Momentum How to Make a Great Board 如何營建卓越的董事會 Recognising Excellence in Corporate Governance
The Chamber of Hong Kong Listed Companies Magazine 冬 香港上市公司商會雜誌 Winter 2009 Momentum How to Make a Great Board 如何營建卓越的董事會 Recognising Excellence in Corporate Governance 表彰卓越公司管治 Russian Economy on the Rebound 俄羅斯經濟復甦展望 Preparing for a Pandemic 為疾病大流行做好準備 w Facilitate Communication w Strengthen Understanding w Create Opportunities w The Chamber of Hong Kong Listed Companies Magazine 香港上市公司商會雜誌 冬 Winter 2009 Momentum 02 Chairman’s Message 主席之言 04 Editor’s Column 編輯的話 06 Cover Story 封面故事 How to Make a Great Board 如何營建卓越的董事會 12 Feature 特稿 Recognising Excellence in Corporate Governance 表彰卓越公司管治 18 Economic Insights 經濟透視 Russian Economy on the Rebound 俄羅斯經濟復甦展望 22 Corporate Tips 企業啓示 Preparing for a Pandemic 為疾病大流行做好準備 26 Member in the Spotlight 會員聚焦 An Appetite to Grow – An Interview with China Agri-Industries Holdings Ltd. 力求增長 – 專訪中國糧油控股有限公司 30 FRA Column 財經事務及監管政策委員會專欄 Listing Rules on Connected Transactions – The Way Forward… 關連交易的上市規則 – 未來之路… 34 Living Style / Leisure 生活閒情 Making Good Use of Online Travel Sites 善用網上旅遊平台 37 In Review / Past Activities 活動重温 Chairman: Dr. K. S. Lo, GBS, JP Deputy Chairmen: Duncan Chiu Vice Chairmen: Chu Ho Miu Hing, Dr. Pollyanna Chu, Thomas Wu, Patrick Sun Editorial Committee: Mike Wong, Vincent Kwan, Amy Leung, Paul Davis, Bruce Andrews 主席：羅嘉瑞醫生, GBS, JP 常務副主席：邱達根 副主席：朱何妙馨、朱李月華博士、胡文新、辛定華 編輯委員會：黃明偉、關保銓、梁瑞群、戴保祿、安報施 Published by: The Chamber of Hong Kong Listed Companies Room 2102, 21st Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong Tel: (852) 2970 0886 Fax: (852) 2970 0555 Email: [email protected] Website: www.chklc.org 出版：香港上市公司商會 香港灣仔皇后大道東183號合和中心21樓2102室 電話：(852) 2970 0886 傳真：(852) 2970 0555 電郵：[email protected] 網址：www.chklc.org Editor: Bruce Andrews Email: [email protected] 編輯：安報施 電郵：[email protected] Advertising Sales: Jennifer Luk at LexisNexis Tel: (852) 2965 1432 Email: [email protected] (For CHKLC members) Amy Leung at CHKLC Secretariat Tel: (852) 2970 0886 Email: [email protected] 廣告查詢：陸靜兒 — LexisNexis 電話：(852) 2965 1432 電郵：[email protected] （會員廣告查詢）梁瑞群 — 商會秘書處 電話：(852) 2970 0886 電郵：[email protected] Designer: Dorothy Lei Email: [email protected] 設計：李焯雅 電郵：[email protected] Publishing Manager: Paul Davis Email: [email protected] 出版經理：戴保祿 電郵：[email protected] ISSN 1758-244X Momentum is the official magazine of The Chamber of Hong Kong Listed Companies ("the Chamber"). Copyright on all material is jointly owned by the Chamber and the respective authors. No part of Momentum may be reproduced or transmitted in any form or by any means, including recording and photocopying without the written permission of the copyright holders, application for which should be addressed to the publisher. The Chamber does not accept liability for any views, opinions, or advice given. Further, the contents do not necessarily reflect the views or opinions of the Chamber. Momentum (“刊物”)乃香港上市公司商會(“商會”)之官方刊物，其版權由商會及各相關作者共同擁有。任何人士在未獲版權人書面同意下均不得複製或以任何形式或途徑傳遞本刊物的內容，包 括紀錄及影印，有關使用須預先向出版人作出申請。商會對本刊物所登載的任何意見、立場或建議均一概不承擔任何責任。此外，本刊物之內容並不一定代表商會的意見或立場。 Chairman’s Message 主席之言 Dear Members, 各位會員﹕ First of all, I take this opportunity to wish you all a wonderful 2010 and may the new year bring you continued happiness, health and prosperity. And as the Chinese New Year is coming up soon, I also wish you a great Year of the Tiger. Kung Hei Fat Choy! 首先，本人謹借此機會恭祝各位新年愉快，希望2010 年 繼 續 給 各 位 帶 來 幸 福 、 安 康 與 繁 榮 。 趁 此農曆新 年 即 將 來 臨 之 際 ， 本 人 亦 預 祝 各 位 虎 年 萬 事如意。 恭喜發財！ The year 2009 was a busy one both for the Chamber and the market. For the Chamber, we saw rapid growth with members rising to 209 by the year’s end. Our members come from different segments of the market and represent close to 35% of Hong Kong’s total market capitalization. This gives us a strong mandate to represent the views and interests of listed companies as we strive for an efficient and high-quality market. The market has also been poised for changes, especially on the regulatory front. In early 2009, much discussion surrounded the issues concerning the blackout period for directors’ dealing and quarterly reporting, and the Chamber promptly made presentations to our regulators on the dangers of over-regulation. On the other hand, the HKEx has introduced new measures to improve market efficiency and simplify its participants’ workflow, which we welcome. At present, the Government is preparing a consultation paper on giving legal backing to the listing rules on disclosing price-sensitive information. This is a very sensitive issue and has implications for all listed companies and directors. The Chamber has expressed our views with the Government and we will respond to the consultation paper when it is released to ensure the opinions of listed companies will be clearly heard. I urge members to pay close attention to it. We will also keep you closely informed of new developments. Talking of change, Mr. Paul Chow has recently retired from his position as HKEx’s Chief Executive. Paul is a long-time personal friend of mine and also a great supporter of the Chamber’s work. Under his leadership, the Exchange has increased its communications with listed companies on policy matters. Many of you would have attended the breakfast meetings he hosted for Chamber members. He will be fondly missed. Please join me in giving Paul our best wishes. We look forward to the same support from his successor, Mr. Charles Li. I have already met Charles on a few occasions and we are now inviting him to address the Chamber at an upcoming Distinguished Speaker Luncheon. More details of this will be issued. Lastly, the Chamber hosted the 3rd Hong Kong Corporate Governance Excellence Awards in December last year. This event demonstrates our commitment to promoting a strong corporate governance culture in Hong Kong. I congratulate all the winners of the 2009 Awards, and am confident that they will continue to set great examples for others to follow. Yours sincerely, Dr. K.S. Lo Chairman 2 Momentum 對於本商會和市場來講，2009年都是繁忙的一年。就 商會而言，會員數量迅速增長，到年底前已達到209 家。我們的會員來自不同的市場界別，佔香港總市值接 近35%。在我們為一個高效率、高質素的市場而努力的 過程中，這給予我們強大的認授權，可代表上市公司的 觀點和利益。 市場亦立意變革，尤其是在監管方面。2009年初，許 多討論圍繞董事交易禁售期及季度報告所涉及的問題， 本商會亦迅速就過度監管的危險向監管機構提出意見。 另一方面，港交所引入新措施，以提高市場效率，簡化 市場參與者的工作程序，我們則對此表示歡迎。目前， 政府正擬就有關賦予披露股價敏感資料的條例法定地位 一事進行市場諮詢。這是一項非常敏感的議題，並會對 所有上市公司及董事構成很大的影響。本商會已向政府 表達我們的觀點，我們亦會在諮詢文件公佈後積極作出 回應，以確保上市公司的意見得到清楚聆聽。本人促請 各會員對此加以密切關注，會方亦將隨時向各位通報最 新的事態發展。 談到變動，周文耀先生最近榮休，卸任港交所行政總裁 一職。文耀兄是本人多年的私交，亦對本會的工作給予 大力支持。在他的領導下，港交所在政策事務方面加強 了與上市公司的溝通。相信諸位當中有不少人曾參加過 他為商會會員主持的早餐例會。我們將會懷念他，讓我 們一同恭祝文耀兄萬事如意。我們期盼他的繼任人李小 加先生亦能給予我們同樣的支持。本人已經在若干場合 與小加兄會面，我們現正邀請他擔任即將舉行的「傑出 人士演講系列」午餐會的演講嘉賓，有關活動的詳情將 稍後公佈。 最後，本商會於去年12月舉辦了第三屆香港公司管治 卓越獎頒獎典禮。該活動彰顯出我們致力強化香港公 司管治文化的承諾。本人謹此向2009年度各獲獎公司 致以祝賀，並深信他們將繼續為其他公司作出卓越的 榜樣。 誠致謝意。 羅嘉瑞醫生 主席 Editor’s Column 編輯的話 As the global economy rebounds from the financial tsunami, businesses can at last move out of crisis mode and turn to looking for new opportunities to grow. However, now would also be a good time to look back and see what lessons can be learned from this difficult period. This issue’s Cover Story looks at how boards’ performances can be improved and what role they could play in assisting their company to rebound after the downturn. For the Feature, we cover CHKLC’s Hong Kong Corporate Governance Excellence Awards 2009, which was held in December last year. Now in its third year, the awards are fast becoming an institution for identifying and celebrating Hong Kong listed companies that lead the way in showing how good corporate governance can be achieved. It is an instructive read for any manager or director on how the six winners, all from very different industries to each other, found unique solutions to meet the critical challenges they face. This issue’s Economic Insights column takes a look at an economy that is providing a brace of companies keen to IPO on the Hong Kong Stock Exchange: Russia. The Russian Government seems to have got inflation under control and the Russian oil industry is now exporting more oil than Saudi Arabia. All good signs for this emerging economy. In this northern hemisphere winter, we all face the prospect of getting colds and sniffles, but the outbreak of influenza pandemics in recent years is a real cause of concern for businesses, governments and whole communities. The Corporate Tips section of this issue offers timely advice for companies on what they should do to prepare for an outbreak, and how to manage their antiviral stockpiles. This issue’s Member in the Spotlight is a Hong Kong Corporate Governance Excellence 2009 award-winner, China Agri-Industries. The food and agriculture company, which supplies most of its products to Mainland China, operates in an industry that has been dogged by food contamination scandals in recent years. However, this company has managed to maintain an impeccable record and reputation. How it achieved that should be a fascinating read for any executive. 隨著全球經濟擺脫金融海嘯開始反彈，企業終於可以走 出危機模式，轉而尋求新的增長機遇。 然而，我們亦可借此良機回顧一下，可以從這段困難經 歷中學到甚麼教益。本期《封面故事》將探討如何改善 董事會績效，以及董事會如何能發揮作用，協助公司在 經濟下滑過後提升業績。 本期《特稿》將報導香港上市公司商會的2009年度香 港公司管治卓越獎，頒獎典禮於去年12月舉行。該獎 項已歷三屆，並正迅速成為一種機制，以識別、表彰在 實現良好企業管治方面具卓越表現的香港上市公司。六 家獲獎公司來自彼此大不相同的行業，但都各自找到了 應對其重大挑戰的獨特解決方案，它們的經驗，可資管 理人員和董事借鑒。 《經濟透視》一欄探討有連串公司樂於在香港證券交易 所進行首次公開招股的經濟體：俄羅斯。俄羅斯政府似 乎已經控制住通脹，而俄羅斯的石油工業目前的石油出 口量已超過沙特阿拉伯。對於這個新興經濟體來說，這 都是好現象。 在北半球的冬季，我們都有可能感冒流涕，但近年來流 感疫情的爆發卻成為令企業、政府和整個社會都極度關 注的問題。今期《企業啟示》欄目向公司提出及時建 議，指導它們如何預先為疫情爆發作好準備，以及如何 管理它們的抗病毒物資儲備。 本期的《會員聚焦》報導一家榮獲2009年度香港公司 管治卓越獎的企業 – 中國糧油。這家食品和農業公司 的大部分產品供應中國內地。近年來，該公司從事的行 業深受食品污染醜聞的困擾。然而，這家公司卻成功保 持了毫無瑕疵的記錄和聲譽。箇中的成功秘訣，管理人 員從文中應當感到饒有趣味。 《生活閒情》一欄則把目光轉向日趨蓬勃的網上旅遊 業。如果您從未在網上訂購過度假產品而一直依賴傳 統的旅行社，則應當來認識一下這種新方法。您可以 節省金錢，找到更多選擇，並能在計劃自己憧憬的旅 遊和假期中享受樂趣。剛好來為即將到來的農歷新年 籌劃一下吧。 誠致謝意。 The Lifestyle section castes an eye on the growing online travel industry. If you have never booked a holiday online and have always relied on conventional travel agencies, you should take a look at this approach. You can save money, find more choices, and have fun planning hypothetical dream tours and holidays. All in time for the upcoming Chinese New Year. Yours sincerely, Bruce Andrews Editor 4 Momentum 安報施 主編 Cover Story 封面故事 How to Make a Great Board 如何營建 卓越的董事會 E veryone seems to know when a board gets it wrong. When a company is in trouble, fingers are often pointed at the directors when asking who is to blame for not supervising it properly. There is now a considerable amount of research available on how to create a successful board: one that knows the business and ensures a company is run well in the interests of its shareholders and other stakeholders. Now the business world is recovering from the financial tsunami, forward-thinking companies are using this opportunity to take stock of their boards’ performances during the crisis and to see what lessons can be learned. A recent survey of 44 chairmen of Fortune 500 companies conducted by a consulting firm specialising in boards and executive searches, Egon Zehnder International, asked what they valued in their fellow board members. They responded by citing the following as ideal traits: 6 Momentum 個人似乎都知道董事會何時犯錯。