Accountability and Audit

Financial Reporting

In a landmark decision testifying to our dedication to good corporate governance, in 2008 the Company became the first real estate company in Hong Kong to publicly support the Stock Exchange's proposal to shorten the period between the end of the fiscal year and reporting of our results.

Hence we announce our interim and final results within one month of the end of the financial period.

Moreover, the Directors ensure that a balanced, clear and comprehensible assessment of the Company's performance, position and prospects is presented in annual and interim reports, price-sensitive announcements and other required disclosures.

Internal Controls

The Board ensures that the Company maintains sound and effective internal controls to safeguard the shareholders' investment and the Company's assets.

Internal control systems have been designed to allow us to monitor the Group's overall financial position, safeguard its assets against loss and misappropriation, to provide reasonable assurance against fraud and errors, and to manage the risk in failing to achieve the Group's objectives.

We have a well defined specific limit of authority governing activities of the Executive Committee, directors, executives and senior staff.

We take extreme precautions in handling price-sensitive information. Such information is restricted to a need-to-know basis.

We maintain an internal audit department that is independent of our daily operations and accounting functions, and the Internal Auditor reports directly to the Audit Committee, thereby exceeding the requirements of the Code on Corporate Governance Practices.