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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.

  • ​In 2015, CLP made further progress in the evolution of our corporate governance practices, in line with the CLP Code on Corporate Governance and emerging developments in global corporate governance practices:
    • ​Cyber security awareness initiatives being extended to our businesses in Mainland China and India through engagement programmes and training and a continuation of activities to maintain and reinforce the awareness culture and behaviour change in Hong Kong.
    • Continued assessment of risk management processes at holdings level.  Assessment is to be extended to the business unit level in 2016.
    • ​Continued to strengthen our reporting on Environmental, Social and Governance (ESG) issues against the ESG Reporting Guide and associated Listing Rules issued by the Hong Kong Stock Exchange (the Stock Exchange) and the Global Reporting Initiative’s G4 Sustainability Reporting Guidelines (GRI G4 Reporting Guidelines).
    • ​Continued to undertake corporate governance roadshows to exchange views with institutional investors and international experts in corporate governance.
    • Conducted a performance evaluation of the CLP Holdings Board and its Board Committees for 2014 by the Company Secretary in the form of a questionnaire to all Directors individually, with a focus on the review of the implementation of the recommendations of the Board Performance Evaluation Report in 2013.  More details are provided on pages 120 and 121 of the 2015 Annual Report.  For 2015, we have undertaken a competitive tendering process for engagement of an external consultant to evaluate the performance of the Board and Board Committees.
    • ​Issued and adopted the CLP Project Management Governance System Standard to ensure the application of world-class project management practices across the Group.  As preparatory work, the “Project Management Academy” was established and this included curriculum development, training materials, e-learning platform, and initial intake enrolment.
    • ​Updated the terms of reference of the Audit Committee to reflect the Committee’s additional responsibilities arising from the review of the assurance of sustainability data in the Sustainability Report and the amendments of the Stock Exchange Code on risk management and internal control.
    • ​Held our third ESG webcast on 28 April 2015 to further enhance our communication with institutional investors and their proxy advisors on the ESG aspects of our business.  The recording of the webcast is available on the CLP website.
    • ​Conducted corporate governance briefings to local subsidiaries and joint ventures in Mainland China and Australia.
    • ​Shared our expertise and views on corporate governance issues by participating in formal and informal focus groups organised by the Stock Exchange, as well as by responding to the Consultation Paper issued by the Securities and Futures Commission with regard to Principles of Responsible Ownership and the Consultation Paper on Review of the ESG Reporting Guide published by the Stock Exchange.
    • Completed the independent three year periodic review of the fees payable to Non-executive Directors and published this on CLP’s website (see pages 149 and 150 of the Human Resources & Remuneration Committee Report of the 2015 Annual Report).
    • Undertook an internal review of the Company Management Authority Manual for EnergyAustralia and the proposed changes from the review aimed to update the governance process for the operational and strategic aspects of the business so as to reflect the focus and strategy of EnergyAustralia.