Corporate Governance

CORPORATE GOVERNANCE

INTRODUCTION

The Corporate governance is the compliance of several corporate laws listing requirements of stock exchanges and providing full self-disclosure of the organization . Corporate governance is the combination of customs , policies , laws and it indicates the direction of corporation way . The corporate governance also indicates the relationship among the shareholders , goals , management and the board of directors besides employees , suppliers , customers , banks and other lenders , regulators . The corporate governance based n accountability and fiduciary duty and due diligence . The corporate governance identified with the Annual Report of

the Company . The Annual Report should contain the following

The Name of the Chairman , Deputy Chairman , Chief Executive Officer and Non Executive Directors

The Audit Remuneration Committee members

No . of meetings held by the Board and No . of Directors attended

Significant Commitment of the Chairman

How Board Committee performance Evaluation has been conducted

Steps taken by the Board to understand the Major shareholders objectives

Anglo American Model

The U .K .has has flexible model of regulation of corporate governance . It is called as comply or explain . It is a principle-based code , which is followed by recommended practices such as

Separation of CEO and Chairman of the Board

Introduction of a time limit for CEOs contracts

Introduction of a minimum No .of Non-executive Directors

Formation and composition of remuneration

Audit and nomination committees

COMBINED CODE ON CORPORATE GOVERNANCE

UK incorporated companies listed on the UK stock exchange re subject to the Combined Code on Corporate Governance . The receive version i .e . 2003 is the code combines the Cadbury and Green bury reports on corporate governance , Turnbull report on Internal Control and the Smith Guidance on Audit Committee and elements of Higgs Report . The Combined code is latest i .e . 2006 still subject to review . The Financial Reporting Council i .e . FRC is the independent UK regulator responsible for combined code

CATHAY PACIFIC AIRWAYS - ANNUAL REPORT 2006

Cathay Pacific Airways is an international airline organization . It is registered and based in Hong Kong . The organization offers passenger services as well as cargo services to 104 destinations in 35 countries and territories . The organization also makes investments in global transportation hubs , aircraft maintenance . The headquarters of the company is Cathay Pacific City , Hong Kong International Airport . The airline is listed on the stock exchange of Hong Kong Limited , which is major shareholder

It is identified that the company has complied code provisions , which set in code on corporate governance practices known as `CG CODE mentioned in Listing Rules of Appendix 14

The Board of Directors

Securities Transaction

Board Safety Review Committee

Executive Committee

Management Committee

Finance Committee

Remuneration Committee

Audit Committee

Airline Safety Review Committee

BOARD OF DIRECTORS

The combination of directors is with the Chairman , five executive directors and twelve non-executive directors . Out of them four are non-independent directors . Full disclosures are given about their names and details . Besides the Chairman is separated from Chief Executive Separate Chief Executive is available . It is also added that nomination of qualified individuals who have expertise...