The power and duties of our Board of Directors include convening shareholders’ meetings and reporting the Board’s work at shareholders’ meetings, implementing resolutions passed at shareholders’ meetings, determining our business plans and investment plans, formulating our annual budget and final accounts, formulating our proposals for profit distributions and for the increase or reduction of registered capital as well as exercising other powers, functions and duties as conferred by our Memorandum and Articles of Association.
The Board of Directors consists of seven Directors, of whom three are executive Directors, one is non-executive Director and the remaining three are independent non-executive Directors. Mr. Lam Lung On was appointed as the Chairman of our Board and our Executive Director on 9 October 2009, Mr Lam is responsible for leading and managing the Board effectively. The Chairman of the Board determines the broad strategic direction of the Group in consultation with the Board and is responsible for the high-level oversight of management.
The Board, led by the Chairman, is responsible for the Group’s future development directions; overall strategies and policies; evaluation of the performance of the Group and the management; and approval of matters that are of a material or substantial nature. The Board regularly held meetings at least four times in a year.
Three Board Committees, namely, Audit Committee, Nomination Committee and Remuneration Committee, have been established with specific terms of reference.
Board Committees report to the Board of their decisions and recommendations at the Board meetings.