當公司陷入困境 時，人們往往指責董事，稱其應為監管不力負責。 每 關於如何營建一個成功的董事會，目前已有大量研究資 料可供利用。所謂成功的董事會必須瞭解業務，並確保 公司有良好的運作，以保障其股東及其他利益相關者的 權益。 鑒於目前商界正從金融海嘯中復甦，具有前瞻思維的公 司正借此良機總結其董事會在危機期間的表現，瞭解可 以從中汲取哪些教益。 最近，專門從事董事會和主管招聘的人事顧問服務機構 Egon Zehnder International對財富500強公司的44位董 事會主席進行了一項調查，詢問他們最看重董事會成員 的哪些特質。他們在答卷中引述了下列一些理想特質： w 對規模和複雜性相近的企業和行業的經驗廣度和 深度 Winter 2009 w Breadth and depth of business and industry experience of similar w w w w w w w w w scale and complexity Diversity of skills and backgrounds W isdom: A combination of conventional and emotional intelligence; highly numerate; and diligent Independent-mindedness, and an ability to speak up on critical decisions Strong inter-personal skills and a natural orientation towards team-work to build loyalty; and no big egos Willing learners: possessing both humility and curiosity Congruent values, and respect for compliance Good communication skills To be good sparring partners for the chief executive officer A successful track record in business leadership Behaviour that was not appreciated by the chairmen surveyed included: 冬 w w 技能和背景的多樣性 智慧：常規及情感智慧兼備；極強的數字能力； 勤奮 w w 獨立思維，能就關鍵決定發表意見 良好的人際技巧，借助團隊協作以建立忠誠度的 自然傾向；不唯我獨尊 w w w w w 願意學習：為人謙虛和有好奇心 價值理念一致，尊重合規行為 良好的溝通技巧 作為行政總裁互相切磋的好對手 擁有成功的企業領導往績 接受調查的董事會主席不以為然的行為包括： w w 在無甚理由的情況下經常違背公司的明確理念 為求便利和個人利益而放棄承諾 Egon Zehnder合夥人Louis Kacyn在2010年1/2月期 w Consistently contradicting the company’s stated beliefs for little or no reason w Abandoning commitments for convenience and personal gain Louis Kacyn, a partner of Egon Zehnder, noted in an article published in the January/February 2010 issue of The Corporate Board that with the increasing scrutiny of boards, directors worry more than ever about the risk to their reputation when serving on a board, and rightfully so. He also pointed out that board behaviour is like human behaviour: they make mistakes but they can also learn from those mistakes if they are smart. However, there is a key difference. Boards have more latitude to change, and a broad responsibility to do so. Unlike individuals, boards answer to a wide cross-section of interested parties, including shareholders, employees and members of the community who rely on their sound judgment. Boards can learn and are often eager to embrace change, Kacyn concluded. 《企業董事會》雜誌發表的文章中指出，由於董事會 的監察日益嚴格，董事在董事會任職時，比以往任何 時候都擔心自身的名譽風險，正應如此。他還指出， 董事會行為如同人的行為：他們會犯錯誤，但如果具 有頭腦，也可以從這些錯誤中學習。然而，兩者之 間亦存在重大差別。董事會具有更大的變革自由度， 並且有實行變革的廣泛責任。有別於個人，董事會須 對各式各樣的利益方負責，包括股東、僱員和社群成 員，他們均依賴董事會的穩健判斷。Kacyn得出結論 稱，董事會可以學習並往往熱心接受變革。 評估董事會 在經歷全球金融海嘯後再分析董事會的表現，透過評 估應當遵循哪些最佳守則，可有助董事會改進。Kacyn 指出，評估正迅速成為董事會恆常工作的一部分，以 保持團隊的最高成效。然而，有某些特定情形會促使 董事會評估自身的架構和流程，其中包括： Reviewing the Board When analysing a board’s performance in the aftermath of the global financial tsunami, they are helping to evolve by reviewing what the best practices for them to follow are. Kacyn observes that reviews are quickly becoming part of the board’s ongoing work in maintaining as effective a team as possible. However, there are certain scenarios that typically lead a board to assess their composition and processes. These include: w Succession planning w Changes in board membership due to retirements or the addition w w w w w 在評估董事會表現時，先前不顯眼的許多挑戰和問題 可能浮出水面。Kacyn指出，某些常見問題包括： w 董事會忙於應付大量資料，缺乏足夠的討論時 間。 許多董事會犯這樣的錯誤：他們設定的議程 更強調演示而非討論。這樣，董事會便無法深入 探討一些重要議題，譬如客戶和競爭對手。需要 拿出更多時間來探討趨勢和規劃，而非只顧慣常 事務及細枝末節。 w 提供過少資料，時間過遲。 雖然委員會現在要承 擔的工作比以往整個董事會的工作還要多，但必 須就哪些問題及在哪個階段需要整個董事會的介 of new directors w A significant shift in corporate strategy w Lack of clarity concerning the roles and respective boundaries of the chief executive officer and chairman w Changes in regulations that affect the company When reviewing board performance, many challenges and problems can rise to the surface that were not previously apparent. Kacyn says some common issues include: 繼任規劃 由於退休或增添新董事而導致董事會成員變動 企業策略出現重大轉變 行政總裁和董事會主席的角色及權限劃分不清 影響公司的規例變動 Momentum 7 入達成基本的共識。倘若資訊達到不了董事會， 則應當重新評估各個委員會的職責和組成，授權 其在沒有董事會介入的情況下處理工作。 w Board is overwhelmed with data, and lacks sufficient time for discussion. Many boards make the mistake of setting agendas that emphasises presentations over discussion. The boards then cannot delve into critical topics, such as customers and competitors. More time needs to be set aside for discussing trends and planning rather than housekeeping and minutiae. w 回避繼任規劃。 管理層繼任是董事會最重要的職 責之一。然而許多董事會認為自己在繼任和人才 管理問題上所花的時間太少。作為董事會的一項 恆常議程，必須投入時間討論和瞭解組織中的骨 幹人員。 w 策略訊息含糊。 很少有董事會對其擬定和批准策 略的關鍵職責給予應有的重視。為確保成功，整 個企業的策略和關鍵目標之間應緊密配合，包括 與管理層目標和爭取人才掛鈎。每年應在公司以 外的地點至少召開一次正式的策略討論會。 w Too little information is delivered too late. While committees are taking on more work than was previously undertaken by the entire board, there must be a general agreement on what issues require the involvement of the whole board and at what stage. When information is not reaching the board, they should reassess the role and composition of the various committees and empower them to handle work without the involvement of the entire board. w Succession planning is avoided. Management succession is one of the board’s most critical duties. Yet many boards believe they spend too little time on succession and talent management issues. As part of the board’s ongoing agenda, it needs to devote time to discussing and understanding the key people within the organisation. w Mixed messages about strategy. Few boards give its critical role of formulating and approving strategy as much focus as it deserves. To ensure success, there ought to be a close alignment between the strategy and key objectives throughout the organisation, including links to management objectives and talent acquisition. A formal strategy session held offsite should be held at least once a year. Directors’ Independence Independence is a key issue for boards. If they are to give executives their objective and unbiased advice and make the best decisions, they must maintain a degree of independence from the company. The Hong Kong Stock Exchange (HKEx) requires listed companies to have at least three independent non-executive directors (INEDs) on their boards. Professor Simon Ho, the Vice Rector of the University of Macau, says research shows this is not enough. “At least one-third of boards should be made up of independent directors,” Professor Ho says. “Academic research shows that increasing the number of the independent directors in many ways enhances the quality of the disclosure, decision-making, and overall performance of the firm. They can connect the firm to the outside world and 8 Momentum 董事的獨立性 獨立性是董事會的關鍵要訣。如果董事會要向主管提 供客觀無偏的意見，並作出最佳決定，就必須與公司 保持一定的獨立性。 香港交易所（港交所）要求上市公司的董事會至少擁 有三名獨立非執行董事（獨董）。澳門大學副校長何 順文教授指出，研究顯示這還不夠。 「董事會應該至少有三分之一的成員由獨立董事組 Winter 2009 the market, and provide lateral thinking that can lead to ideas for innovation.” According to the HKEx listing rules, INEDs must have no past or present financial or other interest in the business of the company or its subsidiaries. They must not have a link with any connected person, which includes the company’s directors, chief executive officer or a substantial shareholder, who might affect the exercise of their independent judgment. Also, INEDs may only hold less than one percent of the company’s total issued shares. By comparison with overseas jurisdictions, Hong Kong’s requirement for the minimum number of INEDs on boards is relatively low. In China, one-third of company boards must be independent, and in the United States, the majority of boards must be comprised of INEDs. Another problem is that there is an undersupply of qualified, capable and experienced directors in Hong Kong. This has led to some holding far too many directorships to be at all effective, Professor Ho says. In his research, he found one director in Hong Kong who holds more than 40. Research on INEDs by American academic John Core and others in 2004 found that firms with “busy” directors (who have a full-time job and at least three directorships) tend to pay their directors and chief executive officers relatively higher remunerations. More recent research has found that firms with 50% or more “busy” INEDs are associated with lower firm performance and market value relative to their peers. Chief executive officers in these firms also tend not to resign when their firm’s performance drops. “Unfortunately, Hong Kong has no restrictions on the number of directorships that one person can hold,” Professor Ho says. “If you serve on more than three boards, you cannot perform the function well because it is a role that requires energy, concentration and time to read important documents. If a board has too many busy directors, the company’s stock performance is usually negatively affected.” Professor Ho also calls for at least one INEDs to be voted in by each companies’ minority shareholders, and to make obtaining directors’ and officers’ liability insurance compulsory. He believes that more people are being put off from becoming directors because of the increasing risks of lawsuits being brought against them in today’s business environment. Finally, Professor Ho believes directors need to see their work as a profession. He advocates that there should be requirements in Hong Kong for directors to receive training, be tested on their legal and fiduciary responsibilities, and to regularly update their knowledge. M 冬 成。」何教授說道，「學術研究顯示，增加獨立董事人 數會在許多方面有助提升披露的質素，改善決策，提高 公司的總體表現。他們可以作為公司與外界及市場溝通 的橋樑，並提供橫向思維，有助產生創新的想法。」 根據港交所的上市規則，獨立董事在有關公司或其附屬 機構中不得擁有過往或現時的財務或其他權益。他們不 得與可能影響其行使獨立判斷的任何關聯人士有聯繫， 其中包括公司的董事、行政總裁或具有影響力的股東。 另外，獨立董事僅可持有佔公司總發行股份量不足百分 之一的股份。 與海外司法管轄區相比，香港對董事會獨立董事最低人 數的要求相對較寬。在中國內地，公司董事會三分之一 的成員必須是獨立董事，而在美國，董事會大部分成員 必須由獨立董事組成。 另一個問題是，香港缺少合資格、能幹、富有經驗的董 事。何教授指出，這導致有些人擁有過多的董事頭銜， 完全缺乏成效。在其研究中，他曾發現香港的一位董事 竟出任40餘個董事會職位。 美國學者John Core偕同他人在2004年開展的一項獨立 董事研究中指出，擁有「繁忙」董事（有全職工作，並 至少任職於三家董事會）的公司往往向其董事和行政總 裁支付相對較高的報酬。較近期的研究發現，擁有50% 或更多「繁忙」獨立董事的公司與同行相比，其公司表 現和市場價值相對較低，而當公司業績下降時，這些公 司的行政總裁往往亦不辭職。 「糟糕的是，香港對一個人可以擁有的董事頭銜數量並 無限制。」