Annual Report 2020

MANAGEMENT DISCUSSION AND ANALYSIS 13 The United Laboratories International Holdings Limited Annual Report 2020 Employees and Remuneration As at 31 December 2020, the Group had approximately 13,000 (2019: 13,000) employees in Hong Kong and the PRC. The employees are remunerated with basic salary, bonus and other benefits in kind with reference to industry practice and their individual performance. PURCHASE, REDEMPTION OR SALE OF LISTED SECURITIES OF THE COMPANY Neither the Company, nor any of its subsidiaries purchased, sold or redeemed any of the listed securities of the Company during the year ended 31 December 2020. CORPORATE GOVERNANCE The Company is committed to ensure high standards of corporate governance in the interest of its shareholders. The Company has applied and complied with the applicable code provisions set out in the Corporate Governance Code (“CG Code”) and Corporate Governance Report contained in Appendix 14 of the Listing Rules, except for certain deviations which are summarised below: – Code Provision A.2.1 Under the code provision A.2.1 of the CG Code, the roles of chairman and chief executive officer should be separated and should not be performed by the same individual. During the year ended 31 December 2020, the Company did not have a chief executive officer. The Company will make appointment to fill the post as appropriate. – Code Provision A.6.7 Code provision A.6.7 of the CG Code stipulates that independent non-executive directors and other non-executive directors should attend general meetings of the Company. Independent non-executive directors, Prof. Song Ming and Ms. Fu Xiao Nan were unable to attend the annual general meeting of the Company held on 29 June 2020 due to travel restrictions on COVID-19. CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS The Company has adopted the Model Code as set out in Appendix 10 to the Listing Rules as its code of conduct for dealings in securities of the Company by the directors. Following a specific enquiry, all directors confirmed that they have complied with the required standards set out in the Model Code throughout the year ended 31 December 2020.