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More Less | | USD | | 0 entries | Sample translations submitted: 1 Chinese to English: Report of the Board of Directors-董事會報告-董事会报告
General field: Bus/Financial
Detailed field: Finance (general) | Source text - Chinese
董事會報告
董事會仝人謹此提呈本行及其附屬公司截至2007年12月31日止財政年度董事會報告及經審核的綜合財務賬目。
（一）主要業務
本集團主要業務為提供銀行及相關金融服務。本行於年度內按業務分類的經營狀況分析詳情載於未經審計的補充財務資料附註7。
（二）業績及分配
本集團在年度內經營業績載於第134頁的合併利潤表。
本行董事會建議就截至2007年12月31日止財政年度派發末期股息股人民幣0.15元（2006年為每股人民幣0.10元），共計約人民幣73.49億元（2006年為人民幣45.80億元）。該宣派將在2007年度股東週年大會上審議通過後實施。
（三）儲備
本集團儲備變動詳情載於第137頁的合併股東權益變動表。
（四）慈善捐款
本集團本年度慈善捐款總額為人民幣14,851萬元（2006年為人民幣8,440.95萬元）。
（五）固定資產
本集團固定資產變動詳情載於合併會計報表附註22。
（六）股本
本行股本詳情載於合併會計報表附註31。
於2007年年度並截至本年報印刷前最後可行日期，根據已公開資料及董事所知悉，本行一直維持經香港聯交所同意的公眾持股量（即本行的全部已發行股份的18.33%）。
（七）可分配儲備
根據有關法律規定，本行於2007年12月31日的可分配儲備約為人民幣197.91億元（2006年為人民幣126.35億元）。
（八）財務摘要
本行過去五個財政年度業績、資產及負債摘要載於第3頁。
（九）董事及監事
本行董事、監事與高級管理層成員簡介載於本年報第74至第85頁。
（十）董事會專門委員會
請參考本年報公司治理報告第106頁至第121頁。
（十一）董事及監事服務合約
本行董事及監事均未與本行或其任何附屬公司訂立任何在1年內除法定補償外還須支付任何補償方可終止的服務合約。
（十二）董事、監事酬金及本行五位薪酬最高人士
本行董事、監事及本行五位薪酬最高人士的酬金詳情載於合併會計報表附註13。
（十三）董事及監事於重大合約之權益
本年度內及於年結時，本行或其任何附屬公司概無就本行業務訂立任何本行董事、監事直接或間接擁有重大權益的重大合約。
（十四）董事及監事在與本行構成競爭的業務所佔權益
本行董事及監事概無任何業務利益可能或會與本行的業務構成直接或間接競爭。
（十五）董事及監事認購股份權利
本行監事李軍先生在本行A股發行申購期間，通過參與網上申購並中簽，獲得本行A股股份3,000股；本行首席風險官楊東平先生，於2007年5月，通過二級市場購買本行A股股份75,000股。以上股份已被全部鎖定。除上述披露者外，本年度內，本行未授予本行董事、監事或其配偶或十八歲以下子女認購本行或其任何相關法團的股份或債權證的任何權利，而上述各人亦未行使認購上述股份或債權證的任何權利，本行或本行的附屬公司亦無訂立任何使董事或監事因購買本行或其他公司的股份或債權證而獲利的協議或安排。
（十六）董事權益
截至2007年12月31日，本行董事、監事、最高行政人員及其聯繫人士概無於本行或本行相聯法團（定義見《證券及期貨條例》第XV部所指的相聯法團）的股份、相關股份或債券中擁有或被視為擁有根據《證券及期貨條例》第XV部第7及第8分部須知會本行及香港聯交所，或須記入《證券及期貨條例》第352條規定須予存置的登記冊，或須根據上市公司董事進行證券交易的標準守則須另行知會本行及香港聯交所之權益及淡倉。
（十七）主要股東權益
本行主要股東權益載列於「股本變動及股東情況」部份。
（十八）購買、出售或贖回本行股份
報告期內，本行及其任何附屬公司概無購買、出售或贖回本行任何股
份。
（十九）股份及債券發行情況
