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Hong Kong Ferry (Holdings) Company Limited Annual Report 2013
Corporate Governance Report (Continued)
BOARD COMMITTEES (Continued)
Remuneration Committee (Continued)
The remuneration of the Directors and senior management
is determined by reference to the skills, knowledge and the tasks assigned and also to the individual performance and
the overall profitability, corporate goals and objectives of
the Company as a whole. In determining the remuneration
package, the Committee will also obtain relevant information
from external source and consider factors such as salaries
paid by comparable companies, time commitment and
responsibilities of the directors, etc.
During the year, one remuneration committee meeting was held. During the meeting, the Remuneration
Committee members reviewed and determined the
remuneration package of the senior management and made
recommendations on the fees of all the directors of the
Company for the financial year ended 31 December 2013.
The summary of the work performed by the Remuneration
Committee during the year ended 31 December 2013
included:
(i)
(ii)
Reviewing the salary level and structure of the staff
and making recommendation to the Board on the
remuneration packages of the Directors and the
senior management for the year 2013; and
To make recommendations to the Board on the
remuneration of all Directors.
Nomination Committee
The Nomination Committee of the Company has been
established with written terms of reference setting out
duties, responsibilities and authorities delegated to them
by the Board. The Nomination Committee comprises two
Executive Directors namely Mr. Lam Ko Yin, Colin (Chairman
of the Nomination Committee) and Mr. Li Ning and three
Independent Non-executive Directors, namely, Mr. Ho Hau
Chong, Norman, Ms. Wong Yu Pok, Marina and Mr. Wu King
Cheong.
The terms of reference of the Nomination Committee setting out its authority, duties and responsibilities are available on the websites of the Company (www.hkf.com) and the Stock
Exchange (www.hkexnews.hk) respectively.
The Nomination Committee is responsible for reviewing
the structure, size and composition (including the skills, knowledge and experience) of the Board at least annually and make recommendations on any proposed changes to the Board to implement the Company's corporate strategy with due regards to the Board Diversity Policy. It also identifies individuals suitably qualified to become Board
members and select or make recommendations to the Board
on the selection of individuals nominated for directorships and to assess the independence of independent
non-executive directors and make recommendations to the
Board on the appointment or re-appointment of directors
and succession planning for directors, in particular the
chairman and the chief executive. The Committee shall
consider the candidate from a wide range of backgrounds, on his/her merits and against objective criteria set out by the
Board and taking into consideration of his/her time devoted
to the position.
During the year, there is no change in the composition of
the Board.
For the year ended 31 December 2013, three nomination
committee meetings were held.