The Board of New World Development Company Limited announced the following changes in directors of the Company and members of board committees Mr. Brian Cheng will enter into a letter of appointment with the Company as a non-executive director of the Company for a fixed term of three years commencing from 1 December 2022, subject to retirement by rotation in accordance with the articles of association of the Company. The director's fee for Mr. Brian Cheng will be determined by the Board with the authorization granted by the shareholders of the Company at the annual general meeting of the Company. He will receive from the Group emoluments which comprise monthly salary of HKD 498,490 and discretionary bonus. These have been determined by reference to his duties and responsibilities with the Group and the Group's remuneration policy. Mr. Brian Cheng is the son of Dr. Cheng Kar-Shun, Henry, the brother of Dr. Cheng Chi-Kong, Adrian and Ms. Cheng Chi-Man, Sonia, the nephew of Mr. Doo Wai-Hoi, William and Mr. Cheng Kar-Shing, Peter, and the cousin of Mr. Cheng Chi-Heng. Except as disclosed, Mr. Brian Cheng does not have any relationship with any directors, senior management or substantial or controlling shareholders of the Company. As at the date of this announcement, Mr. Brian Cheng does not have any interest in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance. Mr. Cheng Chi-Heng aged 44, will be re-designated from executive director of the Company to non-executive director of the Company with effect from 1 December 2022 and cease to serve as a member of the Executive Committee of the Board on the same day. Mr. Conroy Cheng was appointed as an executive director of the Company in June 2010 and a member of the Executive Committee of the Board prior to re-designation. He also acts as director of certain subsidiaries of the Group. Mr. Conroy Cheng is a vice-chairman and executive director of Chow Tai Fook Jewellery Group Limited, a listed public company in Hong Kong. Except as disclosed, Mr. Conroy Cheng did not hold directorship in other listed public companies in the past three years or any position with the Company or other members of the Group. Mr. Conroy Cheng had worked at a Hong Kong-based investment management company as a corporate finance executive. He obtained a Bachelor of Arts Degree majoring in Economics from the University of Western Ontario, Canada in 1999. Mr. Conroy Cheng will enter into a new letter of appointment with the Company as a non-executive director of the Company for a further fixed term of three years commencing from 1 December 2022, subject to retirement by rotation in accordance with the Articles of Association. The director's fee for Mr. Conroy Cheng will be determined by the Board with the authorisation granted by the shareholders of the Company at the annual general meeting of the Company. Mr. Conroy Cheng will receive from the Group emoluments which comprise a monthly salary of HK$157,000 and a discretionary bonus. These have been determined by reference to his duties and responsibilities with the Group and the Group's remuneration policy. Mr. Conroy Cheng is a director of Chow Tai Fook (Holding) Limited and Chow Tai Fook Enterprises Limited, both are substantial shareholders of the Company. He is the son of Mr. Cheng Kar-Shing, Peter, the nephew of Dr. Cheng Kar-Shun, Henry and Mr. Doo Wai-Hoi, William, and the cousin of Dr. Cheng Chi-Kong, Adrian and Ms. Cheng Chi-Man, Sonia. Except as disclosed, Mr. Conroy Cheng does not have any relationship with any directors, senior management or substantial or controlling shareholders of the Company. As at the date of this announcement, Mr. Conroy Cheng has personal interest in 133,444 shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance. Save for the information set out above, there is no other information to be disclosed pursuant to any of the requirements of Rule 13.51(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited nor are there other matters that need to be brought to the attention of the shareholders of the Company in relation to the appointment of the above new directors and re-designation of director. Mr. Yeung Ping-Leung, Howard will retire as an independent non-executive director of the Company with effect from 1 December 2022 as he considers it is the right time for him to hand over his position to next generation after serving the Company for over 35 years so as to aid board refreshment which in turn leads to greater board independence. He will also cease to be a member of the Audit Committee and the Remuneration Committee on the same day; Mr. Ho Hau-Hay, Hamilton will retire as an independent non-executive director of the Company with effect from 1 December 2022 in order to focus on his personal endeavours. He will also cease to be a member of the Audit Committee and the chairman and a member of the Remuneration Committee on the same day; and Mr. Liang Cheung-Biu, Thomas has informed the Company that he will not seek for re-election at the AGM and will therefore retire as an independent non-executive director of the Company with effect from the conclusion of the AGM. Upon his retirement, Mr. Liang will cease to be a member of the Audit Committee, the Nomination Committee and the Sustainability Committee upon retirement. Each of Mr. Yeung Ping-Leung, Howard, Mr. Ho Hau-Hay, Hamilton and Mr. Liang Cheung-Biu, Thomas has confirmed that he has no disagreement with the Board and there is no matter relating to his retirement that needs to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited.
Mr. Yeung Ping-Leung, Howard has been a director of the Company since 1985 and both Mr. Ho Hau-Hay, Hamilton and Mr. Liang Cheung-Biu, Thomas have been directors of the Company since 2004. With their comprehensive business experience, Mr. Yeung Ping-Leung, Howard, Mr. Ho Hau-Hay, Hamilton and Mr. Liang Cheung-Biu, Thomas have been providing valuable advices and independent guidance to the Company over the years. The Board wishes to express its sincere gratitude to Mr. Yeung Ping-Leung, Howard, Mr. Ho Hau-Hay, Hamilton and Mr. Liang Cheung-Biu, Thomas for their invaluable contribution to the Company during the tenure of their offices.