報告期內，本行發行A股股份的詳情載列於「股本變動及股東情況」部份。此外，本行董事會考慮了利率市場環境，認為發行次級債券可減少本行財務費用支出、有效降低本行整體資金成本及提高本行償付能力。本行於2007年3月6日發行人民幣250億元次級債券，其中人民幣160億元的債券之期限為10年加5年，而利率則為固定利率，首10年為4.13%而剩下的5年為7.13%；其餘的人民幣90億元的債券之期限為5年加5年，亦是固定利率，首5年為3.73%而剩下的5年為6.73%。債券乃向中國銀行間債券市場成員公開發行。所募集的資金在扣除相關費用後用於充實本行的附屬資本，提高本行的資本充足率，優化中長期資產負債結構，並支持新增中長期資產業務的開展。
除上述A股及次級債券的發行，本行及其附屬公司均沒有發行，贖回或授予任何可轉換證券、期權、權證或其他類似權利。
（二十）優先購買權、股份期權安排
根據本行《公司章程》和中國相關法律，本行股東並無優先購股權，同時，本行目前並無任何股份期權安排。
（二十一）股票增值權
作為激勵機制一部份，本行授予高級管理人員股票增值權。發行股票增值權不涉及任何新股發行，對本行股東亦無攤薄影響。股票增值權詳情載於第225頁。
（二十二）主要客戶
在本年度內，本集團最大5名客戶佔本行的利息收入及其他經營收入總金額少於2%。概無本行董事或彼等任何聯繫人士或任何股東（就董事所知，其擁有本行已發行股本超過5%）於本行五大客戶中擁有任何實益權益。
（二十三）持續關連交易
匯豐銀行因身為本行的主要股東而令其及.豐集團成為本行之關連方。本行及本行子公司與.豐集團在日常銀行業務過程中從事各項交易（一次性交易和持續交易），如外匯交易、資本市場（股本和債務證券）交易、衍生工具交易（主要為利率掉期）、擔保、貿易融資、信用卡結算服務、電子付款服務（EPS）、付款及資信證明代理服務以及為銀團貸款提供代理服務。
為規管上述持續進行的交易，本行與.豐銀行於2005年6月1日訂立銀行同業交易總協議，據此，.豐集團及本行同意根據適用的一般銀行同業慣例及按一般商業條款進行銀行同業交易。報告期內，本行與.豐銀行有下列持續關連交易或往來賬目餘額：
1. 截至2007年12月31日，本行各分行存放及拆放.豐銀行款項餘額
合計為人民幣14.15億元，2007年度內存放及拆放利息收入約為人
民幣1.86億元。
2. 截至2007年12月31日，.豐銀行對本行各分行的存放及拆放款項餘額合計為人民幣17.69億元，2007年度內存放及拆放利息支出約為人民幣1.36億元。
3. 截至2007年12月31日，本行各分行購買.豐銀行發出的證券投資餘額合計為人民幣7.88億元，2007年度內因購買該等證券投資而取得的利息收入約為人民幣5,000萬元。
4. 截至2007年12月31日，本行各分行與.豐銀行之間未交割的衍生金融工具合約的名義本金金額合計人民幣135.77億元。本行已就上述持續關連交易向香港聯交所提出申請，而香港聯交所已批准本行豁免嚴格遵守香港《上市規則》須就持續關連交易刊發公佈及取得獨立股東批准的規定。
經詳細審閱上述持續關連交易後，本行各獨立非執行董事認為，上述由本行訂立的持續關連交易是：
1. 於本行日常業務過程中訂立；
2. 按一般商業條款或不遜於獨立第三方所獲或給予本行的條款訂立；及
3. 根據銀行同業交易總協議條款進行，且對本行股東而言該交易條款公平合理，並符合本行股東整體利益。審計師已致函本行董事會就上述持續關連交易作出如下確認：
1. 該等交易已經本行董事會批准；
2. 該等交易乃按照本行的定價政策而進行；及
3. 該等交易乃根據銀行同業交易總協議條款進行。
（二十四）符合香港上市規則《企業管治常規守則》
本行的企業管治情況，請參考本年報第106頁至第121頁的公司治理報告。
（二十五）公開發行募集資金使用
本行募集資金全部用於補充本行資本金。
（二十六）審計委員會和薪酬委員會履職情況
本行董事會審計委員會和薪酬委員會履職情況，載於本報告公司治理報告的「四、董事會及董事會專門委員會（三）董事會專門委員會情況」。
（二十七）審計師
本年度賬目由羅兵咸永道會計師事務所和德勤華永會計師事務所有限公司審計。在即將舉行的股東週年大會上，將提呈重新委任羅兵咸永道會計師事務所和德勤華永會計師事務所有限公司作為本集團2008年度審計師的議案。
承董事會命
董事長：蔣超良
中國上海，2008年3月19日 | Translation - English
Report of the Board of Directors
The Board of Directors hereby present its report and the audited consolidated financial statements of the Bank and its subsidiaries for the fiscal year ended 31 December 2007.
