Petroglory Petroleum (Holdings) Limited (00933.HK)

The Company has always and conscientiously complied with the requirements of the China Securities Regulatory Commission, The Stock Exchange of Hong Kong Limited (the "HKEX") to regulate and improve its corporate governance structure and formed shareholders' meetings, a Board of Directors, audit committee, remuneration committee and an experienced management team headed by the President. These bodies coordinate to check and balance the powers of each other as well as to discharge their functions in a regulated manner. The Company has been regulating its internal management and operations in a strict manner in accordance with its Articles of Association and internal guidelines. The Company has also provided all the market participants and regulatory authorities with timely, accurate, complete and reliable information of the Company, striving to enhance the company value.

Board of Directors
Audit Committee
Remuneration Committee 

There is a clear division of responsibilities between the Board and the management. The Board is responsible for providing high-level guidance and effective oversight of the management while day-to-day management of the Group is delegated to the management team of each respective subsidiary. Generally speaking, the Board is responsible for

The Board authorizes the management to carry out the strategies that have been approved. The Board meets regularly with at least four times a year and additional meetings or telephone conference would be convened as and when the Board considers necessary.

 

The audit committee of the Company (the "Audit Committee") comprises of independent non-executive Directors, all of them are not involved in the day-to-day management of the Company. The Audit Committee has adopted the same terms of reference, which describes the authority and duties of the Committee, as quoted under code provision C.3.3 of the Code.

The Audit Committee will meet at least twice each year.

Committee member
Mr Lau Hon Chuen
Professor Chang Hsin Kang
Mr. Kwong Chan Lam

 

The Company has established the remuneration committee of the Company (the "Remuneration Committee") in January 2006 with terms of reference substantially the same as those contained in paragraph B.1.3 of the Code. A majority of the members of the Remuneration Committee is independent non-executive Directors.

Committee member
Dr. Sit Kwong Lam
Mr. Tan Yih Lin
Mr. Lau Hon Chuen
Professor Chang Hsin Kang
Mr. Kwong Chan Lam

 

Committee member:
Mr. Lau Hon Chuen
Professor Chang Hsin Kang
Mr. Kwong Chan Lam
Dr. Sit Kwong Lam
Mr. Tan Yih Lin