Annual Report 2023

132 2023 Annual Report Transport International Holdings Limited CORPORATE GOVERNANCE REPORT Board Diversity Diverse board composition ensures a wide range of business and professional experience in the Board, so that the decision- making process includes different perspectives and supports the achievement of the Company’s strategic objectives. All Board appointments are merit-based. The Company has adopted a Board Diversity Policy that takes into account, among other aspects, each candidate’s gender, age, cultural and educational background, professional experience, skills, knowledge and length of service, as well as the development for a pipeline of potential successors to Senior Management of the Company to achieve diversity. All candidates are considered against these criteria. In 2023, the Nomination Committee reviewed the Board Diversity Policy and confirmed that the selection of Board members would continue to be based on merit with reference to such policy. This policy can be found on the Company’s website. The Executive and Non-executive Directors have a diverse background. Each of them possesses a depth of relevant experience and expertise necessary to oversee the businesses of the Group. The current mix of Board members represents a balance of business leaders, academia and professionals, which helps to deliver sustainable values and safeguard shareholders’ interests. The age group and gender diversity of the Board of Directors as of 31 December 2023 are set out below: Age Group Male Female Under 50 1 0 51-60 2 1 61-70 6 0 Over 70 5 0 Total 14 1 The Role of the Board The Board promotes the success of the Group by directing and supervising its affairs in a responsible and effective manner. The primary responsibilities of the Board are as follows: setting the Group’s values and standards; giving the management objectives and directions; monitoring management performance; managing relationships with stakeholders, including shareholders, the HKSAR Government, employees and the community; establishing appropriate policies to manage risks in pursuit of the Group’s strategic objectives; reviewing the effectiveness of internal controls and risk management procedures; reviewing and approving the accounts of the Group; ensuring the integrity of the Group’s financial reporting system and public announcements; approving major financing arrangements; evaluating major acquisitions, disposals and material contracts; and setting dividend policy.