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32 Cathay Pacific Airways Limited Annual Report 2005
Corporate Governance
Executive Committee
The Executive Committee is chaired by the CE and
comprises two executive Directors, Tony Tyler and
Robert Atkinson, three non-executive Directors,
Martin Cubbon, Henry Fan and Vernon Moore and
one executive officer, Augustus Tang. It meets
monthly and is responsible to the Board for
overseeing and setting the strategic direction of
the Company.
Management Committee
The Management Committee meets once a month
and is responsible to the Board for overseeing the
day-to-day operation of the Company. It is chaired
by the CE and comprises three executive Directors,
Tony Tyler, Robert Atkinson and Derek Cridland, and
all seven executive officers, James Barrington,
William Chau, Quince Chong, Ronald Mathison,
Edward Nicol, Nick Rhodes and Augustus Tang.
Finance Committee
The Finance Committee meets monthly to review
the financial position of the Company and is
responsible for establishing the financial risk
management policy. It is chaired by the CE and
comprises two executive Directors, Tony Tyler and
Robert Atkinson, one non-executive Director, Martin
Cubbon, one executive officer, Augustus Tang, the
General Manager Corporate Finance, Keith Fung,
and an independent representative from the
financial community. Reports on its decisions and
recommendations are presented at Board meetings.
Remuneration Committee
The Remuneration Committee comprises two
independent non-executive Directors, Peter Lee and
Tung Chee Chen, and is chaired by the Company’s
past Chairman, James Hughes-Hallett who is also a
non-executive Director.
Under the Services Agreement between the
Company and JSSHK, which has been considered in
detail and approved by the Directors of the Board
who are not connected with the Swire group, staff
at various levels, including executive Directors, are
seconded to the Company. Those staff report to and
take instructions from the Board of the Company
but remain employees of Swire.
In order to be able to attract and retain international
staff of suitable calibre, the Swire group provides a
competitive remuneration package. This comprises
salary, housing, provident fund, leave passage and
education allowances and, after three years’ service,
a bonus related to the profit of the overall Swire
group. The provision of housing affords ease of
relocation either within Hong Kong or elsewhere in
accordance with the needs of the business and as
part of the training process whereby managers gain
practical experience in various businesses within
the Swire group, and payment of bonuses on a
group-wide basis enables postings to be made to
group companies with very different profitability
profiles. Whilst bonuses are calculated by reference
to the profits of the Swire group overall, a
significant part of such profits are usually derived
from the Company.