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Sustainability Report 2011
Corporate Governance
Our Corporate Governance activities are based on the building of trust between
ourselves and our various stakeholders. This commitment not only demands
accountability and transparency in every aspect of our operations, we also focus on
taking care of our stakeholders’ needs. We thus act in their best interests while also
fulfilling our social responsibilities within the community.
The Board of Directors is the highest governance body within Towngas. Composed of
nine members including two Executive Directors and seven Non-executive Directors,
three of whom are independent, the Board is accountable for all activities, strategies
and the financial performance of the Group, as well as the maintenance of the highest
levels of corporate governance. Four Board Committees also work to help the Board
strengthen internal controls.
Directors’ biographies, together with details of the composition and operation of the
Board and its Committees, can be found in ou
During the year ended 31st December 2011, we complied with all code provisions set
out in the Code on Corporate Governance Practices contained in Appendix 14 of the
Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The Audit Committee
reviews the company’s current financial standing,
considers the nature and scope of audit reports, and ensures that internal
control systems are in accordance with applicable standards and conventions.
The Remuneration Committee
makes recommendations to the Board on the
company’s policy and structure for the remuneration of Directors and senior
management who are also executive directors of the company. It also reviews
the special remuneration packages of Executive Directors with reference to
corporate goals and objectives resolved by the Board from time to time.
The Investment Committee
of Retirement Schemes manages the company’s
retirement schemes and advises the trustees on investment policies.
The Treasury Committee
reviews, advises and formulates strategies related
to the Group’s treasury and investment activities.
Our Vision for Sustainability Corporate Governance