Annual Report 2023

70 70 China Merchants China Direct Investments Limited Annual Report 2023 CORPORATE GOVERNANCE REPORT (CONTINUED) REMUNERATION OF DIRECTORS The Company has no salaried employees, except the qualified accountant whose remuneration package is determined and borne by the Investment Manager. The Company has applied for and The Stock Exchange of Hong Kong Limited has granted a waiver to the Company for establishment of remuneration committee on condition that the Executive Directors and senior management of the Company will not receive any Directors’ fee or emolument from the Company. Thus, no remuneration committee has been established by the Company. The remuneration of the Directors is determined by the shareholders at the AGM of the Company. At the AGM of the Company held on 29 May 2023, it was resolved that the remuneration of the Directors for the year ended 31 December 2023 be fixed by the Board. All the Executive Directors did not receive any remuneration from the Company for the year ended 31 December 2023 (2022: Nil). The total remuneration payable to other Directors for the year ended 31 December 2023 is disclosed in note 10 to the consolidated financial statements. AUDITOR’S REMUNERATION The Company has appointed Deloitte Touche Tohmatsu as the Company’s independent auditor. In order to maintain the independence of auditor, the Company has reviewed the services provided by Deloitte Touche Tohmatsu to the Company and it would only be engaged for non-audit work if such work does not compromise the auditor’s independence. During the year under review, the fees paid or payable to the Company’s independent auditor for audit services provided is US$172,628 and for non-audit services provided is US$58,974 which was mainly for the purposes of reviewing the Company’s interim financial report for the year 2023 and internal control systems. FINANCIAL REPORTING The Directors acknowledge their responsibility to prepare financial statements in accordance with generally accepted accounting principles in Hong Kong for each financial year which gives a true and fair view of the financial position of the Company and its subsidiaries and in presenting the interim results, annual financial statements, and related announcements to shareholders. All Directors are provided with monthly updates on the Company’s major business activities and year-to-date financials, which give the Directors a balanced and understandable assessment of the Company’s performance, position and prospects, enabling the Board as a whole and each Director to discharge their responsibility. The Directors are not aware of any material uncertainties relating to events or conditions that may cast significant doubt upon the Company’s ability to continue as a going concern. The statement of the independent auditor of the Company about their reporting responsibilities on the financial statements is set out in the Independent Auditor’s Report on pages 100 to 101.