何教授說道，「如果一個人在超過三家董事 會任職，便無法很好地履行職能，因為這項職責需要花 費精力、注意力和時間去閱讀重要文件。如果董事會中 繁忙董事的人數過多，公司的股票表現通常會受到負面 影響。」 何順文教授還呼籲至少一名獨立董事由每家公司的少數 股東表決產生，並強制要求購買董事及人員責任保險。 他認為，由於現今的商業環境使得董事日益承擔更大的 訴訟風險，越來越多的人對出任董事退避三舍。 最後，何順文教授認為董事必須將自己的工作視為一項 專業。他倡議香港應規定董事必須接受培訓，接受法律 及授信責任的測試，並定期更新自身的知識。 M 安報施 Bruce Andrews Momentum 9 Feature 特稿 Recognising Excellence in Corporate Governance 表彰 卓越公司管治 Guest of Honour, the Honourable John Tsang, JP, Financial Secretary, delivers his keynote speech 主禮嘉賓財政司司長曾俊華先生，JP發表專題演講 A chieving good corporate governance standards within a company is something most will applaud. However, it is an achievement that should never be taken lightly. 對 The essence of corporate governance entails transparency, accountability and fairness. It requires a structured discipline when running a business with the interests of all its shareholders and other stakeholders in mind. 透明、問責和公平，是公司管治的要素，這需要在企業 營運中實施嚴謹的法度，並顧及所有股東及其他利益相 關者的權益。 At the third annual Hong Kong Corporate Governance Excellence Awards, held in December, the evening’s guest-of-honour, the Hong Kong Government’s Financial Secretary John Tsang, commented: “Good corporate governance is not an optional extra for companies, but an essential element in attracting investment and stimulating economic growth. It is also one of the core attributes of our capital formation platform.” 於公司能達到良好的公司管治水平，相信大多數 人都會加以稱頌。然而，我們絕不應輕視這項 成就。 在12月舉行的第三屆年度香港公司管治卓越獎頒獎典 禮中，晚會主禮嘉賓 – 香港政府財政司司長曾俊華指 出：「良好的公司管治並非為公司錦上添花的選項，而 是吸引投資，刺激經濟增長的關鍵要素，亦是本港融資 平台的核心特性之一。」 曾俊華指出，相比本地區內同業，在香港聯合交易所上 市的公司必須表現出高水平的公司管治。「這樣做會提 升它們在國際投資者心目中的信譽度。」他補充。 Tsang noted that companies listed on the Hong Kong Stock Exchange must demonstrate high standards of corporate governance with their peers in the region. “In return, this strengthens their credibility factor among international investors,” he added. 該獎項由香港上市公司商會及香港浸會大學公司管治與 金融政策研究中心（CCGFP）聯合創立及舉辦，旨為 表彰在公司管治方面表現卓越的企業。 The awards, jointly organised by the Chamber of Hong Kong Listed Companies and the Centre for Corporate Governance and Financial 獎項的候選人經由資深大律師兼香港證券及期貨事務監 察委員會前主席梁定邦博士；華高和昇財務顧問有限 12 Momentum Winter 2009 Policy (CCGFP) of the Hong Kong Baptist University, recognise those that have attained a degree of excellence in corporate governance. The candidates for the awards were judged by Dr. Anthony Neoh, SC, JP, a senior member of the Hong Kong Bar and former Chairman of the Hong Kong Securities and Futures Commission; Alec Tsui, Chairman of WAG Worldsec Corporate Finance Ltd., Vice Chairman of China Mergers and Acquisitions Association and former CEO of the Stock Exchange of Hong Kong; David Sun, BBS, JP, Managing Partner of Ernst & Young Far East and a member of Ernst & Young Global Executive Board; C.Y. Leung, Senior Partner of Baker & McKenzie; and Professor Stephen Cheung, BBS, JP, Dean, School of Business and Professor (Chair) of Finance at the Hong Kong Baptist University. They were assessed using a set of defined criteria based on eight corporate governance dimensions developed by the CCGFP. The six winners come from a broad range of industries and each face very different challenges in their businesses and daily operations. While they all have taken unique approaches to corporate governance, how they handle their challenges, manage risks, maintain a high degree of transparency, and comply with regulations provides some important lessons for all companies in Hong Kong. The winners are: CNOOC Limited; Li & Fung Limited; Esprit Holdings Limited; China Railway Group Limited; China Agri-Industries Holdings Limited; and Melco International Development Limited. In addition, the Bank of Communications received an Honourable Mention, and Clear Media Limited was the recipient of the Most Improved award. Here are some observations and comments from the judges about each of the award winners: CNOOC Limited China’s largest producer of offshore crude oil and natural gas has a strong corporate governance culture and a board and management structure that matches. The board has a complementary international advisory board that helps CNOOC conduct its business according to the standards and expectations of the international business community in which it operates. 冬 公司主席、全國工商聯併購公會副會長兼香港聯合交易 所有限公司前行政總裁徐耀華先生；安永遠東區首席合 夥人兼安永國際董事局成員孫德基先生，BBS，JP；貝 克．麥堅時律師事務所資深合夥人梁卓恩律師；以及香 港浸會大學工商管理學院院長兼金融學講座教授張仁良 教授，BBS，JP組成的評獎委員會評審。整套評獎標準 以公司管治與金融政策研究中心制定的八項公司管治準 則作為指標。 六家獲獎公司來自各類行業，每家公司都在其業務和日 常營運中面對非常不同的挑戰。雖然它們各自採取獨特 的公司管治方式，但學習它們如何應對挑戰，管理風 險，保持高透明度及遵守規例，可為所有香港公司提供 重要的教益。 獲獎公司是：中國海洋石油有限公司；利豐有限公司； 思捷環球控股有限公司；中國中鐵股份有限公司；中國 糧油控股有限公司；新濠國際發展有限公司。此外，交 通銀行榮獲「評獎委員嘉許」獎，而白馬戶外媒體有限 公司則獲頒「最佳進步」。以下是評獎委員們對各家獲 獎公司的一些看法和評價。 中國海洋石油有限公司 這家中國最大的海上石油及天然氣生產商擁有濃厚的公 司管治文化，以及與之相配合的董事會和管理層架構。 在國際顧問委員會的支持和協助下，董事會確保中海油 的業務運作達到國際商界的最高標準和期望。 該公司採用COSO建議的架構開展內部控制，在2007 年，該公司為首批在紐約證券交易所上市而又能遵循美 國《薩班斯 – 奧克斯利法案》第404條（該條文要求 管理層和外部核數機構就公司財務報告方面的內部控制 出具報告）的外國公司之一。鑒於其業務性質，中海油 已採用一套高於政府要求的環保指引。 評獎委員會成員的評價指出，該公司不僅要面對國內外 不斷修改、日趨嚴格的監管規定，還要面對變化多端的 The company has adopted the COSO framework for internal control and, in 2007, was among the first group of foreign companies listed on the New York Stock Exchange that complied with section 404 of the United States’ Sarbanes Oxley Act (which requires management and the external auditor to report on the adequacy of a company’s internal control over financial reporting). And because of the nature of its business, CNOOC has adopted a set of environmental guidelines that exceed Government requirements. The judges commented that the company operates not only in an environment of changing and increasingly stringent domestic and international regulatory requirements but also in a world where Representatives of the Award winners 各獲獎公司代表合照 Momentum 13 the economics of oil constantly changes. However, it has shown an outstanding ability to cope with these changes through its system of governance. Li & Fung Limited The export trading arm of the Li & Fung Group has been committed to corporate governance for a long time, which was displayed in its setting up of a corporate governance division headed by the Group Chief Compliance Officer in 1996. Last May, the company increased its number of INEDs to five, out of 10 directors, in order to raise the board’s independence. The judges noted that Li & Fung Limited has met the difficult challenge of maintaining robust systems of internal control and risk management while also fostering a spirit of entrepreneurialism among its managers. Chairman Dr. K.S. Lo with the Panel of Judges (From left) Mr. Alec Tsui; Professor Stephen Chung, BBS JP; Dr. K.S. Lo; Mr. C.Y. Leung; Dr. Anthony Neoh, SC, JP. (Mr. David Sun, BBS, JP, another panel judge, is not shown in the photo.) 羅嘉瑞主席與評獎委員會成員合照 (左起) 徐耀華先生﹔張仁良教授，BBS，JP﹔羅嘉瑞主席﹔梁卓恩先生﹔梁定邦資深大 律師，SC，JP。 (另一評獎委員孫德基先生，BBS，JP不在此照片中。) As the company has grown partly by acquisition, Li & Fung Limited has set up a risk management c o m m i t t e e t h a t p l a y s a n i m p o r t a n t ro l e i n monitoring the due diligence and approval process of its investment activities. The company has also responded to the recent global financial crisis by increasing its risk management capabilities, in particular the credit risk management by enforcing a new alert system for customers and a closer review of their credit terms and credibility. Esprit Holdings Limited In the judges view: “The Company has built up a valuable, leading international brand name in apparel and accessories with strong systems of internal controls and corporate governance, which include compliance with continually changing regulatory requirements and staying ahead of changing consumer tastes.” Esprit Holdings Limited has no controlling shareholder and is run by a highly independent board with five independent directors out of a total of nine. Voting by poll of all resolutions at its annual general meetings was adopted in 2003, ahead of when this became a listing rule requirement last year. In addition to adopting stringent environmental protection measures, such as minimising carbon footprint and energy saving in its operations, the company has introduced requirements for its suppliers and business partners to comply with international standards on human rights, labour laws, children’s rights and antidiscrimination. China Railway Group Limited After receiving an Honourable Mention in the Hong Kong Corporate Governance Excellence Awards 2008, China Railway Group Limited sought to further improve its corporate governance performance by introducing nine revisions to its Code of Corporate Governance and 14 Momentum 石油經濟。然而，透過其管治制度，公司展現出應對這 些變化的傑出能力。 利豐有限公司 利豐有限公司經營利豐集團旗下的出口貿易業務，長期 致力於公司管治，這有見於該公司在1996年已設立由 集團監察總裁主管的公司管治部。去年5月，該公司將 獨立非執行董事人數增至5名（董事總人數10名），以 提高董事會的獨立性。 評獎委員指出，利豐有限公司所面臨的艱巨挑戰，是在 維護穩固的內部控制和風險管理系統的同時，要在管理 層之間樹立一種企業家的精神。 由於公司在某程度上是透過收購而成長起來，利豐有限 公司設立了風險管理委員會，該委員會對公司在監察盡 職調查和審批投資活動中起到重要作用。為應對近期的 全球金融危機，該公司還增強了風險管理能力，特別是 包括對客戶執行一套新的預警系統，並對他們的信貸條 款和信譽進行更嚴格的審核，以加強信貸風險管理。 思捷環球控股有限公司 評獎委員作出如下評語：「該公司在服裝和配飾產品方 面建立了國際領先的優質品牌，並以穩健的內部監控和 公司管治系統作為後盾，這包括遵循不斷改變的監管規 定，並帶領變化多端的消費者品味。」 思捷環球控股有限公司並無控股股東，而是由一個高獨 立性的董事會帶領（董事會人數共九名，其中五名為獨 立董事）。集團自2003年起對股東周年大會的所有決 議案以投票方式表決，而此項舉措直至去年才納入上市 規則之中。 Winter 2009 by engaging external consultants to help in the areas of listing rules compliance, financial advisory and internal controls. The company, which in 2006 was assessed as the third-largest construction firm in the world, is conducting an 18-month review of its internal control system, and has engaged a consulting company to assist in implementing a new performance appraisal system. This will feature 360-degree appraisals for senior executives and board members. In 2008, China Railway published its first corporate social responsibility report, and also a self-assessment report by the board on internal control that allows shareholders to evaluate its performance in different areas. The judges said: “The Company has made immense strides in implementing robust systems of corporate governance by which the board can exercise effective stewardship over a complex organisation.” China Agri-Industries Holdings Limited The judges noted that this company has had to deal with the critical challenge of achieving high standards in domestic and international compliance, particularly in environmental, hygiene, product description and packaging requirements. “That the company has been able to maintain its high reputation both domestically and 冬 除採取嚴格的環境保護措施外（例如在營運上減少碳排 放和節能），該公司還向其供應商和業務合作夥伴引進 符合有關人權、勞動法、兒童權利和反歧視等國際標準 的規定。 中國中鐵股份有限公司 中國中鐵股份有限公司於2008年獲頒香港公司管治卓越 獎評獎委員嘉許，此後更進一步力求改善公司管治之方 法，對其公司管治守則作出9處修改，同時聘用外部顧問 協助處理上市規則合規、財務諮詢及內部控制等環節。 該公司於2006年被評為世界第三大建築公司。