REPORT OF THE DIRECTORS (Continued)
Directors
The directors in office at the date of this report are listed on page 3.
The directors regret to report the death of Dr. Liu Yan Tak in March 1988 and wish to acknowledge his valuable contribution to the company. Mr. Eddie Y. C. Lau was invited to join the board on 5 May 1988. Mr. Leung Hay Man, who has been a director of the company since 1981, was appointed executive director of the company with effect from 1 July 1988. Mrs. Alice Lai, Deputy Secretary for Transport (Transport Services), and Mr. James Y. C. So, Commissioner for Transport, resigned on 1 January 1989 and were appointed directors of The Hongkong & Yaumati Ferry Co. Ltd. on the same date consequent upon the transfer of the ferry franchise.
In accordance with articles 90 and 104 of the company's articles of association, Messrs. Lambert Kwok, Lee Pak Yiu and Dominic W. Wong retire by rotation and, being eligible, offer themselves for re-election. Mr. Eddie Y. C. Lau retires under article 110 and, being eligible, offers himself for re-election.
Interest in contracts
No contract of significance, to which the company or its subsidiaries was a party and in which a director of the company had a material interest, subsisted at the end of the year or at any time during the year.
Arrangement to purchase shares or debentures
At no time during the year was the company or its subsidiaries a party to any arrangement to enable the directors of the company to acquire benefits by means of acquisition of shares in or debentures of the company or any other body corporate.
Auditors
At the company's last annual general meeting, Peat Marwick were reappointed auditors of the company. A resolution for their reappointment as auditors at a fee to be agreed by the directors is to be proposed at the forthcoming annual general meeting.
On behalf of the board
Edmond T.C. Lau Managing Director
Lambert Kwok Director
Colin K.Y. Lam Director
Hong Kong, 8 March 1989
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