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Corporate Governance

The Chinachem group of companies ("the Group") is a major part of the Estate of the late Ms. Nina Kung (the "Estate"). On 15 May 2015 the Court of Final Appeal ruled that the Estate shall be held in a charitable trust with the Chinachem Charitable Foundation (the “Foundation”) as Trustee pursuant to Ms. Nina Kung's will. The Foundation shall work with representatives of the Secretary for Justice (as the Protector of Charities) to develop a scheme for approval by the High Court that provides for, among other things, the establishment of a body which will in due course supervise the Foundation in carrying out its role as Trustee of the Estate. In the meantime, the Court has appointed Administrators (from PricewaterhouseCoopers) to protect and preserve the Estate.

The Group is overseen by an Executive Committee ("Exco"). The Chairman of Exco meetings is Dr. Kung Yan Sum. Other Exco members include Mr. Donald Choi (Chief Executive Officer), Mr. Chan Kam Por (Chief Financial Officer), Mrs. Vivien Kung (Head of Human Resources), Mr. Derek Leung (Head of Treasury and Land Valuation), Mr. Ng Shung Mo (Head of Sales), Mr. Wong Hung Han (Deputy Head of Leasing), and three representatives from the Administrators.

Chairman of the Exco meetings, Dr. Kung Yan Sum, was the brother of the late Ms. Nina Kung (Former Chairlady of the Group). He is the Chairman of Exco meetings of the Group, and Chairman of the Chinachem Charitable Foundation.

The Chief Executive Officer, Mr. Donald Choi, is a Fellow of Hong Kong Institute of Architects. He has over 30 years of experience in real estate investment and development, and was centrally involved in the development of many award winning projects. He was a former Chairman of the Hong Kong Architects Registration Board.

The following chart shows the current corporate governance structure. Work is in progress to improve the structure of the Group to better protect the interests of the Estate and further enhance efficiency and effectiveness.

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