Annual Report 2021

ANNUAL REPORT 2021 195 41. RELATED PARTY TRANSACTIONS (CONTINUED) (a) Balances and transactions with associates and joint ventures of the Group and with CMG, its subsidiaries, associates and joint ventures (collectively referred to as the “CMG Group”) (continued) The balances with entities within CMG Group as at 31 December 2021 and 31 December 2020 are disclosed in notes 22, 25, 32 and 36. Save and except for those connected transactions or continuing connected transactions under the Listing Rules set out under “Connected Transactions” in the section “Report of the Directors” in this annual report, the other transactions as set out in this note 41(a) were not regarded as connected transactions or continuing connected transactions under the Listing Rules or were exempt from reporting, announcement and shareholders’ approval requirements under the Listing Rules. (b) Transactions with other PRC state-controlled entities A number of subsidiaries of the Company operate in Mainland China, an economic environment currently predominated by entities controlled, jointly controlled or significantly influenced by the PRC government. These PRC subsidiaries therefore have substantial volumes of transactions with other PRC state-controlled entities during their ordinary course of businesses including but not limited to the purchases of assets, construction of ports and related facilities, bank deposits and borrowings, among others. (c) Key management compensation 2021 2020 HK$’million HK$’million Salaries and other short-term employee benefits 19 24