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26 Cathay Pacific Airways Limited Annual Report 2002
Cathay Pacific Airways is committed to maintaining a high standard of corporate governance.
THE BOARD OF DIRECTORS
The Board comprises six executive Directors and twelve non-executive Directors, four of whom are independent.
The Board is responsible to the shareholders for strategic development and for the operational and financial performance
of the Company. The Board meets six times a year. The average attendance rate of the Directors for the year
was 89%.
BOARD SAFETY REVIEW COMMITTEE
The Board has established a Board Safety Review Committee to review and report to the Board on safety and
environmental issues. It comprises three executive Directors, two non-executive Directors, two executive officers
and is chaired by the previous Director Flight Operations.
EXECUTIVE COMMITTEE
The Board has established an Executive Committee comprising four executive Directors and two non-executive
Directors who meet once a month. It is responsible to the Board for overseeing and setting the strategic direction of
the Company.
MANAGEMENT COMMITTEE
The Board has established a Management Committee comprising all six executive Directors and six executive officers
who meet at least once a month. It is responsible to the Board for overseeing the day to day operation of the
Company.
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 comprises four executive Directors including the Finance Director,
one non-executive Director and an independent representative from the financial community. Reports on its decisions
and recommendations are presented at Board meetings.
EXPENDITURE CONTROL COMMITTEE
The Expenditure Control Committee meets monthly to evaluate and approve capital expenditure. It comprises three
executive Directors, including the Finance Director.
AUDIT COMMITTEE
The Audit Committee is responsible to the Board and consists of four non-executive Directors, three of whom are
independent. It meets three times a year to review the completeness, accuracy and fairness of the Company’s
financial statements. The Committee also reviews the adequacy and effectiveness of the internal control system and
provides assurance to the Board on legal and regulatory compliance issues. The external auditors, the Finance Director
and the Internal Audit Manager also attend these meetings.
Corporate Governance