The Company believes in having high standards of corporate governance and is committed to making sure that effective self-regulating controls exist to protect the interests of its shareholders. These self-regulatory controls are set out in the Company’s Corporate Governance Manual which is being reviewed and improved in the light of the principles and guidance notes in the Code of Corporate Governance issued by the Ministry of Finance in April 2001.

BOARD MATTERS

The Board’s Conduct of its Affairs

The Board of Directors has set out governance policies covering, inter alia, the Board’s and Board committees’ functions, composition and operations. The committees of the Board and their years of formation are as follows:

Audit Committee	1990
Share Option Scheme Committee	1977
Board Committee (Delegated Powers)	1986

The Board is in the process of forming the Nominating Committee and Remuneration Committee, and is also reviewing the terms of reference of all committees to ensure compliance with the Code.

Board Composition and Balance

The frequency of Board meetings in 2001and Directors’ attendances at these meetings are as follows:

(a) : Number of meetings held while a member
(b) : Number of meetings attended