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Our Evolution Our Evolution Our Evolution

Our Evolution

Recognising corporate governance is an evolving process, we regularly review and revise our principles and practices to reflect changes in regulations and international developments, and to produce clear and meaningful communications of the highest standards. We welcome benchmarks against our performance.

  • Highlights for 2016

    • Presenting the disclosures in our Annual Report in a more “reader friendly” manner was a key focus for the 2016 Annual Report.  This is part of our continuous efforts to improve the way we communicate with our shareholders, and we are very conscious of the need to balance the level of regulatory required disclosures against a report’s general readability.
    • The Board performance evaluation was conducted through an independent external consultant, Heidrick & Struggles.  A summary of their findings is published on the CLP website and on page 103 of the 2016 Annual Report.
    • The Board held a dedicated strategy review session which considered and reviewed the Group’s Investment Strategy – see also page 99 of the 2016 Annual Report.
    • The scope of delegated authority from the Board to the Finance & General Committee for approving investments and transactions was broadened with a higher transaction value threshold through the amendment of Company Management Authority Manual – see pages 101 and 108 of the 2016 Annual Report.
    • Our new Senior Director – Group Internal Audit became a member of the Group Executive Committee for the first time to enhance the interaction and collaboration with management – for details, see page 112 of the 2016 Annual Report.
    • ​The Sustainability Committee devoted considerable amount of time and efforts in assessing the implications of the developments on climate change – for details, see page 129 of the 2016 Annual Report.
    • The Human Resources & Remuneration Committee considered and completed the review of Non-executive Directors’ fees and the recommendations were approved at the Company’s 2016 Annual General Meeting – for details, see pages 132 and 133 of the 2016 Annual Report.
    • In the 2016 Annual Report, we disclosed the 2016 ESG information mandated under the General Disclosures for the Environmental and Social Aspects of the Reporting Guide for the year ended 31 December 2016.  We also reported voluntarily on the “comply or explain” provisions for the key performance indicators (KPIs) in the “Environmental” Subject Area, which will only become a mandatory disclosure in 2017, as well as the “recommended disclosures” for the KPIs in the “Social” Subject Area,  again being an early mover in this area.
    • To broaden our shareholders participants base, our unique Shareholders’ Visit Programme has been expanded with “Family Day” weekend visits to allow children of our shareholders to attend.
    • Our ESG briefing format was changed to direct engagement with targeted stakeholders.
    • The overall diversity of the Board was enhanced during 2016 (with a greater representation of Executive Directors while the representations of Independent Non-executive Directors and female Directors were maintained at high levels).
    • Our Continuous Disclosure Obligation Procedures which guide the organisation in monitoring and disclosing potential inside information were further enhanced in 2016 with the establishment of a committee to conduct regular assessment of potential inside information.
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