Annual Report 2020

096 Report of the Directors Annual Report 2020 Miramar Hotel and Investment Company, Limited Permitted Indemnity Provision The Company’s Articles of Association provides that every director shall be indemnified out of the fund of the Company against all liabilities incurred by him as such Director in defending any proceedings, whether civil or criminal, in which judgment is given in his favour, or in which he is acquitted, or in connection with any application under the Ordinance in which relief from liability is granted to him by the Court. The Company and its subsidiaries have taken out and maintained directors’ liability insurance throughout the year, which provides appropriate cover for the Directors and directors of the subsidiaries of the Group. Distributable Reserves The Company’s reserves available for distribution to shareholders as at 31 December 2020 amounted to HK$4,653,216,000 (2019: HK$3,987,634,000). Charitable Donations Donations made by the Group during the year ended 31 December 2020 amounted to HK$46,000 (2019: HK$12,000). Investment Properties, Other Property, Plant and Equipment Details of movements in investment properties, other property, plant and equipment are set out in note 10 to the financial statements. Purchase, Sale or Redemption of the Company’s Listed Securities During the year ended 31 December 2020, neither the Company nor its subsidiaries has purchased, sold or redeemed any of the Company’s listed securities. Shares Issued and Share Capital Details of the share capital during the year ended 31 December 2020 are set out in note 22(b) to the financial statements. Equity-linked Agreements For the year ended 31 December 2020, the Company has not entered into any equity-linked agreement, which will or may result in the Company issuing shares. Bank Loans and Other Borrowings Particulars of bank loans and other borrowings of the Company and the Group at 31 December 2020 are set out in note 19 to the financial statements. Particulars of Debt Securities, Convertible Securities or Options Issued by the Company and its Subsidiaries The Company and its subsidiaries have not issued, during the year ended 31 December 2020, any debt securities, convertible securities or options.