Annual Report 2019

83 ANNUAL REPORT 2019 Mr. Li Kwok Heem John resigned as Independent Non- executive Director and all Committee Members of the Company with effect from 5 June 2019 due to his intention to concentrate on charitable commitments. Besides, Mr. Fu Gangfeng resigned as Executive Director and Chairman of the Board of the Company with effect from 13 February 2020 due to change of work arrangement. In accordance with Article 89 of the Articles of Association, Mr. Su Jian, Mr. Bai Jingtao, Mr. Kut Ying Hay and Mr. Li Ka Fai David will retire from office by rotation at the forthcoming annual general meeting but, being eligible, will offer themselves for re-election. Pursuant to Article 95 of the Articles of Association, Mr. Deng Renjie shall retire from office at the forthcoming annual general meeting and shall be eligible and offer himself for re- election. Each of the Directors has entered into an appointment letter with the Company for a term of three years. The appointment date of each of Directors are as follows: One Executive Director’s appointment commenced on 12 October 2017; One Executive Director’s appointment commenced on 29 March 2018; One Executive Directors’ appointment commenced on 1 June 2018; One Executive Director’s appointment commenced on 4 June 2018; One Executive Director’s appointment commenced on 18 February 2019; One Executive Director’s appointment commenced on 5 June 2019; One Executive Director’s appointment commenced on 13 February 2020; One Independent Non-executive Director’s appointment commenced on 1 June 2019; One Independent Non-executive Director’s appointment commenced on 14 July 2019; and Two Independent Non-executive Directors’ appointment commenced on 22 March 2020. The appointment of each of the Directors is subject to retirement by rotation in accordance with the Articles of Association. The Company has received annual confirmations from each of the Independent Non-executive Directors in relation to their independence to the Company and considers that each of the Independent Non-executive Directors is independent of the Company. DIRECTORS OF SUBSIDIARIES The name of persons who have served on the board of the subsidiaries of the Company during the year ended 31 December 2019 and up to the date of this report are Mr. Bai Jingtao, Mr. Wang Zhixian and Mr. Zheng Shaoping. DIRECTORS’ SERVICE CONTRACTS None of the Directors who are proposed for re-election at the forthcoming annual general meeting has a service contract with the Company which is not determinable within one year without payment of compensation, other than statutory compensation. DIRECTORS’ INTERESTS IN TRANSACTIONS, ARRANGEMENTS OR CONTRACTS No transaction, arrangement or contract of significance in relation to the Group’s business to which the Company, its holding companies, its fellow subsidiaries or its subsidiaries was a party and in which a Director of the Company or his connected entities had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year.