NewWorld Development Company Limited
CORPORATE GOVERNANCE REPORT
242
NON-EXECUTIVE DIRECTORS
Non-executive Directors (including the Independent Non-executive Directors) serve the relevant
function of bringing independent judgement on the development, performance and risk management
of the Company. They have the same duties of care and skill and fiduciary duties as the Executive
Directors. Each Non-executive Director has entered into a letter of appointment with the Company
for a fixed term of three years, subject to retirement by rotation in accordance with the Articles of
Association.
BOARD COMMITTEES
The Board currently has four committees, namely the Executive Committee, the Audit Committee, the
Remuneration Committee and the Nomination Committee. All the Board committees are empowered
by the Board under their own terms of reference which have been posted on HKEx’s website and/or
the Company’s website.
Executive Committee
Members:
Executive Directors
Dr. Cheng Kar-Shun, Henry
(Chairman)
Dr. Cheng Chi-Kong, Adrian
Mr. Chen Guanzhan
Ms. Ki Man-Fung, Leonie
Mr. Cheng Chi-Heng
Ms. Cheng Chi-Man, Sonia
Mr. Au Tak-Cheong
The Board has delegated to the Executive Committee comprising all Executive Directors with
authority and responsibility for handling the management functions and day-to-day operations of the
Company, while reserving certain key matters such as the declaration of interim dividend, making
recommendation of final dividend or other distributions for the approval by the Board. The Executive
Committee shall monitor the execution of the Company’s strategic plans and the operations of all
business units of the Company, and manage and develop generally the businesses of the Company.
The Executive Committee meets regularly as and when necessary.
Audit Committee
Members:
Independent Non-executive Directors Mr. Cha Mou-Sing, Payson
(Chairman)
Mr. Yeung Ping-Leung, Howard
Mr. Ho Hau-Hay, Hamilton
Mr. Lee Luen-Wai, John
Mr. Liang Cheung-Biu, Thomas*
* became member on 24 September 2014
The Audit Committee is responsible for the review and supervision of the Group’s financial reporting
process and internal control system.
During the year, the Audit Committee met twice and reviewed the audited financial statements for
the year ended 30 June 2014 and the unaudited interim financial statements for the six months ended
31 December 2014 with recommendations to the Board for approval, reviewed reports on internal
control system of the Group, and discussed with the management and the external auditors of the
accounting policies and practices which may affect the Group and the financial reporting matters.
Furthermore, the Audit Committee reviewed the system of internal control and the financial
statements for the year ended 30 June 2015 with recommendation to the Board for approval.