目前， 集團正對其內部控制系統開展為期18個月的審核，並 已聘用顧問公司協助引入全新的工作績效評估系統，對 高級管理人員及董事進行「360度」全方位評估。 中鐵於2008年發表了首份企業社會責任報告，以及董 事會對內部控制作出的自我評核報告，讓股東可從不同 方面評估其表現。 評獎委員表示：「該公司積極執行多方面的公司管治， 取得很大的進步，藉此董事會可對一個結構複雜的組織 作出有效的管理。」 中國糧油控股有限公司 評獎委員指出，該公司面臨的重大挑戰，是必須要符合 Gasp for a breath of clean air ? 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Supplemented with variable parts and flexible installation methods. Call us now for Free Air Quality Test Enquiry : (852) 2815 8388 www.iqair.com.hk Momentum 15 internationally is testament to the Company’s systems of internal controls and risk management and the oversight exercised by the board,” they said. (See the Member in the Spotlight column in this issue for a detailed account of China Agri-Industries). Melco International Development Limited The leisure, gaming and entertainment conglomerate, whose business operations are principally in Macau, developed its own code of corporate governance in 2005 based on the listing rules of the Hong Kong Stock Exchange. It has established seven board committees, which exceeds the requirements of the HKEx’s Code on Corporate Governance Practices. Internal control and risk management matters are under the direct remit of the Board’s Executive Committee, with well-defined policies and frameworks on risk management for assessing and managing business, operational, financial and compliance risks. A Code on Business Conduct and Ethics has also been developed in order for all staff members to cultivate high integrity and ethical values, and whistle-blowing arrangements have been put in place for reporting malpractices. Honourable Mention: Bank of Communications The Bank of Communications was listed in Hong Kong in 2005, the first China-based commercial bank of its kind to be listed outside the Chinese mainland, and listed two years later on the Shanghai Stock Exchange. Its diverse shareholding structure has given the bank and its board a strong sense of accountability to its shareholders. Indeed, its investor relations function has been put under direct supervision of the bank’s President and Chief Financial Officer. The Bank of Commincations’ board has six INEDs, two of whom are appointed by HSBC, the bank’s strategic investors, which allow it to benefit from HSBC’s strong expertise in the banking business. The judges commented that the bank has robust systems of corporate governance which stood it in good stead during the global financial turmoil last year. Most Improved Award: Clear Media Limited The provider of a bus shelter advertising network, which covers 30 cities in China, made special efforts to disclose information during the financial crisis in 2009. The board’s directors took the lead in voluntarily disclosing negative business news in order to manage investor expectations and retain confidence in the company. The judges said: “[We] were impressed by the Company in that it has shown, during a period of most trying operating conditions, a determination to be fully transparent to its shareholders by making timely disclosures of negative news complying with the highest disclosure standards.” M 16 Bruce Andrews Momentum 國內外高標準的監管規定，尤其是遵守有關環境、衛 生、產品說明及包裝等方面的要求。「該公司在國內外 擁有盛譽，是對其完善的內部監控和風險管理系統、有 效的董事會監管的最佳明證。」他們評價道。 （請參閱本期的《會員聚焦》專欄，瞭解中國糧油的 詳情）。 新濠國際發展有限公司 該公司是集休閒、博彩和娛樂為一體的綜合性集團，業 務重心位於澳門。集團於2005年根據香港聯交所上市 規則自行制定一套公司管治守則。公司設立了七個董事 委員會，遠超於港交所《企業管治常規守則》的要求。 董事會常務委員會直接負責內部控制及風險管理等事 宜，並藉著完善的風險管理政策及框架以評估及管理業 務、營運、財務及合規各方面的風險。 集 團 編 制 出 適 用 於 全 體 僱 員 的 《 業 務 操 守 及道德守 則》，旨在培養高度的誠信及道德價值，同時設有舉報 安排，接受針對不當行為的舉報。 評獎委員嘉許：交通銀行 交通銀行於2005年在香港上市，是首家在境外上市的 中國內地商業銀行，並在兩年後於上海證券交易所上 市。交通銀行具有多元化的持股架構，這個特點令該行 及董事會對股東有著強烈的責任感。事實上，該行的投 資者關係部門由董事長及財務總監直接管轄。 交通銀行的董事會共有6位獨立非執行董事，其中兩位 由該行戰略投資者匯豐銀行委任，使該行受惠於匯豐銀 行紮實的銀行專業知識。 評獎委員表示，該行擁有健全的企業管治能力，在去年 的全球金融動盪期間，使其得以安然渡過危機。 最佳進步獎：白馬戶外媒體有限公司 該公司在中國三十個城市建立了公共汽車候車亭戶外廣 告網絡。公司在2009年的金融危機期間更積極地披露 資料。各董事帶頭主動披露負面業務消息，以管理投資 者期望並維持他們對公司的信心。評獎委員表示：「該 公司在最艱難的市場環境下仍能遵守高披露標準，及時 披露負面消息，表現出對股東高度透明的決心，給[我 們]留下深刻的印象。」 M 安報施 Economic Insights 經濟透視 Russian Economy on the Rebound 俄羅斯 經濟復甦 展望 18 Momentum Winter 2009 T he peak of the economic crisis in Russia has passed, according to Russian Prime Minister Vladimir Putin. However, prudent investors will have to ask themselves: is it the right time to make long-term investments in the former superpower? The currently available production data and inflation forecasts for 2010 indicate that the answer may indeed be yes. “I can say with a large degree of confidence that the peak of the crisis is over, though turbulent factors in the global economy and, as a consequence, in the Russian economy, still persist,” Putin said at a televised question-and-answer session on 3 December last year. “But, on the whole, positive trends are becoming ever more evident.” Inflation in Russia was under 9% in 2009, Putin said. High inflation has beset Russia since the country started its transition to a market economy in the early 1990s, hindering the development of domestic businesses and much-needed foreign investment. The Russian government expects the economy could switch to sustainable growth as early as 2010. It is expected that economic activity in Russia would stay at a low level for several more months before sustainable growth will become visible. Anti-inflation measures taken by the Russian government could contribute to positive changes in the near future. According to Prime Minister Putin, these measures could lead to inflation lowering to 5-6% over the next 3-4 years. He also mentioned that it is essential for the state monetary policy to aim to lower inflation gradually from 9-10% in 2010 to 5-7% by the end of 2012. Following a slowdown in consumer price growth and a forecast for lower inflation this year, Russia’s Central Bank cut its key lending rate by 0.5 percentage points to 9.5% per annum on 30 October last year. This was intended to bring down interest rates to help domestic businesses amid the ongoing economic crisis. 冬 羅斯總理普京表示，該國已渡過經濟危機的高峰 期，但審慎的投資者或會質疑：現時是否對俄 羅斯作長線投資的適當時機？基於目前的生產數據及 2010年的通脹預測，我們認為在當地作長期投資的前 俄 景樂觀。 在去年12月3日的一個電視訪問中，普京表示：「儘管 環球與俄羅斯經濟仍面對不穩定因素，但我確信危機的 頂峰經已過去。」他續指出：「整體來說，樂觀的趨勢 日漸明顯。」普京表示，俄羅斯的通脹在2009年處於 9%以下的水平。 自從俄羅斯於1990年代初開始轉型至市場經濟，當地 一直備受通脹高企的困擾，以致國內企業的發展，以及 需求殷切的外國投資均受到窒礙。 俄羅斯政府預期當地經濟將在2010年邁向可持續復甦 之路，但預計在經濟展現持久增長之前，俄羅斯的經濟 活動在未來數個月仍將維持於低水平。 當地政府致力採取抗通脹措施，可望在短期內帶來正面 的轉變。總理普京表示，這些措施可令通脹在未來三 至四年間下降至5-6%。他亦提到，政府必須確立貨幣 政策的目標，致力把通脹率在2012年底前由2010年的 9-10%，逐步降低至5-7%。 鑑於消費物價的增長放緩，加上通脹率預計將在本年下 跌，在去年10月30日，俄羅斯央行調低主要貸款利率 0.5個百分點至每年9.5%，減息的目的是協助當地企業 抵禦仍然存在的經濟危機。 KIT Fortis Investments的研究主管Gennady Sukhanov指出，有幾個因素可助改善未來的通脹 情況，包括： w 貨幣效應延遲出現，加上貨幣基礎和貨幣供應在過 去十二個月收縮，與貨幣供應在2005至2008年錄 得40-50%年度增長的情況截然不同。 w 商品價格在2009年第二季強勁反彈，有助提高政府 的財政收益及紓緩財赤。 w 油價持續上升；經常賬結餘錄得增長；以及美元資 金流入俄羅斯。自2009年4月起，俄羅斯央行維持 讓盧布匯率自由浮動的政策（可見於外匯儲備自 2009年首季以來幾乎一直維持不變）。 w 盧布升值有助減低進口貨品的盧布價格。 w 預期經濟將在2010年增長2-3%，遠低於俄羅斯的 長期增長率，有助緩和通脹壓力。 There are several factors that would positively influence inflation in the future, says Gennady Sukhanov, head of research KIT Fortis Investments. These are: w A delayed monetary effect, and a contraction in the monetary base and money supply in the past 12 Sukhanov認為通脹放緩將令俄羅斯的投資者受惠。他 預期央行將會減息，導致盧布利率下跌，可望振興俄羅 斯的債券及股票市場。 隨著石油及金屬價格回升，國際貨幣基金會預期俄羅斯 將邁向「相當迅速的復甦」。而環球經濟在去年放緩， 令當地經濟在第二季收縮10.9%，是自1995年以來的最 嚴重跌幅。 Momentum 19 w w w w months, which sharply contrasts to the 40-50% annual growth in 在俄羅斯，油田生產、國內生產總值及石油業顯然息息 the money supply in 2005-2008. 相關。石油及燃氣佔國家出口接近70%。俄羅斯的石油 Commodity prices rebounded strongly in the second quarter of 公司在近期顯著增長，這些公司是當地的最大納稅者， 2009, which helped to increase the federal budget revenues and 為俄羅斯庫房帶來超過一半的收入。繼本年的升浪之 ease the deficit. 後，它們的股份估值已達到分析員對2010年盈利估計 An oil price spiral was accompanied by a current account balance 的7.6倍，較新興市場平均便宜約40%。 growth and dollar liquidity inflow into Russia. Russia’s Central Bank kept the rouble rate freely floating since April 2009 (evidenced by the fact Table 1. Russia’s Economic Indicatiors 俄羅斯經濟指數 圖一. that foreign-exchange reserves were virtually unchanged since the first quarter of 2009). Appreciation of the rouble helped to reduce 2008 2009 2010* rouble prices for imported goods. Real GDP YoY change 5.6% -8.5% 4% I expect 2-3% economic growth in 2010, which 實質國內生產總值的按年變動 is much lower than the long-term growth rate Nominal GDP YoY change 23% 4% 17% 名義國內生產總值的按年變動 for Russia. This should also help to decrease the Consumer Price Index (end-of-year) 13.4% 9.5% 8% pressure on inflation. 消費物價指數（年終） Sukhanov believes that an inflation slowdown will bring positive results for investors in Russia. He expects the Central Bank will lower interest rates which, in effect, will help to bring rouble yields down and should be a positive catalyst for the Russian bond and equity markets. Producer Price Index (end-of-year) 生產物價指數（年終） Brent Crude oil price, USD# 布蘭特原油價格，美元# The interrelation of field production, gross domestic product and industry is evident in Russia. Oil and gas reached almost 70% of the country’s exports. Russian oil companies, which are the country’s biggest tax payers and bring in more than half of all federal revenue, have shown significant growth recently. After this year’s rally, their shares are valued at 7.6 times analysts’ estimates for 2010 earnings, which is about 40% cheaper than the average for emerging markets. Russia produced 9.97 million barrels of oil per day (b.p.d.) in August last year, up 0.6% from 9.91 million b.p.d. in July. These are record figures for the country’s oil industry during the previous nine years. Its exports of crude and refined products rose to about 7.4 million b.p.d. Russia is surpassing Saudi Arabia in oil exports for the first time since the Soviet Union’s collapse. In relation with the recent decision of OPEC members to keep its production quota unchanged, we can clearly see that Russia has received carte blanche for further oil expansion. Vladimir Tsuprov, the Chief Financial Officer of KIT Fortis Investments, says oil production will also increase next year. This is due to oil companies starting crude production in the potential oil fields of Eastern Siberia, Timano-Pechera and Caspian regions. Tsuprov says: “KIT Fortis expects the crude oil price to rise to US$90 dollars a barrel next year. The country’s benchmark Urals blend cost $76.04 a barrel on 24 November, up from $37 at the start of the year. Momentum 16% 10% $101 $60 $90 * Esitmate 估計 # Approximate average over 12 months 12個月大約平均值 Source: KIT Fortis Investments, 19.11.2009 資料來源：KIT Fortis Investments, 19.11.2009 The International Monetary Fund expects Russia will see a “fairly rapid recovery” as the prices for oil and metals pick up. This is after its economy shrank 10.9% in the second quarter of last year because of the global economic slowdown, representing the biggest fall since 1995. 