1 PRINCIPAL ACTIVITIES
The Group is principally engaged in the provision of banking and related financial services. An analysis of the Bank’s operating results by business segments for the year is set out in note 7 to the unaudited supplementary financial information.
2 RESULTS AND PROFIT DISTRIBUTION
The operating results of the Group for the year are set out in the consolidated profit and loss account on page 134.
The Board of Directors recommends the payment of a final dividend in the amount of RMB0.15 per share (2006: RMB0.10 per share), totaling approximately RMB7.349 billion (2006: RMB4.580 billion) for the fiscal year ended 31 December 2007. The distribution proposal will be implemented upon approval at the 2007 Annual General Meeting.
3 RESERVES
Details of movements in reserves of the Group are set out in the consolidated statement of changes in equity on page 137.
4 CHARITABLE DONATIONS
Charitable donations made by the Group during the year amounted to RMB148.51 million (2006: RMB84.4095 million).
5 FIXED ASSETS
Details of movements in the fixed assets of the Group are set out in note 22 to the consolidated financial statements.
6 SHARE CAPITAL
Details of the share capital of the Bank are set out in note 31 to the consolidated financial statements. During 2007 and for the period up to the latest practicable date prior to the issue of this annual report, the Bank has maintained the minimum prescribed public float as agreed with the Hong Kong Stock Exchange, which is 18.33% of the total issued share capital of the Bank, based on the information that is publicly available and within the knowledge of the Directors.
7 DISTRIBUTABLE RESERVES
As at 31 December 2007, pursuant to the relevant laws and regulations, the Bank’s distributable reserves amounted to approximately RMB19.791 billion (2006: RMB12.635 billion).
8 FINANCIAL SUMMARY
A summary of the results, assets and liabilities of the Bank for the last five financial years is set out on page 3.
9 DIRECTORS AND SUPERVISORS
Biographical details of the Directors, Supervisors and senior management are set out on pages 74 to 85 of this annual report.
10 BOARD COMMITTEES
Please refer to the corporate governance report on page 106 to 121 of this annual report.
11 DIRECTORS’ AND SUPERVISORS’ SERVICE CONTRACTS
None of the Directors and Supervisors of the Bank has entered into a service contract with the Bank or its subsidiaries that is not determinable within one year without payment of compensation (other than statutory compensation).
12 EMOLUMENTS OF DIRECTORS AND SUPERVISORS AND THE
FIVE HIGHEST PAID INDIVIDUALS OF THE BANK
Details of the emoluments of the Directors, Supervisors and the five highest paid individuals of the Bank are set out in note 13 to the consolidated financial statements.
13 INTERESTS OF DIRECTORS AND SUPERVISORS IN SIGNIFICANT CONTRACTS
No contract of significance in respect of the business of the Bank, to which the Bank or any of its subsidiaries was a party and in which a Director or a Supervisor of the Bank had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year.
14 DIRECTORS’ AND SUPERVISORS’ INTERESTS IN COMPETING
BUSINESS OF THE BANK
None of the Directors and Supervisors of the Bank is interested in any business that competes or is likely to compete, whether directly or indirectly, with the Bank’s business.
15
DIRECTORS’ AND SUPERVISORS’ RIGHTS TO SUBSCRIBE FOR SHARES
Li Jun, Supervisor of the Bank, acquired 3,000 A shares of the Bank by subscribing through internet application and had been allotted such shares during the A share offering of the Bank. Yang DongPing, the Chief Risk Management Officer of the Bank, acquired 75,000 A shares of the Bank through the secondary market on 15 May 2007. All of the above shares are subject to lock-up.
Save as disclosed above, during the year, the Bank has not granted to its Directors, Supervisors or their respective spouses or their children under 18 years of age any rights to subscribe for the shares or debentures of the Bank or any of its associated corporations, nor have any such rights to subscribe for the above shares or debentures been exercised by them. The Bank and its subsidiaries also have not entered into any agreement or arrangement to enable the Directors or Supervisors to acquire benefits by means of the acquisition of shares in or debentures of the Bank or any other body corporate.
16 INTERESTS OF DIRECTORS
As at 31 December 2007, none of the Bank’s Directors, Supervisors, Chief Executive and their associates had or was deemed to have any interests or short positions in the shares, underlying shares and debentures of the Bank or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (the “SFO”)) which were required to be notified to the Bank and the Hong Kong Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including
interests and short positions which they were deemed or taken to have under such provisions of the SFO), or which were required to be entered in the register pursuant to section 352 of the SFO, or which were required, pursuant to Model Code for Securities Transactions by Directors of Listed Issuers, to be notified to the Bank and the Hong Kong Stock Exchange.
