Board Committees

Six Board Committees are formed to assist the Board in fulfilling its duties and overseeing specific company affairs. They are the Audit Committee, the Finance & General Committee, the Human Resources & Remuneration Committee, the Nomination Committee, the Sustainability Committee and the Provident & Retirement Fund Committee.

Audit Committee

The Committee comprises Independent Non-executive Directors only, with the Chairman and a member who has appropriate professional qualifications and experience in financial matters. The Audit Committee usually meets six times a year.

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Finance & General Committee

The Committee meets to review financial operations, including Group-wide financial, accounting, treasury and risk management policies, major financing transactions, corporate plans and budgets and business performances. It also reviews major acquisitions or investments and their funding requirements.

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Human Resources & Remuneration Committee

Consisting mainly of Independent Non-executive Directors, this Committee considers major human resources and pay issues, such as emolument policies, long-term incentive schemes and the basis of emoluments paid to Directors. In line with good practice, this committee has no Executive Directors.

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Nomination Committee

The Committee, consisting mainly of Independent Non-executive Directors, is responsible for reviewing the Board structure and composition, identifying and making recommendations to the Board of possible appointees as Directors, and on matters related to appointment or re-appointment of Directors, succession planning for the Directors, assessing the independence of Independent Non-executive Directors, and reviewing whether Directors are spending sufficient time performing their responsibilities, reviewing and monitoring the training and continuous professional development of Directors, and reviewing the Board Diversity Policy.

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Sustainability Committee

The Committee oversees CLP’s positions and practices on sustainability issues, principally in relation to social, environmental and ethical matters that affect shareholders and other key stakeholders.

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Provident & Retirement Fund Committee

The Committee advises the Trustees on the investment policy and objectives for the Group’s retirement funds, namely, the CLP Group Provident Fund Scheme and CLP Group Top-Up Scheme.

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