In 2007, in compliance with the PRC Company Law, PRC Commercial Banking Law and regulatory requirements promulgated by regulatory authorities, and based on its actual experience, the Bank promoted sound corporate governance and the improvement of its corporate governance framework as a modern joint-stock company, which is composed of the Shareholders' Meeting, the Board of Directors, the Board of Supervisors and Senior Management. This was effected by continuously updating regulatory documents concerning corporate governance and optimising the structure of the Board of Directors throughout the year. By following the responsibilities set forth in the Articles, all parties functioned independently in compliance with the relevant laws and exercised their rights and obligations respectively.
The Bank has adopted measures to enable it to observe the Code on Corporate Governance Practices (the Code) as set out in Appendix 14 of the Hong Kong Listing Rules which were effective as of 1 January 2005. The Bank has complied with the Code provisions and most of the recommended best practices set out in the Code. The Bank also observes the laws and regulations of the places as well as the various provisions and guidelines of the local regulatory authorities where it has business operations.
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