Management Committees

Executive committee

The Executive Committee is the highest authority of the management of CITIC Limited accountable to the board.

The functions and powers of the executive committee are:

• to formulate CITIC Limited’s material strategic plans;
• to formulate CITIC Limited’s annual material investment and financing plans (including reviewing material investment plans, feasibility studies, proposed disposals/divestments, mergers and acquisitions and other significant transactions of CITIC Limited);
• to review CITIC Limited’s annual business plan and finance plans;
• to review monthly reports of CITIC Limited, and to submit to the board before each month-end the monthly report for the previous month;
• to manage and monitor CITIC Limited’s core activities;
• to appoint and remove mid-level and above key personnel (other than personnel above the rank of assistant to general manager, and those appointed and removed by the board);
• to approve internal rules on day-to-day operations of CITIC Limited;
• to review and approve proposals to establish and adjust CITIC Limited’s management and organisational structure; and
• to discharge other powers and functions conferred on it by the board.

The first three items and other matters within the authority of the board should be submitted for approval by the board, and thereafter implemented by the executive committee.

The committee is chaired by Mr Zhu Hexin, the chairman of the board, and other members are Mr Xi Guohua (being executive director, vice chairman and president of CITIC Limited, and also serves as vice chairman of the committee), Mr Cui Jun, Mr Liu Zhengjun (being executive director, vice president of CITIC Limited), Mr Wang Guoquan (being executive director, vice president of CITIC Limited), Mr Xu Zuo (being vice president of CITIC Limited) and Mr Fang Heying (being vice president of CITIC Limited). Mr Ren Shengjun who was vice chairman of the committee resigned from his position on 10 June 2022 and Ms Li Qingping who was a member of the committee resigned from her position on 21 October 2022.

Strategy and Investment Management Committee

CITIC Limited has established the strategy and investment management committee as a sub-committee under the executive committee to enhance strategy management, to prevent investment risks and to promote high quality development. The principal responsibilities of the strategy and investment management committee are to

• study and draw up CITIC Limited’s integral development, medium and long-term development plan and industries investment guideline, approve development strategies and plans of subsidiaries;
• establish a mechanism of empowered operation and management, organise and implement it; and
• organise and implement full life-circle management of investment activities within the group.

The committee is led by the chairman of the committee Mr Xi Guohua (being executive director, vice chairman and president of CITIC Limited), vice chairmen of the committee, Mr Liu Zhengjun (being executive director, vice president of CITIC Limited) and Mr Xu Zuo (being vice president of CITIC Limited), and other members of the committee include Mr Cao Guoqiang (being Chief Financial Officer of CITIC Limited), Mr Liang Huijiang (being Chief Investment Officer of CITIC Limited), responsible persons of the strategic development department, financial control department, legal and compliance functions and treasury department.

Asset and Liability Management Committee

CITIC Limited has established the asset and liability management committee (the “ALCO”) as a sub-committee under the executive committee to be in charge of monitoring and controlling the financial risks of CITIC Limited. The principal responsibilities of the ALCO are to

• monitor and control the asset and liability financial position of CITIC Limited on a regular basis;
• monitor and control the following issues of CITIC Limited

− asset and liability structure
− counterparties
− currencies
− interest rates
− commodities
− commitments and contingent liabilities

• review financing plans and manage the cash flow of CITIC Limited on the basis of the annual budget; and
• establish hedging policies and approve the use of new financial instruments for hedging.

The acting chairman of the committee is Mr Cao Guoqiang (being Chief Financial Officer of CITIC Limited), and other members of the ALCO include responsible persons of the financial control department, treasury department, strategic development department, the office of the board of directors and legal and compliance functions.