Nine out of ten Board members are non-executive Directors. Together, they bring a wide range of technical skills and management expertise and experience to ensure that the Group continues to be a competitive leader in the property industry with a strong reputation for technical and professional competence.

The principal functions of the Board are the following:

• Reviews and, where required, approves the major strategies, the objectives and plans of the Company, and the appropriate financial and operational matters;

• Advises Management on significant issues facing the Group;

• Oversees processes for evaluating the adequacy of internal controls, risk management, financial reporting and compliance, and satisfies itself as to the adequacy of such processes;

• Nominates Directors and ensures that the structure and practices of the Board provide for sound corporate governance; and

• Supervises and appropriately remunerates executive management.

Each Board member has equal responsibility to oversee the business and affairs of the Company. The Managing Director is responsible for the day-to-day operation and administration of the Company.

The Board meets regularly on a quarterly basis. As a general rule, papers on specific subjects are sent to the Board in a timely manner to enable the Directors to obtain further explanations where necessary and to ensure that they are adequately informed prior to the Board meetings. Directors are expected to adequately prepare for the meetings, attend and participate at the meetings. Directors are assisted in gaining an understanding and knowledge of the Group through the provision of relevant reading materials, working papers and presentations. The time requirement varies depending on the number of Board and Board committee meetings a Director attends.

Disclosure of interested person transactions is set out on page 188 of the annual report. When a potential conflict of interest arises, the Director concerned takes no part in discussions nor exercises any influence over other members of the Board.