20 -7% 在去年8月，俄羅斯每日生產997萬桶石油，較7月份的 每日991萬桶上升0.6%，是當地石油業在過去九年來錄 得的最高數字。此外，俄羅斯的原油及精煉產品出口 量升至每日約740萬桶，是自蘇聯解體以來首次超越沙 地阿拉伯的石油出口量。鑑於石油輸出國組織的成員 國最近決定維持生產配額不變，我們認為俄羅斯的石油 業將繼續全面擴張。KIT Fortis Investments的財務總監 Vladimir Tsuprov表示，石油生產亦將在明年提高，因 為石油公司開始在西伯利亞東部、Timano-Pechera及 裡海地區的潛在油田生產原油。 Tsuprov指出：「KIT Fortis預期明年的原油價格將升至 每桶90美元。俄羅斯的基準原油 — 烏拉爾混合原油 在11月24日報每桶76.04美元，高於年初的37美元，但 即使油價升至這個水平，流入俄羅斯的海外資金仍會增 加，有助刺激其他行業的增長。市盈率方面，根據彭博 資訊的數據，摩根士丹利俄羅斯指數報10.51。雖然今 年的營商環境頗為嚴峻，但有明顯跡象顯示，公司的業 績將在2010年得以改善，並重返[環球金融]危機前的 平均水平。因此，儘管市場並未過份樂觀，我們預期盈 利可望增長20-30%。」 雖然俄羅斯國有石油生產公司Rosneft的石油生產量錄 得增長，但按美國公認會計原則計算，2009年1月至6 月的純利較去年同期減少47%至36.7億美元，主要由 於原油及產品的平均價格按年下跌兩倍。在2008年， Winter 2009 冬 However, even with such prices Russia can increase foreign capital inflows, which would stimulate growth in other industries. As for the P/E ratio, the Russia MSCI index is 10.51 (according to Bloomberg). While this year was quite difficult for business, it is evident that in 2010 companies will show better results and return to average pre–crisis [global financial] levels. That is why even with moderate optimism we could potentially have 20-30% growth in profits.“ 噸（8.07億桶）石油。另外，俄羅斯最大的獨立石油公 司LUKoil宣佈，按美國公認會計原則計算的2009年上 半年純利按年下跌50%至33.62億美元。報告期內的收 益下跌62.5%至348.61億美元，息、稅、折舊及攤銷前 利潤則較2008年上半年減少40.8%至65.34億美元。然 而，預期上述石油公司的表現將在明年反彈。 Despite the growth in oil production of Russia’s state-controlled oil producer Rosneft, U.S. GAAP net profit declined by 47% in January-June 2009 from the same half in the previous year, to $3.67 billion. The fall in revenue was primarily due to a two-fold year-on-year drop in average crude oil and product prices. Rosneft’s crude production grew by 9% in 2008 from the previous year to more than 110.1 million metric tons (807 million barrels) of oil. Russia’s largest independent oil company, LUKoil, announced a 50% year-on-year drop in its U.S. GAAP net profit in the first half of 2009 to $3.362 billion. Revenue fell 62.5% to $34.861 billion in the reporting period, while EBITDA (earnings before interest, taxes, depreciation and amortisation) stood at $6.534 billion, down 40.8% against the first six months of 2008. However, these oil companies may be ripe to bounce back as early as next year. Tsuprov表示：「我認為俄羅斯的危機經已見底，經濟 Tsuprov says: “I think we have already seen the bottom of the crisis in Russia and the economy will grow in 2010. In late 2009, the government was estimated to have made up to 30% of the expenditure allocated to the entire year. This fiscal stimulus is to support economic growth and so far the government has no plans to significantly reduce it. We expect inflation to continue to decline, eventually allowing for further cuts in the Central Bank policy rates. We expect oil prices to grow modestly in 2010. Inflation is likely to remain subdued as the government will continue its policy of inflation-targeting and will continue cutting interest rates in the first quarter of 2010. The recent default of Dubai World also caused a significant flight from risk and helped the Russian government to restrain the short-term capital inflows, deflating the inflationary pressure in the economy.” M *KIT Fortis Investments is a joint venture between KIT Finance and Fortis Investments which is headquartered in St. Petersburg with offices established in Moscow and Kazakhstan. Rosneft的原油生產較前一年增長9%至超過1.101億公 將可望在2010年錄得增長。在2009年底，估計政府為 全年開支的30%提供補貼。這項財政刺激政策的目的是 支持經濟增長，而政府至今仍未打算大幅削減有關措 施。我們預期通脹將持續下跌，為央行提供進一步調低 政策利率的空間。此外，預期油價將在2010年溫和上 升。鑑於政府將維持達到通脹目標的政策，並在2010 年首季減息，我們預計通脹將保持於低水平。另外，杜 拜世界近日出現違約事件，促使投資者大舉撤離高風險 資產，有助俄羅斯政府限制短期資金流入，從而紓緩當 地的通脹壓力。」 M *KIT Fortis Investments是KIT Finance與富通 資產管理組成的合營企業。其總部位於聖彼德 堡，在莫斯科及哈薩克亦設有辦事處。 Momentum 21 Corporate Tips 企業啟示 Preparing for a Pandemic T he risk of outbreaks of all strains of influenza is greater in winter. Hong Kong and China are particularly vulnerable during the holiday season when people are moving in large numbers across the country for the Chinese New Year. Ideally, Hong Kong companies should have their contingency plans already in place in the event of a widespread outbreak. In April last year, the H1N1 virus, the so-called “swine flu”, was declared by the World Health Organization (WHO) director-general Margaret Chan as a “public health emergency of international concern” when the first two cases of the virus were reported in the United States and was followed by hundreds of cases in Mexico. H1N1 is often called “swine flu” because initial testing showed many of the genes in the virus were similar to influenza viruses normally occurring in North American swine. Further research has found it has genetic elements from four types of influenza: North American swine influenza; North American avian influenza; human influenza; and the swine influenza virus typically found in Asia and Europe. Before long, H1N1 was found to have spread across the world. To date, this virus has been found in more than 200 countries and was responsible for nearly 12,000 deaths according to laboratory results. However, the true death toll may be much higher. In December, five previously healthy people in Hong Kong died from the second wave of the H1N1 virus, according to reports in the South China Morning Post. The latest WHO report indicates that at least 990 people have died after contracting the virus in Southeast Asia. Meanwhile, avian influenza has not gone away. Nor has the threat of a global pandemic caused by the H5N1 virus strain. While the swine flu has dominated news reports since it was first detected in April, avian influenza or “bird flu” has been flagged by WHO as still being a substantial health risk. Indeed, there have been reports that the strains of swine flu and bird flu could combine to make another dangerous virus. According to WHO, an influenza pandemic is both inevitable and overdue. Two of three pandemic criteria have already been met by the current H5N1 strain in Asia, and WHO has issued a pandemic alert of Phase 6, its highest rating alert. Phases 5 and 6 indicate that a virus has reached a stage where there is widespread human infection. Phase 5 is characterised as when 22 Momentum 種流感爆發的風險在冬季更大。在農 曆新年來臨之際，隨著人們在這個假日季節 大量流動，香港和中國內地尤其容易遭受流感襲擊。 理想的做法是，萬一流感大規模爆發，香港的公司應該 已備有各自的應急方案。 各 去年四月份，美國報告了最早出現的兩例H1N1病 毒，接著在墨西哥更出現數百宗病例。世界衛生組織 （WHO）總幹事陳馮富珍隨後將H1N1病毒（即所謂 的「豬流感」）宣佈為「國際關注的突發公共衛生事 件」。H1N1經常被稱作「豬流感」，是因為最初的測 試顯示該病毒的許多基因與通常發生在北美豬隻身上的 流感病毒相似。進一步的研究發現，該病毒具有四種流 感的基因要素：北美豬流感；北美禽流感；人類流感； 以及一般在亞洲和歐洲出現的豬流感病毒。 H1N1病毒轉瞬間在全球擴散。到目前為止，200多個 國家已出現這種病毒，而據實驗室統計結果顯示，該病 毒已造成近12,000人死亡。但是，實際死亡人數可能還 要高得多。 Winter 2009 為 冬 疾病大流行 做好準備 there is a human-to-human spread of the virus into at least two countries in one WHO region. Phase 6, the pandemic phase, indicates there are community level outbreaks in at least one other country in a different WHO region in addition to the criteria defined in Phase 5. Designation of this phase will indicate that a global pandemic is under way. In December, Chan warned that although countries have stocked their defences against an influenza pandemic, they remain ill-prepared for mass outbreaks of the deadlier bird flu virus, reported the South China Morning Post. “It is still premature and too early for us to say we have come to an end of the pandemic influenza worldwide. It would be prudent and appropriate... to continue to monitor the evolution of this pandemic for the next six to 12 months,” Chan said. “The one thing we need to guard against is a sense of complacency.” Preparing for the Worst It is important for businesses to have a pandemic preparedness plan that includes antiviral drugs and vaccines, the only pharmaceutical options available to help mitigate risk. However, antiviral drugs, such as oseltamivir, may only be available and effective at the start of the outbreak if they are stockpiled now. When there are widespread outbreaks in the community, the sheer number of patients may be so large that it creates enormous stresses on the public healthcare system and antiviral stockpile kept by the Government. Also, an effective vaccine is unlikely to be available for the first six months after a pandemic is declared. 據《南華早報》報導，五名之前健康的香港人於去年 12月死於第二波的H1N1病毒。最新的WHO報告顯 示，東南亞地區至少有990人在感染該病毒後死亡。 與此同時，禽流感並未消失。H5N1病毒株構成的全球 大流行威脅亦依然存在。雖然豬流感自去年四月份最早 被發現以來一直充斥於新聞報導之中，但WHO仍將禽 流感標為重大的健康風險。事實上，曾有報導稱，豬流 感和禽流感兩種病毒可結合成為另一種危險的病毒。 WHO認為，流感大爆發無可避免，而且時機早已成 熟。目前在亞洲出現的H5N1病毒株已經符合了三項大 流行標準中的兩項，而WHO亦已發出其最高的第6級大 流行警告。 第5級和第6級表示病毒已經達到了人類大範圍感染的 階段。第5級的特徵是，在一個WHO地區內至少有兩個 國家出現病毒在人與人之間傳播。除了第5級界定的標 準外，第6級（即大流行級別）還表示在不同WHO地區 內至少有另一個國家出現社區爆發。這一級別表示病毒 大流行正在全球發生。 《南華早報》報導，在去年12月，陳馮富珍警告稱， 儘管各國為防禦流感大流行作好了儲備，但對更致命的 禽流感病毒的大規模爆發仍然準備不足。 「說全球流感大流行已經結束，尚為時過早。在未來6 至12個月，我們應謹慎並適當地…繼續監察大流行的 進展，」陳馮富珍謂。「我們要慎防過於自滿。」 做最壞的打算 企業必須要有一套流行病防備計劃，其中包括抗病毒藥 物和疫苗 — 這是靠藥物以助減輕風險的唯一方法。但 是，只有現在就開始儲備奧司他偉（特敏福）等抗病毒 藥物，才能保障在爆發初期能有該等藥物提供和產生效 用。當流感在社會上出現大爆發時，患者數目可能會非 常多，以致對公共醫療系統和政府的抗病毒藥物儲備造 成巨大的壓力。另外，在宣佈大流行發生之後的首六個 月，也可能無法供應有效的疫苗。 香港衛生署在2006年向企業發佈了一套關於儲備抗病 毒藥物的指引。該指引的目的是向一些想儲備抗病毒藥 物的公司提供相關資料，作為它們制定應對流感大流行 的業務持續性規劃（business continuity planning）的 Momentum 23 The Hong Kong Department of Health released a guide to businesses on antiviral drug stockpiling in 2006. The guide’s purpose is to provide information to companies that wish to establish an antiviral stockpile as part of their business continuity planning (BCP) for an influenza pandemic in order to minimize staff absenteeism due to sickness and to reduce the health, social and economic disruption in which business continuity plays a major role. Influenza pandemics tend not to be short events, and waves of disease outbreaks may occur. According to Dr. Justin Cheng, medical director for the Hong Kong Specialists Medical Group, corporate antiviral stockpiling is important because a company will be severely impaired when between 30% and 40% of its staff members are absent due to family or personal concerns about infection. This can be offset by the availability of antivirals. The Hong Kong Government launched a vaccine programme in December that offers free and subsidised vaccinations for human swine flu on a voluntary basis to five groups that make up a total of Table 1. 表一. 一部分，以儘量減少因生病而導致員工缺勤，並降低對 健康、社會和經濟所造成的破壞性，確保企業的業務持 續性。 流感大流行往往會持續比較長的時間，可能會有好幾波 的疾病爆發。香港專科醫療集團的鄭毅誠醫生表示，企 業儲備抗病毒藥物很重要，因為一間公司若有30-40% 的員工由於家人或自身受感染而缺勤，將會造成嚴重影 響。如果能提供抗病毒藥物，這種情況可得以減輕。 香港政府在去年12月推出一項自願性疫苗接種計劃，向 五類人士（合計達五百萬人）提供免費和政府補貼的豬 流感疫苗接種。