17 INTERESTS OF SUBSTANTIAL SHAREHOLDERS
Interests of substantial shareholders of the Bank are set out in the section headed “Details of Changes in Share Capital and Shareholdings of Substantial Shareholders”.
18 PURCHASE, SALE OR REDEMPTION OF SHARES OF THE BANK
During the reporting period, neither the Bank nor any of its subsidiaries purchased, sold or redeemed any shares of the Bank.
19 ISSUE OF SHARES AND DEBENTURES
Please refer to the section headed “Details of Changes in Share Capital and Shareholdings of Substantial Shareholders” for details of the A share offering of the Bank during the reporting period.
In addition, taking into account the interest rate environment, the Board of Directors of the Bank consider the issue of subordinated bonds would reduce the financial expenses, effectively lower the overall capital costs and raise the solvency margin of the Bank. On 6 March 2007, the Bank issued subordinated bonds in an amount of RMB25 billion, out of which RMB16 billion of bonds have a maturity of 10 years plus 5 years and a fixed interest rate of 4.13% for the first 10 years and 7.13% for the remaining 5 years. The remaining RMB9 billion of subordinated bonds have a maturity of 5 years plus 5 years and a fixed interest rate of 3.73% for the first 5 years and 6.73% for the remaining 5 years. The bonds were offered to members of the national inter-bank bond market. The proceeds from the subordinated bond issue, after deducting relating expenses, were used to replenish the subordinated capital of the Bank, increase its capital adequacy ratio, improve its intermediate and long term equity-debt structure and support the development of the new business of intermediate and long term asset management.
Except for the issue of A shares and subordinated bonds as abovementioned, the Bank and its subsidiaries did not issue, redeem or grant any convertible securities, options, warrants or other similar rights.
20 PRE-EMPTIVE RIGHTS AND SHARE OPTION ARRANGEMENTS
There are no provisions for pre-emptive rights pursuant to the Bank’s Articles of Association and the relevant laws and regulations of the People’s Republic of China. Currently, the Bank does not have any arrangement with respect to share option.
21 SHARE APPRECIATION RIGHTS
As part of the incentive scheme, the Bank has granted to its members of senior management share appreciation rights. The issuance of share appreciation rights does not involve any issue of new shares. There is no dilution of existing shareholders’ equity. Details of the share appreciation rights are set out on page 225.
22 MAJOR CUSTOMERS
The Bank’s five largest customers accounted for less than 2% of the Bank’s total interest income and other operating income for the year. None of the Bank’s Directors, their associates or shareholders (who, to the best knowledge of the Directors, owns more than 5% of the Bank’s total issued share capital), had any beneficial interest in the Bank’s five largest customers.
23 CONTINUING CONNECTED TRANSACTIONS
HSBC and its subsidiaries and associates (together the “HSBC Group”) are connected persons of the Bank, as HSBC is a substantial shareholder of the Bank. The Bank and its subsidiaries have regularly engaged in various kinds of transactions (both one-off transactions and continuing transactions) in the normal course of banking business with the HSBC Group, such as foreign currency exchange transactions, capital markets (equity and debt securities) transactions, derivatives transactions (primarily interest rate swaps), guarantees, trade finance, credit card settlement services, electronic payment services (EPS), and payment and reference agency services and agency services for syndicated loans.
To regulate these on-going transactions, the Bank has entered into an interbank transactions master agreement with HSBC on 1 June 2005, pursuant to which the HSBC Group and the Bank agree to conduct interbank transactions in accordance with applicable normal interbank practices and on normal commercial terms. During the reporting period, the Bank and the HSBC were engaged in the following continuing connected transactions or the balances of transactions between the Bank and the HSBC were as follows:
(1) For the year ended 31 December 2007, the aggregate balance of deposits placed in and loans to HSBC by the Bank’s branches amounted to RMB1.415 billion, and the interest income of deposits and loans were approximately RMB186 million in 2007.
(2) For the year ended 31 December 2007, the aggregate balance of deposits placed in and loans to the Bank’s branches by HSBC amounted to RMB1.769 billion, and the interest expenses of deposits and loans were approximately RMB136 million in 2007.
(3) For the year ended 31 December 2007, the aggregate balance of securities investments purchased by the Bank’s branches from HSBC amounted to RMB788 million, and the interest income from the securities investments was approximately RMB50 million in 2007.
