) reviewed the accounting principles and practices adopted by the Group and (ii) reviewed and discussed auditing, internal control and financial reporting matters including the interim results and the financial statements.
Remuneration Committee
The Remuneration Committee comprises two independent non-executive directors and one executive director:
Chan Man Hon, Eric (Chairman)
Lee Yuen Kwong
Wang Tieguang
The duties of the Remuneration Committee are, among others, to make recommendations to the Board on the Group's policy and structure for the remuneration of directors and senior management and to review and approve performance-based remuneration by reference to corporate goals and objectives resolved by the Board from time to time.
updated 8th August, 2008
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