Annual Report 2021

China Merchants China Direct Investments Limited Annual Report 2021 124 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2021 10. DIRECTORS’ EMOLUMENTS (CONTINUED) 2021 2020 US$ US$ Non-executive Directors : Mr. ZHOU Xing* — N/A Mr. ZHANG Rizhong — — Mr. KE Shifeng 30,959 30,967 Mr. ZHANG Jian ## — — 30,959 30,967 Independent Non-executive Director and Chairman of the Audit Committee : Mr. TSANG Wah Kwong 36,120 36,128 Independent Non-executive Directors : Mr. LIU Baojie 30,959 30,967 Dr. LI Fang 30,959 30,967 Dr. GONG Shaolin 30,959 9,476 Mr. Michael Charles VITERI** 6,362 N/A 99,239 71,410 Total 166,318 138,505 * The Director was appointed as Non-executive Director and Chairman of the Board of Directors during the year 2021. ** The Director was appointed as Independent Non-executive Director during the year 2021. # The Director resigned as Alternate Director during the year 2021. ## The Director resigned as Non-executive Director and Chairman of the Board of Directors during the year 2021. Notes: (a) Ms. KAN Ka Yee, Elizabeth and Mr. CHU Lap Lik, Victor have indirect beneficial interests in the Investment Manager which entered into an Investment Management Agreement with the Company on 18 October 2018 and became effective on 1 January 2019 and was for a fixed term of three years. The details of the existing investment management agreement can be referred to the circular dated 8 November 2018. The Investment Manager also entered into an investment management agreement on 18 October 2021 (the “ Revised Management Agreement ”) with the Company in relation to the re- appointment of the Investment Manager as the investment manager of the Company immediately following the expiry date of the existing investment management agreement. The Revised Management Agreement became effective on 1 January 2022 and is for a fixed term ending on 31 December 2024. The details of the Revised Management Agreement can be referred to the circular dated 8 November 2021. The amount of management fee and performance fee paid or accrued to the Investment Manager is disclosed in note 28 to the consolidated financial statements. (b) The emoluments for Executive Directors, Non-executive Directors and Independent Non-executive Directors shown above were paid or payable in accordance with their service contracts and for their services as Directors of the Company. (c) There was no arrangement under which the above Directors waived or agreed to waive any remuneration during both years. (d) There was no amount as inducement for the above Directors to join the Company and compensation for the loss of office as Directors in connection with the management of the affairs of the Group during both years.