The Board sets its corporate governance procedure and duties pursuant to the Corporate Governance Code (“CG Code”)
as set out in Appendix 14 to the Rules Governing the Listing of Securities (the “Listing Rules”)
on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”),
and it accordingly reviews and monitors the training and continuous development in profession of directors and senior management and its policies and practices in compliance with relevant laws and regulatory requirements.
The Company has adopted and applied a corporate governance policy.
Throughout the year ended 31 December 2015, the Group has complied with all code provisions set out in the CG Code, except for the deviation from CG Code A.2.1 as described below:
Under CG Code A.2.1, the roles of chairman and chief executive should be separate and should not be performed by the same individual.
Mr. Kenneth Ting Woo-shou has the combined role of Chairman and Managing Director.
The Board considers that this structure will not impair the balance of power and authority between the Board and the management of the Group as non-executive directors and independent non-executive directors (“INEDs”) form the majority of the Board, with eight out of ten of the directors of the Company being non-executive directors and INEDs. The Board believes the appointment of Mr. Kenneth Ting Woo-shou to the posts of Chairman and Managing Director is beneficial to the Group as he has considerable industry experience.