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Saturday, Dec 03, 2022

Ratio of female board members at New World Development exceeds one-third

Three latest appointments of senior management announced by New World Development (0017) Friday will see female directors make up 35.3 percent of its board members, the highest proportion among major property developers in the city.
The three are former ICAC Commissioner Fanny Law Fan Chiu-fun, Anthea Lo Wing-sze, and Fonia Wong Yeung-fong, who will take up the position of independent non-executive director.

Brian Cheng Chi-ming will take up the post of non-executive director, and Cheng Chi-heng will move his position from executive director to non-executive director.

Thomas Liang Cheung-biu, independent non-executive director, will retire after the group’s annual general meeting on November 22, while Howard Yeung Ping-leung and Hamilton Ho Hau-hay will also step down from their positions as independent non-executive directors.

All managerial changes will take effect from December 1 this year.

With the appointments, the board of New World Development will have six female members, and female executives will occupy 35.3 percent of the seats, maintaining a leading position among Hong Kong listed companies and the highest proportion among major property developers in the city.

The numbers also exceed the average for Hang Seng Index (HSI) constituents at 17.1 percent and the international standard of 30 percent recommended by the international organization The 30% Club.

New World Development extended a warm welcome to the four new board members and hoped that the leadership of the board members would continue to foster good corporate governance.

CEO Adrian Cheng Chi-kong said: “A diverse boardroom can bring together talent from different age groups, backgrounds, and perspectives, which can significantly strengthen management and decision-making capability, bringing great benefits in terms of corporate sustainability.”

“With this in mind, the Group will continue to strive to maintain the diversity of our board and actively nurture a more inclusive work environment to continuously improve operations and governance and to create greater value for the whole of society,” he added.
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