The Company is committed to maintain high standards of corporate governance. The Board believes that effective coporate governance practices are fundamental to enhance the shareholders’ value and safeguard the interests of the shareholders. Accordingly, the Company has adopted sound corporate governance practices that emphasis an effective internal control and accountability to all shareholders.
The Company had established an Audit Committee with written terms of reference which have been updated from time to time to align with the code provisions set out in the Code on Coporate Governance Practices (“CG code”). The Audit Committee of the Company comprises three Independent Non-executive Directors, Mr. Chiu Wai On (the Chairman of the Audit Committee), Mr. Man Kwok Leung and Mr. Sheung Kwong Cho. The principal responsibilities of the Audit Committee are to, inter alia, review and supervise the Group’s financial reporting process, internal control and risk management procedures, as well as oversee the adequacy of the accounting and financial reporting resources.
The Company had established a Remuneration Committee with written terms of reference. The Remuneration Committee of the Company comprises three Independent Non-executive Directors, Mr. Chiu Wai On (the Chairman of the Remuneration Committee), Mr. Man Kwok Leung and Mr. Sheung Kwong Cho. The Remuneration Committee is responsible for making recommendations to the Board on the Company’s remuneration policy and structure for Directors and senior management, and reviewing their remuneration packages. In arriving at its recommendations, the Remuneration Committee will consult with the Chairman and/or the CEO whenever it thinks fit and take into consideration factors such as the remuneration paid by comparable companies, skill, knowledge, time commitment and responsibilities of Directors.
The Company had established a Nomination Committee with written terms of reference. The Nomination Committee of the Company comprises three Independent Non-executive Directors, Mr. Chiu Wai On (the Chairman of the Nomination Committee), Mr. Man Kwok Leung and Mr. Sheung Kwong Cho. The Nomination Committee is responsible for reviewing the structure, size and composition of the Board, identifying suitable candidates for directorship, assessing the independence of independent non-executive Directors, and making recommendations to the Board regarding any proposed appointment or re-appointment.
The Company had established an Investment Committee with written terms of reference. The members of the Investment Committee shall consist of not less than two members from amongst Directors and senior management of the Company of which at least one shall be Director.
The Investment Committee is responsible for, among others, to exercise delegated authority from the Board, to handle any issues or affairs related to the investment aspects of the Company, to review the investment performance from time to time and advise the Board on how the Company’s funds are to be used to enhance the Group’s investment returns, to consider, approve and/or recommend the Board taking any steps appropriate and necessary in relation to the investment activities of the Company and preserve the value of the Company’s funds and/or achieving capital appreciation.