Basic HTML Version
71
Glorious Property
Annual Report 2011
Remuneration Committee
The Board established a remuneration committee (“Remuneration Committee”) on 9 September 2009 with written terms
of reference. The Remuneration Committee comprises three members, namely Mr. Zhang Zhi Rong (Chairman of the
Board), Mr. Liu Shun Fai (INED) and Mr. Wo Rui Fang (INED), with Mr. Zhang Zhi Rong as the chairman.
The main duties of the Remuneration Committee include:
1. making recommendations to the Board on the policy and structure for all remuneration of the Directors and senior
management and on the establishment of a formal and transparent procedure for developing policy on such
remuneration;
2. determining the specific remuneration packages of all Directors and senior management, including benefits in
kind, pension rights and compensation payments, including any compensation payable for loss or termination of
their office or appointment, and making recommendations to the Board regarding the remuneration of INEDs; and
3. reviewing and approving performance-based remuneration by reference to corporate goals and objectives resolved
by the Board from time to time.
A meeting was held by the Remuneration Committee during the Review Period. The meeting held on 23 March 2011
was to review, consider and endorse the remuneration packages proposed for all Directors and senior management of
the Company.
Finance Committee
The Board established a finance committee (“Finance Committee”) in April 2010 with delegated authority for reviewing
and approving certain financial matters of the Group. Currently, the Finance Committee comprises Mr. Zhang Zhi Rong
(chairman of the Board), Mr. Ding Xiang Yang (vice chairman of the Board) and Mr. Cheng Li Xiong (Chief Executive
Officer), and its primary duties include the determination and approval of the investment of surplus funds, approval of
any investment acquisition and disposal of the Group each of an amount not exceeding HK$1 billion, arrangement of
banking facilities and approval of guarantees and indemnities each of an amount not exceeding HK$1 billion, opening
and operation of bank accounts, handling or execution of share repurchase exercises of the Company, and allotment
and issuance of the ordinary shares of the Company pursuant to the Pre-IPO Share Option Scheme and the Share Option
Scheme (details of which are described in the section headed “Report of the Directors — Share Option Schemes” of this
annual report).