Annual Report 2020

China Merchants China Direct Investments Limited Annual Report 2020 121 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2020 9. PROFIT BEFORE TAXATION 2020 2019 US$ US$ Profit before taxation has been arrived at after charging (crediting): Auditor’s remuneration 205,347 184,249 Net foreign exchange gain (182,838) (70,548) Investment Manager’s management fee (note 28 (a)) 11,511,019 11,032,351 Investment Manager’s performance fee (note 28 (b)) 9,587,735 — Directors’ fees 138,505 128,426 10. DIRECTORS’ EMOLUMENTS The Group has no chief executives and the Directors’ fees paid or payable to each of the 11 (2019: 10) Directors were as follows: 2020 2019 US$ US$ Executive Directors: Mr. WANG Xiaoding — — Mr. TSE Yue Kit — — Ms. KAN Ka Yee, Elizabeth* (Note a) — — Mr. CHU Lap Lik, Victor # (Alternate Director) (Note a) — — — —