Our Directors recognize the importance of incorporating elements of good corporate governance in the management structures and internal control procedures of our Group so as to achieve effective accountability.
In accordance with the requirements of the Listing Rules, our Company has established an audit committee in compliance with the Code on Corporate Governance Practices as set forth in appendix 14 to the Listing Rules and appointed a qualified accountant to oversee the financial reporting procedures and internal controls of our Group so as to ensure compliance with the Listing Rules.
To further enhance our corporate governance and its transparency, our Company has established a nomination committee and a remuneration committee. Our Group has also implemented a compliance manual which covers areas such as ongoing compliance obligations of our Company and our Directors, our business operations, financial management systems, human resources management systems, internal control systems, quality assurance and property management systems.
Our Company established the Audit Committee on 9 June 2007 with written terms of reference in compliance with the Code on Corporate Governance Practices as set forth in appendix 14 to the Listing Rules. The primary duties of the Audit Committee include the review and supervision of the financial reporting processes and internal control systems of our Group. Currently Mr. MAK Hing Keung, Thomas, Professor CHAN Chi Fai, Andrew and Ms Wong Fun Ching, being independent non-executive Directors, and Mr. CHAN Yue Kwong, Michael, a non-executive Director are members of the Audit Committee with Mr. MAK Hing Keung, Thomas, being the chairman.
Our Company established the Nomination committee on 9 June 2007 with written terms of reference. The Nomination Committee has three members comprising Professor CHAN Chi Fai, Andrew, Mr. NG Yat Cheung and Mr. CHAN Yue Kwong, Michael, two of whom are independent non-executive Directors. The chairman of the Nomination Committee is Professor CHAN Chi Fai, Andrew. The Nomination Committee is mainly responsible for making recommendations to our Board on the appointment of Directors and the management of our Board succession.
Our Company established the Remuneration Committee on 9 June 2007 with written terms of reference. The primary duties of the Remuneration Committee included reviewing the terms of remuneration packages, determining the award of bonuses and considering the grant of options under the Share Option Scheme. The Remuneration Committee has three members comprising Mr. NG Yat Cheung, Mr. FONG Siu Kwong and Mr. MAK Hing Keung, Thomas, two of whom are independent non-executive Directors. The Remuneration Committee is chaired by Mr. NG Yat Cheung.