(4) For the year ended 31 December 2007, the notional principal amount of unsettled financial derivatives contracts between the Bank’s branches and HSBC amounted to RMB13.577 billion. The Bank has made an application to the Hong Kong Stock Exchange for, and the Hong Kong Stock Exchange has granted, a waiver from strict compliance with the announcement and independent shareholders’ approval requirements of the Hong Kong Listing Rules in respect of the abovementioned continuing connected transactions.
After careful review of the abovementioned continuing connected transactions, each Independent Non-executive Directors of the Bank considers that the abovementioned continuing connected transactions which have been entered into by the Bank as having been entered into by the Bank:
(i) In the ordinary and usual course of business;
(ii) On normal commercial terms or on terms no less favorable to the Bank than terms available to or from independent third parties; and
(iii) In accordance with the interbank transactions master agreement, and the terms of which are considered as fair and reasonable and in the interests of the Bank’s shareholders as a whole. The auditors have also issued a letter to the Board of Directors of the Bank confirming that the abovementioned continuing connected transactions:
(i) Have received the approval of the Board of Directors;
(ii) Are in accordance with the pricing policies of the Bank; and
(iii) Have been entered into in accordance with the interbank transactions master agreement.
24 COMPLIANCE WITH THE CODE ON CORPORATE GOVERNANCE PRACTICES OF THE HONG KONG LISTING RULES
For details of the Bank’s corporate governance practices, please refer to the corporate governance report on pages 106 to 121 of this annual report.
25 USE OF PROCEEDS FROM PUBLIC OFFERINGS
All the funds raised by the Bank were used to replenish the capital of the Bank.
26 WORK PERFORMED BY THE AUDIT COMMITTEE AND PERSONNEL AND COMPENSATION COMMITTEE
The work performed by the Audit Committee and Personnel and Compensation Committee of the Bank are set out in section headed “4. Board of Directors and Board Committees – (3) Committees of the Board of Directors” of the corporate governance report in this report.
27 AUDITORS
The Bank’s financial statements for 2007 were audited by PricewaterhouseCoopers and Deloitte Touche Tohmatsu. A resolution will be proposed at the forthcoming annual general meeting for the reappointment of PricewaterhouseCoopers and Deloitte Touche Tohmatsu as the Group’s auditors for 2008.
By order of the Board
Chairman
Jiang Chaoliang
19 March 2008, Shanghai, PRC |
More Less | | Bachelor's degree - Sichuan International Studies University | | Years of translation experience: 5. Registered at ProZ.com: Jan 2009. | | N/A | | N/A | | ATA | | Adobe Acrobat, Adobe Photoshop, Microsoft Excel, Microsoft Word, Abbyy, Powerpoint, SDL TRADOS | | http://cid-bdb2ba71a120f2f6.profile.live.com/?sa=786339378 | | English (PDF), Chinese (PDF) | | Bruce Guo endorses ProZ.com's Professional Guidelines (v1.0). | | About me Areas of specialty
(Finance/Securities/Features /Accounting/Banking /Insurance)
Finance: AR (Annual Report)/IR (Interim Report), IPO (Initial Public Offering-Prospectus), Economy/Investment, Constitution (Articles of association), Circular/Announcement, Financial news, Financial information, Financial summary, Financial resolution, Property valuation report, Audit report, Report of the directors/supervisors, Chairman’s statement, Management discussion and analysis, Corporate governance report, Investor relations management, Management personnel profile, Financial intermediary services, Financial teaching textbook, Financial monograph, Financial dissertation, Notice of annual general meeting…
Securities: Stock/Fund/ /Bond/Debenture/Warrant, Stock market, Asset management, Stock exchange, Stock brokerage, Shareholding, Listing rules, Underwriting, form of proxy…
Features: Features, options…
Accounting: Accountant’s report, Accounting report, Financial statements, Notes to the financial statements, Balance sheet, Cash flow statements, Consolidated income statements, Statement of changes in equity, Taxation, Financial review, Independent auditors’ report, Unaudited financial information…
Banking: Foreign exchange, Banking letters, Trust loan, Application for guarantee, Letter of Guarantee, Advance payment guarantee, Contract on a secured loan in foreign exchange, Offering circular of floating rate notes, Subscription agreement, Financial agency agreement, Board resolution on bond issue, Performance bond, Letter of comfort, Articles of incorporation of a bank, Power of attorney, Stop payment of traveler’s cheque, Advertisement on banking business, International settlement, Investment planning, Irrevocable L/C…
Insurance |
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Keywords: Chinese, English, Finance, Contract, Constitution, Accounting, Bank, communications
Profile last updated
Apr 23, 2010 |
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