但是，鄭醫生估計，政府的抗病毒藥物 儲備或許只夠提供予25%-30%的人口，而這批儲備的 大部分將用作如警察機關和公立醫院等政府基本服務職 能部門的預防措施。此外，從2003年沙士疫情中所得 的經驗顯示，流行病可能會耗盡公共衛生設施，有必要 建立一個分流的過程，而較輕微的病例則應使用企業的 藥物儲備。 The Stockpiling Process 藥物儲備流程 Company plans for antiviral stockpiling 公司設定抗病毒藥物儲備計劃 Consultation with medical groups/individual doctors 諮詢醫療集團/個別醫生 Doctors evaluate the company situation and give their professional advice 醫生評估公司情況並給予專業建議 Doctor/Enterprise prepares the contractual agreement on antiviral stockpiling 醫生/企業草擬抗病毒藥物儲備的合約協議 Agreement between doctor/enterprise reached 醫生/企業達成協議 Doctor places orders to pharmaceutical company on behalf of the enterprise 醫生代表企業向藥廠發出訂單 Confirmation on the delivery schedules (time and venue) 確認交貨安排（時間和地點） Antiviral kept and monitored by the doctor 抗病毒藥物由醫生保管和監控 Pandemic outbreak 流行病爆發時 Pandemic not yet declared 尚未宣佈大流行時 - Doctors monitor the guidelines from the Department of Health on mobilization of antiviral stockpile 醫生隨時瞭解衛生署關於動用抗病毒藥物儲備的指引 - Doctors keep the stockpile until expiry and handle the disposal process 醫生保管藥物儲備直至過期，並負責處置有關藥物 - Doctors prescribe the drugs to the employees after proper consultation 醫生經適當的問診後向僱員開藥 - Doctors advise the company on replenishment of antiviral stockpile 醫生建議公司補充抗病毒藥物儲備 24 Momentum Winter 2009 five million people. However, Dr Cheng estimates the Government’s stockpiles for antiviral drugs may only cover between 25% and 30% of the population, and a substantial portion of these stores will be used as a preventative measure for essential government services, such as the police service and government hospitals. Moreover, experience from SARS in 2003 showed that a pandemic would probably exhaust public health facilities, necessitating a streaming process and use of corporate stockpiles for milder cases. The objectives of corporate antiviral stockpiling are to protect a company’s most important asset: its employees. It should help the company to maintain its operations during a pandemic and speed up recovery after the pandemic is over. They may even gain a competitive advantage from a quick recovery. The Health Department advises that corporate stockpiling programmes should be conducted through a company’s doctors. “Enterprises and doctors need to work out the amount of antivirals to be stockpiled, taking into account enterprise policies, staff required for core operations or at risk of infection, and other factors. The purpose is to provide reliable supplies of antivirals to their infected staff so that treatment can start in time,” the Health Department’s guide says. While there is no standard formula to calculate the quantity of drugs companies need, considerations include business size, core nature and structure, budgetary constraints, and a positive management attitude towards antiviral stockpiling as an investment to protect company assets. Business objectives during pandemics and the objective of whether to maintain core operations only or protect all staff and their families will also play a role. To ensure smooth implementation of stockpiling, budgets should be planned in advance, and advice sought from the local medical sector or respective pharmaceutical company to evaluate each company’s situation and regarding employee coverage and distribution plans. A medical professional will then place an order with pharmaceutical companies on the company’s behalf, confirm delivery schedules and stockpile drugs. This medical professional will also advise on other personal protective equipment and be responsible for management training, contingency planning, and other related matters. 冬 企業儲存抗病毒藥物之目的是用以保護其最重要的資 產：僱員。它應有助公司在流感大流行期間維持運作， 並在流感大流行結束後加快復元。公司甚至可以從快速 復元中獲得競爭優勢。衛生署建議企業藥物儲備計劃應 通過公司的醫生進行。 衛生署的指引中提到，「企業和醫生需計算出要儲存多 少抗病毒藥物，同時應考慮企業政策、維持核心業務所 需的員工或有受感染風險的員工，以及其他一些因素。 目的是能可靠地向受感染的員工提供抗病毒藥物，以便 能及時開始治療。」 雖然計算公司所需藥物量沒有一個標準的公式，要考慮 的因素則包括公司的規模、核心業務的性質和架構、財 政預算局限，以及管理層視儲備抗病毒藥物為保護公司 資產的一種投資的積極態度。流感大流行期間的企業目 標，以及是否僅擬維持核心業務還是要保護所有員工及 其家人這個目標設定也很重要。 為了確保順利實施藥物儲備，應事先計劃預算，並向當 地醫護界或相關的製藥公司徵詢意見，以評估個別公司 的情況和有關僱員受保障範圍和分配計劃的建議。 屆時應由一名醫學專業人士代表公司向藥廠發出訂單， 確認交貨期並儲存藥物。該名醫學專業人士還要就其他 個人防護裝備提出建議，並負責管理培訓、應急規劃以 及其他相關事項。 按照其與公司所訂的合約規定，如果爆發流感大流 行，該名醫學專業人士應按照政府指引和預先訂下的 要求去診治患者和提供抗病毒藥物。該醫學專業人士 還應密切留意政府發出的指引，監控患者的病情，必 要時把病人轉介到政府醫院，並負責維持藥物和防護 裝備的供應。 M 安報施 鄭毅誠 醫生 香港專科醫療集團 If the pandemic outbreak is underway, the medical professional consults and provides the antivirals according to government guidelines and pre-determined requirements, as agreed in their contract with the company. The medical professional will also closely monitor government guidelines, monitor patient progress, refer patients to government hospitals as necessary, and be responsible for maintaining the supply of drugs and protective equipment. M Bruce Andrews Dr. Justin Cheng Hong Kong Specialists Medical Group Momentum 25 Member in the Spotlight 會員聚焦 An Appetite to Grow – An Interview with China Agri-Industries Holdings Ltd. 力求增長 – 專訪中國糧油控股有限公司 26 Momentum Winter 2009 A 冬 t China Agri-Industries, good corporate governance is essential for the food and agricultural company to become a leading brand in China. Its listing in Hong Kong in March 2007 has been a key component to ensuring it maintains good corporate standards. 對 China Agri-Industries is a subsidiary of the COFCO Group, the food processing, manufacturing and trading giant of Mainland China. The parent company has transferred several of its core food production lines to its Hong Kong-listed entity, including rice, wheat and oilseed processing. About 90% of its output is sold to China’s domestic market, and the rest is exported overseas. 中國糧油是中糧集團的附屬公司，後者是中國內地食品 加工、製造和貿易行業的巨頭。母公司將若干核心食品 生產線轉移至旗下的香港上市企業，包括大米、小麥和 含油種子加工部門。公司約90%的產品銷往中國內地市 場，其餘出口海外。 When it comes to food safety, there is almost no margin for error. Contamination of food products has become an extremely serious issue on the Mainland after a string a food safety incidents in recent years. As a result, the reputation of China’s food industry has suffered greatly as a consequence: in 2007, the State Food and Drug Administration of China published a survey that found 65% of the respondents expressed concern about food safety in the Mainland. In this environment, China Agri-Industries has had the critical challenge of retaining its high standards of compliance in food safety, as well as its requirements in the areas of environmental, description and packaging. To achieve this, the company has sought to attain a very high standard of corporate governance within the organisation. A winner of CHKCL’s Hong Kong Corporate Governance Excellence Awards 2009, the judges noted the company has been able to maintain its high reputation both domestically and internationally due to its systems of internal control and risk management, and the oversight exercised by the board. Following the Codes To begin with, the company has written codes of behaviour for its directors, managers and employees, and sought ways to ensure they are followed in practice. The various codes include a code on communication of price-sensitive information, a code for securities transactions by directors and employees, and administrative procedures on connected transactions. With the help of an accounting firm, the company drew up these codes, which are derived from its one-sentence mission: “To ensure we can deliver healthy and safe food to our customers.” But these codes mean nothing unless they are put into practice, says China Agri-Industies’ vice president, Andy Li. “Training is the most important thing to ensure compliance with the codes,” he says. “The Chairman personally spends 40% of his time on ensuring all the people within the company are properly trained.” The company has a large training facility in Beijing which operates seven days a week for its almost 20,000 staff members and managers. “We train them on the listing rules and how to deal with connected transactions, such as price-sensitive information,” Li says. “We believe this training is the most effective tool to let people know 於中國糧油這家食品和農業公司而言，良好的企 業管治是成為中國領先品牌的關鍵。該公司於 2007年3月在香港上市，這已成為確保其保持良好企業 標準的要素。 食品安全幾乎容不得絲毫差錯。近年發生一連串食品安 全事件後，食品污染已經成為中國內地極其嚴重的問 題。結果，中國食品行業的聲譽因而遭受重創：國家 食品藥品監督管理局在2007年公佈的一份調查顯示， 65%的調查對象對內地的食品安全表示擔憂。 在這種環境下，中國糧油面臨嚴峻挑戰，既要繼續遵守 食品安全方面的嚴格標準，又要滿足環境、產品說明及 包裝方面的要求。為做到這一點，該公司一直謀求在公 司內實現極高的企業管治標準。公司榮獲香港上市公司 商會頒發之「2009年度公司管治卓越獎」，評獎委員 們指出，由於實施適當的內部監控和風險管理制度，加 上董事局的有力監督，該公司在國內外均成功保持著較 高的聲譽。 嚴守準則 首先，該公司為其董事、經理和僱員編訂了多項行為準 則，並想方設法確保在實務中得到遵守。各項準則涵蓋 不同範疇，其中包括通報價格敏感資料的準則、董事及 僱員證券交易準則，以及關聯交易的行政程序。在一家 會計師行的協助下，該公司制定了上述各項準則， 這 些準則所基於的使命可一言蔽之：「確保向顧客提供既 健康又安全的食品。」 但中國糧油副總經理李偉君指出，上述準則若不付諸實 踐，便毫無意義。「培訓是確保遵守準則的最重要做 法。」他說道，「主席本人要用上40%的時間去確保公 司所有人都受到適當的培訓。」 該公司在北京擁有大型培訓設施，一周七天為其將近 2萬名員工和經理提供服務。 「我們向他們提供有關上市規則及如何處理關聯交易方 面的培訓，譬如價格敏感資料」李偉君說道，「我們認 為，這種培訓是讓人們瞭解企業管治，知道自己可以做 什麼，不可以做什麼的最有效方法。」 除了培訓之外，公司還按其食品安全、排污等方面的目 標，評定僱員和經理的表現，並向在這些指標方面取得 優異成績者發放獎金。 內部審計部門亦為確保良好企業管治發揮重要作用。 這支由150名人員組成的團隊，其工作獨立於公司中的 Momentum 27 about corporate governance; to let them know what they can and cannot do.” In addition to training, employees’ and managers’ performance are assessed against the company’s aims for food safety, pollution emissions, and the like, and give bonuses to those who achieve superior results on these measures. The internal auditing team also plays an important role in ensuring good corporate governance. This team of 150 people operates independently within the other departments of the company and reports directly to the board of directors, including the independent non-executive directors. “For example, they ensure there is enough full-time staff to monitor the business on a daily basis,” Li says. In addition, the company has adopted the highly stringent COSO II framework for internal control, which was developed to comply with the United States’ Sarbanes-Oxley legislation. “We do not have the requirement to follow Sarbanes-Oxley. However, we adopted it because it is the highest and most comprehensive standard. It is comprehensive in terms of involving all the operations of the business.” Li says. “We do not want internal control and corporate governance to be a document that is left somewhere. We want corporate governance to be a part of our operations, and everyone to know about its importance because corporate governance translates directly to food safety in our company. We offer so many food products and we cannot have any mistakes.” 其他部門，直接向董事局匯報，其中包括獨立非執行董 事。「例如，他們確保有足夠的全職人員監控日常營運 情況。」李偉君說道。 此外，該公司還針對內部監控採納了極其嚴格的 COSO II框架，開發該框架之目的在於遵守美國的《薩 班斯-奧克斯利法案》。 