CORPORATE GOVERNANCE
STATEMENTS
26
CITIC ENVIROTECH LTD.
Annual Report
2015
Mr Hao Weibao, Mr Zhang Yong, Mr Wang Song and Mr Zhao Fu did not receive any fees or remuneration
for the financial period ended 31 December 2015.
Of the remunerations of the top five management personnel who are not directors or the Chief
Executive Officer of the Company for the financial period ended 31 December 2015, the following is the
remunerations breakdown of the 5 executives:-
Remuneration Band
Number of Executives
5,000,000 to 5,250,000
1
2,500,000 to 2,750,000
1
1,500,000 to 1,750,000
1
1,000,000 to 1,250,000
1
750,000 to 1,000,000
1
5
The Company has not disclosed exact details of the remuneration of its key management personnel as it is
not in the best interests of the Company and the employees to disclose such details due to the sensitive
nature of such information. The annual aggregate remuneration paid to the top 5 management personnel
of the Company (who are not directors or the Chief Executive Officer) for FY 2015 is $11,220,444.
The Company does not have any employee who is an immediate family member of a Director or CEO.
ACCOUNTABILITY AND AUDIT
Principle 10: Accountability
The Board is mindful of its obligations to provide timely and fair disclosure of material information in
compliance with statutory reporting requirements. Price sensitive information is first publicly released,
either before the Company meets with any group of investors or analysts, or simultaneously with such
meetings. As part of the Company’s commitment to regular communication with our shareholders, the
Company has adopted quarterly reporting as required by the Code. Financial results and annual reports
will be announced or issued within the mandatory period.
Principle 11: Risk Management and Internal Controls
The Board has ultimate responsibility for maintaining a sound system of internal controls to safeguard
shareholders’ investment and the Group’s assets. The system of internal controls is intended to provide
reasonable but not absolute assurance against material misstatement or loss, and include the safeguarding
of assets, the maintenance of proper accounting records, the reliability of financial information, compliance
with appropriate legislation, regulation and best practices, and the identification and containment of
business risk.
The Group’s system of internal controls is designed to provide reasonable assurance that assets are
safeguarded, that proper accounting records are maintained, and that financial information used within the
business and for publication are reliable.
The Company has outsourced its internal audit function to an external professional firm, who reports
directly to the Chairman of AC. The objective of the internal audit function is to determine whether the
Group’s risk management, control and governance processes, as designed by the Company, is adequate
and functioning in the required manner. The Audit Committee will review the adequacy of the internal audit
function annually and ensure that the internal audit function is adequately resourced and has appropriate
standing within the Company.
