Annual Report 2020

China Merchants China Direct Investments Limited Annual Report 2020 40 DIRECTORS’ REPORT (CONTINUED) ISSUED SHARES Details of movements during the year in the issued shares of the Company are set out in note 23 to the consolidated financial statements. EMOLUMENT POLICY The emoluments of the Directors of the Company are fixed by the Board of Directors with the authorisation by the shareholders meeting. PURCHASE, SALE OR REDEMPTION OF SHARES OF THE COMPANY During the year, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company’s shares. DIRECTORS The Directors of the Company during the year and up to the date of this report were: Mr. ZHANG Jian* (Chairman) Mr. ZHANG Rizhong* Mr. WANG Xiaoding # Mr. TSE Yue Kit # Ms. KAN Ka Yee, Elizabeth # (Appointed on 24 April 2020) Mr. CHU Lap Lik, Victor (Appointed on 24 April 2020) (alternate to Ms. KAN Ka Yee, Elizabeth # ) Mr. KE Shifeng* Mr. LIU Baojie** Mr. TSANG Wah Kwong** Dr. LI Fang** Dr. GONG Shaolin** (Appointed on 11 September 2020) Mr. CHU Lap Lik, Victor # (Resigned on 24 April 2020) Ms. KAN Ka Yee, Elizabeth (Resigned on 24 April 2020) (alternate to Mr. CHU Lap Lik, Victor # ) # Executive Directors * Non-executive Directors ** Independent Non-executive Directors As at the date of this report, in accordance with Article 101 and Article 105 of the Articles of Association of the Company, Mr. ZHANG Jian, Mr. ZHANG Rizhong, Mr. TSE Yue Kit, Mr. LIU Baojie and Dr. GONG Shaolin retire and, being eligible, offer themselves for re-election at the forthcoming annual general meeting. The Company has received annual confirmation from each of the Independent Non-executive Directors as regards their independence pursuant to Rule 3.13 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “ Listing Rules ”) and considers that each of the Independent Non-executive Directors is independent to the Company.