The Benefits of Being Listed By listing in Hong Kong, the company has added shareholder pressure as an incentive to maintain good corporate governance standards, Li says. The listing has also made the company’s managers more transparent than they were previously used to, he says, but the trade-off has been that they are more able to measure the company’s performance against competitors. “Information disclosure is a big change for the company as a whole,” Li says. “Before the company listed, all of our colleagues believed that there is no point for us to publish our information. We should treat it all secret because our competitors will know about how we operate and deal with our customers. This was the traditional way. “After the listing, the momentum changed. People became more willing to disclose their information. Firstly, we have an obligation to disclose as a listed company through our annual reports and other communication. But they became used to it, the senior and middle management could see the benefits of disclosure. For example, we now know more about our competitors through the disclosure exercise because we benchmark our company against a variety of measures from the industry through a third-party benchmarking firm.” Listing in Hong Kong has also enhanced the company’s ability to gain financing and expand. Last November, China Agri-Industries 28 Momentum 「我們並無義務遵守《薩班斯-奧克斯利法案》，但我 們還是採納了它，因為它是最嚴格、最完善的標準。它 的完善之處在於涉及業務營運的各個層面。」李偉君說 道，「我們不希望內部監控和企業管治變成一紙空文。 我們希望企業管治成為營運的一部分，希望每個人都瞭 解其重要性，因為在本公司，企業管治與食品安全息 息相關。我們提供種類繁多的食品，不可犯上任何錯 誤。」 上市的好處 李偉君表示，在香港上市後，該公司增添了股東壓力， 這也是保持良好企業管治的動力。他指出，上市亦使得 公司管理人員的一舉一動變得比以前更加透明，但好處 在於，他們更能夠對照競爭對手以衡量公司的表現。 「對整家公司而言，資料披露是一項重大變革。」李偉 君說道，「公司上市前，所有同事都認為我們無必要公 佈資料。我們應將一切保密，因為競爭對手會瞭解到我 們營運和應對客戶的方式。這是傳統的做法。 」 「上市後，局面有所變化。人們變得更願意披露資料。 首先，作為一家上市公司，我們有義務透過年報和其他 通訊作出資料披露。但人們逐漸適應了這種做法，中高 層管理人員可以看到披露的好處。例如，通過披露行 為，我們如今更加瞭解自己的競爭對手，因為我們通過 Winter 2009 secured a US$250 million (HK$1,939 million) loan from seven lenders. The lenders are a range of international banks, including the Bank of China (Hong Kong), Bank of Tokyo-Mitsubishi UFJ, Standard Chartered, CITIC Ka Wah Bank and Banco Santander. Future Growth Li says the loan will be used principally to expand its product range and to acquire both “upstream” (such as farms) and “downstream” (such as distribution networks) for its existing products. By having a closer relationship with its customers and enhancing recognition of the company’s brands, it hopes to see improvement in its profit margins. “The overall profit margins for a company such as ourselves will only be about 10-15%. It is not high,” Li says. “The reason is because you are not dealing directly with the final customers and the brand premium is not that much. If you look at other food companies around the world that have their own branding and deal with the end consumers directly, the gross profit margin can go up to 30-50%.” M Bruce Andrews 冬 第三方標桿企業，將自己的公司與行業內的一系列指標 相對比。」 在香港上市還提升了該公司獲取融資，實現擴張的能 力。去年11月，中國糧油從7家貸款機構獲得2.5億美 元（19.39億港元）的貸款。這些貸款機構是數家國際 性銀行，包括中國銀行（香港）、三菱東京UFJ銀行、 渣打銀行、中信嘉華銀行和桑坦德銀行。 未來增長 李偉君表示，該筆貸款將主要用來擴大產品範圍，並收 購現有產品的「上游」（譬如農場）和「下游」（譬如 分銷網絡）。公司希望通過與客戶建立更密切的關係， 提升對公司品牌的認可度，從而提高盈利率。 「我們這樣的公司的總體盈利率並不高，只有10-15% 左右。」李偉君說道，「原因在於，我們沒有直接跟最 終客戶交易，品牌收益並不大。縱觀世界各地擁有自身 品牌、與最終客戶直接交易的其他食品公司，它們的毛 利率可以高達30-50%。」 M 安報施 Momentum 29 FRA Column 財經事務及監管政策委員會專欄 Listing Rules on Connected Transactions – the way forward… 關連交易的上市規則 未來之路… 30 Momentum – Winter 2009 O n 2 October 2009, The Stock Exchange of Hong Kong Limited (“HKEx”) published a consultation paper seeking views on proposals to address various issues concerning connected transactions. We see initiatives of the HKEx in the consultation paper to codify current practices so as to improve the application of the Listing Rules on connected transactions and to update the rules in relation thereto to bring them in line with international standards. In this article, we will briefly discuss the major issues arising from the consultation paper, the views and positions of our FRA Committee and our Chamber, and our submission to HKEx. The consultation paper covered the following four areas: 1. 2. 3. 4. definitions of “Connected Person” and “Associate”; de minimis exemptions; revenue transactions; and transactions with persons connected only by virtue of their relationship with the issuer’s subsidiaries. 2 冬 009年10月2日，香港聯合交易所有限公司（「港 交所」)公佈諮詢文件，就處理關連交易涉及多 個事項的提案徵求意見。在諮詢文件中，我們窺見港 交所擬採取措施規範現行做法，以改善關連交易上市 規則的應用，並更新與之相關的規則，使其符合國際 標準。在本文中，我們將簡要討論諮詢文件中主要題 議、財經事務及監管政策委員會與本商會的觀點和立 場，以及我們向港交所作出的回應意見。 該諮詢文件涉及以下四個範疇： 1. 2. 3. 4. 「關連人士」和「聯繫人」的定義； 最低豁免水平； 收益性質的交易； 與僅屬發行人附屬公司層面的關連人士進行的交易。 1. 「關連人士」和「聯繫人」的定義 港交所就提議變更「關連人士」和「聯繫人」的定義 諮詢市場意見。 1. Definitions of “Connected Person” and “Associate” HKEx invited market comments on the proposed changes in the definitions of “connected person” and “associate”. Definition of “Connected Person” (a) to exclude a person connected at the subsidiary level; or alternatively to provide “insignificant subsidiary exemption” to the person who is connected only by virtue of his relationship with a subsidiary whose size is “insignificant” to the issuer; (b) to exclude promoters for PRC (Mainland China) issuers; and “PRC Government Body” for non-PRC issuers; and (c) to remove “management shareholder” in respect of the GEM Listing Rules to bring that in line with the Main Board Listing Rules. 「關連人士」的定義 (a) 剔除因與發行人附屬公司的關係而有關連的人士； 或者向僅因與發行人的「非重大」附屬公司的關係 而有關連的人士給予「非重大附屬公司豁免」； (b) 就 中 國 （ 中 國 內 地 ） 發 行 人 而 言 ， 剔 除 「 發 起 人」；就中國發行人以外的其他發行人而言，剔除 「中國政府機關」； (c) 刪除創業板上市規則有關「管理層股東」的規定， 使之與主板上市規則一致。 「聯繫人」的定義 (a)剔除(i)關連人士持有30%或以上股權的被投資公司 Momentum 31 Definition of “Associate” (a) t o e x c l u d e ( i ) h o l d i n g company and a subsidiary of such holding company of an investee company in which a connected person holds 30% or more interest; and (ii) a company (other than a subsidiary) in which the aforesaid investee company controlled 30% or more interest, and its subsidiary, holding company and fellow subsidiary; and (b) to include companies at least 30% controlled by any close relatives of a connected person. 2. De Minimis Exemptions Table 1. 表一. De Minimis Thresholds 最低豁免水平 Existing 現行 Proposed 建議 De minimis threshold for exemption from disclosure, reporting and shareholders’ approval requirements 獲豁免遵守披露、申報及股 東批准規定的最低水平 Each of the percentage ratios (except for the profits test) is Either (i) less than 0.1%; or (ii) equal to or more than 0.1% but less than 2.5% and the consideration is less than HK$1 million 每個百分比率（盈利測試除外） (i) 低於 0.1%；或 (ii) 相等於或超過 0.1%但低於 2.5%，而代價少於 100 萬港元 Each of the percentage ratios (except for the profits test) is Either (i) less than 1%; or (ii) equal to or more than 1% but less than 5% and the consideration is less than HK$1 million 每個百分比率（盈利測試除外） (i) 低於1%；或 (ii) 相等於或超過1%但低於5%， 而代價少於100 萬港元 De minimis threshold for exemption from shareholders’ approval requirement 獲豁免遵守股東批准規定的 最低水平 Each of the percentage ratios (except for the profits test) is Either (i) less than 2.5%; or (ii) equal to or more than 2.5% but less than 25% and the consideration is less than HK$10 million 每個百分比率（不包括盈利測試） (i) 低於 2.5%；或 (ii) 相等於或超過 2.5%但低於 25%， 而代價少於 1,000 萬港元 Each of the percentage ratios (except for the profits test) is Either (i) less than 5%; or (ii) equal to or more than 5% but less than 25% and the consideration is less than HK$10 million 每個百分比率（不包括盈利測試） (i) 低於5%；或 (ii) 相等於或超過5%但低於25%， 而代價少於1,000 萬港元 In ensuring that the de minimis thresholds provide an effective safeguard for material connected transactions while they are not too low to be costly and cumbersome to administer, HKEx proposed to revise the de minimis thresholds as shown in Table 1. At the same time, HKEx also invited views on whether an absolute monetary cap should be imposed, irrespective of the percentage threshold tests in assessing the de minimis exemptions. 的控股公司及此類控股公司的附屬公司；及(ii)上述 被投資公司控制30%或以上股權的公司(附屬公司 除外)，以及此類公司的附屬公司、控股公司以及 該控股公司的附屬公司；及 (b) 加 入 關 連 人 士 的 任 何 近 親 持 有 至 少 3 0 % 股 權 的 公司。 3. Revenue Transactions HKEx proposed in the consultation paper to exempt revenue transactions with associates of a substantial shareholder of the issuer (including its subsidiaries) which is a sovereign fund or an authorised unit trust or mutual fund with a wide spread of investments and holds its interest in the issuer and/or its subsidiaries as a passive investor. It is considered that such entities may not be in positions to exercise significant influence on the issuer. The consultation paper also proposed to expand the exemption for provision of consumer goods or services to allow an issuer to acquire consumer goods and services from connected person in connection with the issuer’s business provided that (i) there is an open market and transparency in pricing the goods or services concerned; and (ii) all other existing conditions for the exemption are met. 2. 最低豁免水平 為確保最低豁免水平能為重大關連交易提供有效保 障，而又不致定位過低以致執行上成本高昂及過於繁 瑣，港交所建議修訂最低豁免水平參見表一。 同時，港交所還就是否應該在釐定最低豁免水平時， 無論採納那個百分比率都設定一個絕對金額上限，諮 詢意見。 3. 收益性質的交易 4. Transactions with persons connected only by virtue of their relationship with the issuer’s subsidiaries. 在諮詢文件中，港交所建議豁免以下屬於收益性質的 交易：發行人（包括其附屬公司）與其主要股東的聯 繫人之間進行屬於收益性質的交易，而該主要股東本 身為擁有多樣化投資的主權基金、認可單位信託基金 或互惠基金，並以被動投資者身份持有該發行人及/或 其附屬公司的權益。港交所認為，此類實體不太可能 對發行人施加重大影響。 HKEx has put forward proposals in the consultation paper to codify current practices and to expand certain exemptions to transactions with persons connected only by virtue of their relationship with the issuer’s subsidiaries. These include: 諮詢文件亦建議擴大有關提供消費品或消費服務的豁 免範圍，以包括發行人為其本身業務向關連人士購買 消費品和消費服務的情況，要獲得上述豁免，必須符 32 Momentum Winter 2009 (a) to exempt transactions between a non-wholly-owned subsidiary (“Connected Subsidiary”) in which the issuer’s connected person is a substantial shareholder and any subsidiaries of the Connected Subsidiary; and transactions between any subsidiaries of the Connected Subsidiary; (b) to remove the restriction on applying the de minimis exemptions to deemed disposals involving an issue of securities by the issuer’s subsidiary; (c) to extend the exemption under note 3 to Rule 14A.13(1)(b)(i) to disposal transactions where the substantial shareholder of the target company is a controller of the issuer (or its subsidiary) only because of its position and/or shareholding in that target company; and (d) to clarify that the exemption under Rule 14A.65(3)(b)(i) relating to financial assistance given on a several and pro-rata basis shall also apply to a commonly-held entity which is a connected person to the issuer. Our Views and Positions The current Listing Rules on connected transactions have not been substantially revised since the last review in 2004. The implementation of the proposals in the consultation paper will bring about significant face-lift of the Listing Rules on connected transactions. The Chamber in its submission to HKEx expressed support for most of the proposals in the consultation paper which are good moves in improving the application of the Listing Rules on connected transactions, except that the Chamber has certain reservations on the following areas: (a) the proposal to expand the current definition of “associate” to include companies controlled by close relatives of a connected person; and (b) the proposal to introduce a monetary cap on top of the de minimis exemptions. 