Corporate Governance Practices

CITIC Limited is committed to maintaining high standards of corporate governance. The board of directors believes that good corporate governance practices are important to promote investor confidence and protect the interests of our shareholders. We attach importance to our people, our code of conduct, and our corporate policies and standards, which together form the basis of our governance practices. We respect the laws, rules and regulations of each country and area in which we operate, and we strive to ensure for our people a healthy and safe working environment which is our paramount concern. We endeavour to contribute to the sustainable development of the Company, with particular focus on our accountability to shareholders and stakeholders. This report describes how the Company has applied its corporate governance practices to its everyday activities.

Save as disclosed below, the Company has applied the principles and complied with all the code provisions of the corporate governance code (“CG Code”) as set out in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) throughout the year 2014. In respect of code provision A.6.7 of the CG Code, Mr André Desmarais and Mr Carl Yung Ming Jie (both former non-executive directors), and Dr Xu Jinwu (independent non-executive director) were not able to attend the annual general meeting of the Company held on 14 May 2014 (“2014 AGM”). Mr André Desmarais and Dr Xu Jinwu were away from Hong Kong due to other engagements while Mr Carl Yung was ill. Mr Peter Kruyt, the alternate director to Mr André Desmarais attended the 2014 AGM. Mr Carl Yung Ming Jie and Mr Gregory Lynn Curl (both former non-executive directors), and Dr Xu Jinwu (independent non-executive director) were not able to attend the extraordinary general meeting of the Company held on 3 June 2014 as all of them had other engagements. Details of attendance records of all directors at the general meetings of the Company during the year are set out in the section below headed “Board meetings and attendance”.

Looking ahead, we will keep our governance practices under continual review to ensure their consistent application and will continue to improve our practices having regard to the latest developments.