Cathay Pacific 2006 Annual Report Download - page 35

Major customers and suppliers
5.7% of sales and 27.6% of purchases during the
year were attributable to the Group’s five largest
customers and suppliers respectively. 1.4% of sales
were made to the Group’s largest customer while
6.7% of purchases were made from the Group’s
largest supplier.
Directors
Christopher Pratt was appointed Chairman and a
Director on 1st February 2006. Davy Ho, Robert
Woods, Zhang Lan and Augustus Tang were appointed
Directors on 11th May, 10th August, 23rd October
2006 and 1st January 2007 respectively. Li Jiaxiang
was appointed Deputy Chairman and a Director on
23rd October 2006. Leslie Chang was appointed
Alternate Director to Henry Fan on 7th November
2006. All the other present Directors of the Company
whose names are listed on pages 26 and 27 served
throughout the year. In addition, David Turnbull served
as Chairman and a Director until his resignation on
31st January 2006; Carl Yung and Zhang Xianlin served
as Directors until their resignation with effect from
28th September and 23rd October 2006 respectively;
and Derek Cridland served as a Director until his
retirement on 31st December 2006.
The Company has received from each of its independent
non-executive Directors an annual confirmation of
his independence pursuant to Listing Rule 3.13 and
the Company still considers all its independent non-
executive Directors to be independent.
Article 93 of the Company’s Articles of Association
provides for all the Directors to retire at the third
Annual General Meeting following their election by
ordinary resolution. In accordance therewith, Robert
Atkinson retires this year and, being eligible, offers
himself for re-election.
Davy Ho, Li Jiaxiang, Augustus Tang, Robert Woods
and Zhang Lan, having been appointed as Directors of
the Company under Article 91 since the last Annual
General Meeting, also retire and, being eligible, offer
themselves for election.
Each of the Directors has entered into a letter of
appointment, which constitutes a service contract,
with the Company for a term of up to three years until
his retirement under Article 91 or Article 93 of the
Articles of Association of the Company, which will be
renewed for a term of three years upon each election/
re-election. None of the Directors has any existing
or proposed service contract with any member
of the Group which is not expiring or terminable
by the Group within one year without payment of
compensation (other than statutory compensation).
Directors’ fees paid to the independent non-executive
Directors during the year totalled HK$1,190,000; they
received no other emoluments from the Company or
any of its subsidiaries.
Directors’ interests
At 31st December 2006, the register maintained under
Section 352 of the Securities and Futures Ordinance
(“SFO”) showed that Directors held the following
beneficial interests (all being personal interests) in the
shares of Cathay Pacific Airways Limited:
No. of shares
Percentage of
issued capital
Philip Chen 9,000 0.00023
Derek Cridland 17,000 0.00043
Tony Tyler 5,000 0.00013
Other than as stated above, no Director or chief
executive of Cathay Pacific Airways Limited had any
interest or short position, whether beneficial or non-
beneficial, in the shares or underlying shares (including
options) and debentures of Cathay Pacific Airways
Limited or any of its associated corporations (within
the meaning of Part XV of the SFO).
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Cathay Pacific Airways Limited Annual Report 2006
Directors’ Report