冬 合以下條件：(i)有關貨品或服務有公開市場，而定價 具有透明度；及(ii)符合所有其他現行的豁免條件。 4. 與僅屬發行人附屬公司層面的關連人士進行 的交易 在諮詢文件中，港交所亦提議規範現行做法，將某些 豁免擴大至與僅屬發行人附屬公司層面的關連人士進 行的交易，其中包括： (a) 豁免發行人的關連人士為主要股東的非全資附屬 公司(「關連附屬公司」) 與該關連附屬公司的任 何附屬公司之間的交易；及關連附屬公司旗下各 附屬公司之間的交易； (b) 刪除最低豁免水平條文中對涉及發行人的附屬公 司發行證券的視作為出售交易的限制； (c) 將《上市規則》第14A.13(1)(b)(i)條附註3中的豁免 範圍延伸至涉及目標公司的主要股東純粹因其於 該目標公司的身份及/或股權而成為發行人（或其 附屬公司）控權人的出售交易； (d) 明確《上市規則》第14A.65(3)(b)(i)條中涉及各別 及按所佔權益比例提供的財務資助的豁免，亦適 用於同時是發行人關連人士的共同持有的實體。 我們的觀點和立場 現行的關連交易上市規則，自2004年審視後便未經過 重大修訂。倘實施諮詢文件中的建議，將會為關連交 易上市規則帶來新的氣象。在向港交所提交的回應意 見中，本商會對諮詢文件中的大部分建議表示支持， 認為它們是改善關連交易上市規則應用的良好措施。 然而，本商會對下列範疇持有保留意見： (a) 建議擴大「聯繫人」的現行定義，使之包含關連 人士的近親控制公司；及 (b) 建議在釐定最低豁免水平上加設一個絕對金額上 限。 The FRA Committee and the Chamber welcome the initiatives of HKEx in actively reviewing the Listing Rules and their application with a view to improving the listing regime and enhancing Hong Kong’s role as an international financial centre. 財經事務及監管政策委員會與本商會歡迎港交所積極 研究上市規則及其應用措施，藉此改善上市機制及提 升香港作為國際金融中心的地位。 Our submission on the consultation paper is available at the CHKLC website for download by our members. M 本商會會員可從商會網站下載我們對諮詢文件的回應 意見。 M Vincent Kwan / Fanny Cheng Financial and Regulatory Affairs Committee The Chamber of Hong Kong Listed Companies 關保銓 / 鄭小琼 財經事務及監管政策委員會 香港上市公司商會 Momentum 33 Living Style / Leisure 生活閒情 Making Good Use of Online Travel Sites 善用 A 網上 旅遊平台 s the Internet becomes more a part of our daily lives, online trading sites have been regarded as the future star of the online retailing sector. But despite several success stories overseas (such as Apple Store), the concentration of retail stores and Hong Kong people’s fondness for visiting shopping malls and stores has resulted in a very limited number of industries that do business successfully online. Interestingly, tourism is one of the few exceptions. Online platforms have increasingly gained popularity as channels for making travel arrangements. 34 Momentum 著互聯網日益成為我們生活的一部分，在線交易 網站一直被視為網上零售業的「明日之星」，在 外國也有Apple Store等成功例子；但本港零售店舖林 隨 立，大眾亦喜愛逛街，因此能成功發展網上交易的行業 為數不多。有趣的是旅遊業卻是少數的成功例子之一。 作為安排旅行的渠道，網上平台日益受到青睞。 旅遊網站之所以成功，乃是因為香港人愈來愈崇尚自主 旅遊，尤其是25至45歲的白領及專業人士，他們習慣上 Winter 2009 The reason for the success of online travel sites is that Hong Kong people are becoming more inclined to plan trips by themselves. In particular, white-collar workers and professionals between the ages of 25 and 45 tend to surf the Web and design their own itineraries instead of replying on travel agents to provide advice. They seek convenience, choice and control. The Advantages of Planning Travel Online Firstly, convenience is the most obvious advantage offered by an online travel site where users can browse for information without leaving their home. They can also take time to compare the places of interest and costs in relation to different itineraries without having to visit travel agencies during office hours. Particularly in peak seasons, crowded travel agencies often take the fun out of any planning for prospective tours. In contrast, on an online travel site, all the information is clearly available for easy comparison so customers do not need to glean it from various travel agencies personally. This also saves customers the embarrassment of making repeated enquires to staff members at travel agencies. 冬 網而且喜歡自行設計旅遊行程，毋須依賴旅行社職員 提供意見。他們追求方便、選擇及隨心所欲。 在網上計劃行的好處 首先，旅遊網站最明顯的優點是方便，用戶足不出戶 便可以隨時瀏覽。他們還可以慢慢比較不同行程的景 點和價格，毋須舟車勞頓地於辦公時間內趕到旅行社 門市，尤其在旺季時，擠滿人的旅行社往往令人對旅 遊計劃興致全消。相反，所有資訊在旅遊網站一目了 然，方便比較，客戶亦毋須親身到不同旅行社搜集資 料，也省卻了向旅行社職員多番查詢時的尷尬。 再者，不少消費者轉為光顧網上旅行社，是因為網上 的選擇多得幾乎是無窮無盡的，包括數以萬計遍佈全 球的酒店及數百家航空公司的機位，以及數以千計的 郵輪、租車、景點導覽、精裝旅遊，甚至旅遊保險等 旅遊產品及工具，供消費者慢慢挑選。 最重要的是，對 於一些旅遊經驗 Secondly, many consumers 豐富的人士來 have resorted to shopping Table 1. Travel Destinations Searched for by the Largest Number of People in 2009 說，隨心所欲地 圖一. 2009年最多人搜尋的旅遊地點 at online travel agencies 親自設計行程本 because they can access 身就是一件樂 1. Taipei 台北 6. London 倫敦 virtually limitless options on 事。這些旅遊者 the Web, including tens of 2. Bangkok 曼谷 7. Shanghai 上海 根本已不滿足於 thousands of hotels around 3. Tokyo 東京 8. Bali 峇里 傳統旅行社所編 the globe and air tickets of 定的行程，或者 4. Hong Kong 香港 9. Seoul 首爾 airlines in the hundreds, as 一兩個旅行社職 5. Singapore 新加坡 10. Osaka 大阪 well as thousands of travel 員的推介，而是 products and tools such as 喜歡自行查找及 Source: ZUJI Website cruises, car hire, tour guide 資料來源： ZUJI旅遊網站 閱讀大量資訊， services, package tours, 尤其是其他旅客 and even travel insurance 在一些專門討論 products for consumers to choose from at a leisurely 旅遊的網上聊天室發表的意見。如 pace. 今，旅遊人士更喜歡以相片和文字 Most importantly, for some seasoned travelers, designing itineraries at will is a pleasure in its own sake. These travelers are never content with itineraries offered by conventional travel services or the recommendations of just a few travel agents. Instead, they prefer searching for and reading through large quantities of infor mation, especially comments made by other tourists in travel-focused chat rooms. Travelers these days are inclined to document their experiences concerning tourist attractions around the globe by means of photos and words, and these are found to be great resources and references for people planning a trip. When people can browse websites for useful information, they can certainly manage their own itineraries perfectly well. Momentum 35 The economic downturn last year has also contributed to the growth of online travel services. More and more consumers preferred lowcost and short-distance ad hoc tours last year compared to previous years, with Taiwan gaining popularity as a top travel destination (see Tables I and II). Online travel agencies are also able to update their information in real time with benefits offered by various airlines or hotels from time to time, which makes life much easier for people who want to travel on an ad hoc basis and at reasonable costs. Making Good Use of New Online Channels How can we make good use of the advantages offered by online travel services? Indeed, there are several tips. Firstly, the first hour, lunch break and last hour of the working day are usually the “peak hours” when people rush online to buy tickets. By avoiding these time slots, you will have a better chance to get low-cost air tickets. 記下自己到世界各地旅遊熱點的體驗，對於想計劃旅程 的人們來說，這些都是寶貴的資源和參考。在網上查到 有用的資訊後，旅程自然盡在掌握中。 去年經濟低迷也造就了網上旅行社的發展。與前幾年相 比，越來越多的旅客偏向較低消費的突發式短途旅遊， 而台灣亦日漸成為最受歡迎的旅遊目的地(見表一及 表二)。網上旅行社能即時更新各家航空公司或酒店不 時推出的優惠，對於想即興去旅遊又要求經濟實惠的人 士就十分方便。 善用新興網上渠道 怎樣可以善用網上旅行社的優勢呢？原來有幾個小秘 訣。首先，每個工作天的首個小時、午飯時間及下班前 一小時都是人們上網購票的「高峰期」，故避開這些時 段便有較大機會可以購得特惠機票。 Secondly, in addition to conventional websites, consumers can also 此外，除了「傳統」的網站外，消費者也可善用新興的 use new online services and e-mail to obtain information about 網上服務以及電郵去獲取最適合自己的旅遊優惠資訊。 tourist promotions that are most relevant to their own needs. For 例如旅客可在Facebook等社交網站設置應用，讓用戶 instance, travellers can set up an application on social sites such 自行決定要收集哪些目的 as Facebook which 地的優惠資訊，甚至可讓 allows users to decide 朋友們彼此分享這些資 for themselves what Table 2. Travel Destinations Booked by the Largest Number of People in 2009 訊，便可快人一步取得最 destinations they want 圖二. 2009年最多人訂購的旅遊地點 吸引的優惠。 to collect promotional information about, or 1. Taipei 台北 6. London 倫敦 精明的消費者還可透過網 even allows them to 2. Singapore 新加坡 7. Shanghai 上海 上旅行社所設的特惠推廣 share such information 3. Hong Kong 香港 8. Manila 馬尼拉 獲得更多優惠，例如若干 with their friends 4. Bangkok 曼谷 9. Ho Chi Minh 胡志明市 旅遊網站推出客戶獎勵計 so they can receive 5. Tokyo 東京 10. Seoul 首爾 劃，讓客戶有機會獲得現 the most favorable 金回贈，使旅程更為經 benefits one step Source: ZUJI Website 濟。 ahead of others. 資料來源： ZUJI旅遊網站 Smart consumers can also receive more benefits through special promotions offered by online travel services. For instance, several travel websites offer customer benefit programs that allow customers to receive cash back and make their journeys even more economical. However, security is always a consideration when shopping online. Consumers should choose online travel agencies which have sound information security and payment systems in place. They should never trust dubious websites or online auctioneers. Otherwise, they may suffer losses and ruin their well-planned journeys. In summary, online travel services are a right match for freedomloving and well-informed Hong Kong consumers. As long as you have chosen a trustworthy online travel agency, you can enjoy the process of planning and shopping even before you start your journey. M 36 Charlie Wong General Manager of ZUJI Hong Kong Momentum 不過，網上消費始終要注 意安全。消費者應選擇設有完善的資訊保安和付款系統 的網上旅行社，切忌輕信來歷不明的網站或網上拍賣賣 家，否則有可能會招致損失，令精心策劃的旅程泡湯。 總括來說，網上旅行社正好滿足了愛好自主、消息靈通 的香港消費者。只要選對了一家可信的網上旅行社，那 麼就算旅程尚未開始，計劃及選購的過程本身已是賞心 樂事。 M 黃澤禮 ZUJI香港總經理 In Review / Past Activities 活動重溫 Winter 2009 冬 Highlights of the CHKLC 7th Anniversary and the Hong Kong Corporate Governance Excellence Awards Gala Dinner on 2nd December 2009 本會七週年紀念晚宴暨頒獎典禮盛況 Distinguished Guests, Members & Friends 嘉賓、會員及各界友好 Momentum 37 Our Panel of Judges 評獎委員會成員 The Award Winners 得獎公司 Insightful Speeches by …. 嘉賓獻詞 The Honourable Mr. John Tsang, JP, Financial Secretary 財政司司長曾俊華先生，JP 38 Momentum Chairman Dr. K.S. Lo, GBS, JP 主席羅嘉瑞醫生，GBS，JP Dr. Anthony Neoh, SC, JP 梁定邦資深大律師，SC，JP Winter 2009 冬 Category 1. Main Board Companies: Hang Seng Index Constituent Companies 類別一. 主板公司﹕恒生指數成份股公司 CNOOC Limited Li & Fung Limited Esprit Holdings Limited 中國海洋石油有限公司 利豐有限公司 思捷環球控股有限公司 Category 2. Main Board Companies: Hang Seng Composite Index Companies (excluding Category 1 companies) 類別二. 主板公司﹕恒生綜合指數成份股公司 (不包括類別一之公司) China Railway Group Limited China Agri-Industries Holdings Limited 中國中鐵股份有限公司 中國糧油控股有限公司 Melco International Development Limited 新濠國際發展有限公司 Honourable Mention Most Improved Award 評獎委員嘉許 最佳進步獎 Bank of Communications 交通銀行 Clear Media Limited 白馬戶外媒體有限公司 Momentum 39 Farewell Dinner in Honour of Mr. Paul Chow, SBS, JP, Former Chief Executive of HKEx, on 4 January 2010 於2010年1月4日舉行之歡送港交所前行政總裁周文耀先生，SBS，JP 榮休晚宴 40 Momentum
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