Board of Directors
Good governance starts at the top - the Board of Directors. The Company has a highly proactive Board, whose Directors are diligent in their guidance. The Board assumes responsibility for leadership and control of the Company and is collectively responsible for directing and supervising the Company's affairs.
The Board of Directors currently comprises 11 members, with a balanced composition of five Executive Directors and six Non-Executive Directors, five of whom are Independent Non-Executive Directors, so that a strong independent element is maintained on the Board and can effectively exercise impartial judgment.
The number of Independent Non-Executive Directors exceeds the requirements of Listing Rules. They are all highly qualified figures with a high standing in the community who bring to the Board a wealth of professional and related expertise. The Board has a balance of skills and experience appropriate for the requirements of the Company's business.
Each of our independent non-executive directors is required to sign an annual confirmation of his/her independence as set out in rule 3.13 of the Listing Rules and we consider that they are independent.
The Board has a policy setting out the approach to achieve diversity on the Board (the “Board Diversity Policy”) with the aim of enhancing Board effectiveness and corporate governance as well as achieving our business objectives and sustainable development.
Chair and Chief Executive Officer
A clear division of responsibilities is delineated between the Chair and the Chief Executive Officer to ensure a proper balance of power and authority.
The Chair, Mr. Ronnie C. Chan, provides leadership for the Board, ensuring that the Board works effectively and discharges its responsibilities.
He is also responsible for ensuring that all key and appropriate issues are discussed by the Board in a timely manner; good corporate governance practices and procedures are established; and appropriate steps are taken to provide effective communication with shareholders and that their views are communicated to the Board as a whole.
At least annually he holds meetings with the Independent Non-Executive Directors without the other Non-Executive Director and Executive Board Members being present.
Chief Executive Officer
The Chief Executive Officer, Mr. Weber W.P. Lo, is responsible for leading the management team in business operations and in the implementation policies and strategies adopted by the Board.
He is also responsible for the Company's day-to-day management in accordance with the instructions issued by the Board, developing strategic operating plans that reflect the objectives and priorities established by the Board and maintaining operational performance, and ensuring the adequacy of risk management, financial and internal control systems, and the conduct of business in conformity with applicable laws and regulations.