management take in consideration the internal control measures to implement policies and
These efforts to improve internal control and corporate governance gave favorable results
in the restoration of the confidence of investors as seen in the increase of a 19% in the price of
the shares when was announced a day after reorganizing the administration. Despite, of the
losses that amounted to HK$ 10 billion and incurring a debt of HK$ 9.38 billion from their
unauthorized commercial bets, Citic Pacific continued showing positive results in 2009. These
were attributable to the profits of your business of steel, real estate projects in mainland China
and the progress of its mine iron ore in Australia.
It was evidenced that Board of Directors of Citic Pacific did not have the preparation
suitable for strategic decision-making. The directors of the societies must have an understanding
of your company's business, the nature of their risks and its strategic direction. This gives a solid
basis for a proper administration. The ultimate responsibility of ensure that the risks of society
are being properly identified, monitored and controlled depends on the Board of Directors.
Directory of Citic Pacific is responsible for ensuring that the company maintains a proper
corporate governance structure. The key objective of the corporate governance structure is to
protect and increase the value for shareholders by ensuring the integrity of the information and to
maintain adequate internal controls. Finally, the importance of timely and full disclosure of the
financial statements of the company is essential for the transparency of the company. Citic
Pacific currently has a solid structure of corporate governance.