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Glorious Property
Annual Report 2011
Board Composition (Continued)
The INEDs serve on the audit committee and the remuneration committee of the Company. Their active participation
in the Board and committee meetings brings independent judgment on issues relating to the Company’s strategy,
performance and management process, taking into account the interests of all shareholders.
Details of emoluments of the Directors are set out in note 30 to the consolidated financial statements.
Roles and Responsibilities of the Board
The Board is accountable to the shareholders for leading the Company in a responsible and effective manner. It is
responsible for formulating strategies and management policies of the Company, approving the strategic objectives
of the Company and ensuring the availability of necessary financial and other resources to meet such objectives. The
Board also constantly supervises and reviews the Company’s regulations and rules. The Directors perform their duties in
a faithful and diligent manner and act in the best interests of the Company and its shareholders as a whole.
Moreover, the Board is also responsible for presenting a clear and balanced assessment of the Company’s performance
and prospects, preparing accounts that give a true and fair view of the Company’s financial position on a going concern
basis and disclosing other price-sensitive information.
The management is responsible for implementing the policies and strategies as determined by the Board, and is
delegated with the daily operations and administration of the Company.
Chairman and Chief Executive Officer
The Chairman, Mr. Zhang Zhi Rong, has executive responsibilities and provides leadership to the Board in terms
of establishing policies and business directions. He ensures that the Board works effectively and discharges its
responsibilities, and that all key and appropriate issues are discussed by the Board in a timely manner. He also ensures
that all Directors are properly briefed on issues to be discussed at Board meetings. Mr. Cheng Li Xiong, being the Chief
Executive Officer, is responsible for overseeing the day-to-day management of the Group’s business.
Meetings
The Company held four Board meetings during the Review Period.
At the Board meetings, the Directors discussed and formulated overall strategies for the Company, discussed and
approved the financial budgets, annual results, dividends and other significant transactions of the Group. Issues relating
to the daily operations of the Group have been delegated to the management of the Group.
Notices of Board meetings were given to all Directors at least 14 days prior to the meetings and all Directors are entitled
to include items which they think fit for discussion in the agenda of the meetings.
Draft and final versions of the minutes of the Board and the committees’ meetings were sent to the Directors and the
committees’ members for their comment and records respectively in a timely manner.