| stephen, if u don't understand how corporate jargon goes, brush up before posting. there are majority, substantial and minority shareholders , no principal shareholders in ibank talk. ask any ibanker. and i do understand how a proper corporation is managed. the whole board of executive directors at cathay pacific are controlled by directors nominated by swire pacific, thus ensuring the day to day management at cathay is controlled by swire as thay are the majority shareholder of cathay (46.82%) executive directors, which cathay has 5 - are all nominated by swire pacific and all of either uk, hk or australia origin. 5 out of 5 executive directors are all from swire group - that makes swire the driver in cathay pacific. this 5 executive directors then designate and hire other senior management to run the day to day operations at cathay together with themselves. there are no china "expertise" in running cathay pacific. cathay's claim to fame as the 2005 airline of the year is led by this 5 executive directors which are all not from china. cathay is not a china, china firm. citic has nominated a couple of directors on to the board of cathay as they are substantial shareholder (25.69%) of cathay but they are of the non executive directors category (persons not running the firm) - son of citic chairman, carl yung and another person from china - zhang xianlin. there are 7 non executive directors and citic has only 2 nominations... 2 out of 7 - more to check on the books and making sure their interest in cathay as passive investors are not forgotten. then, there are the independent non executive directors - 4 persons to ensure the minority shareholders are given some say. these 2 groups of independent non executive directors and non executive directors don't run cathay. as u can see, swire directors run the show at cathay and the professionalism comes from these senior managers of the firm, not chinese parties from citic. cnac doesn't own any shares of cathay pacific anymore. and the substantial shareholder (citic) has no input in the daily going ons at cathay pacific. hope that explains how things are at cathay pacific. hope cathay's glory as a hong kong, china corporation is not gonna be claimed by self promoting china, china parties. professionalism rests in hong kong, not china. please ensure facts are checked and not misrepresent cathay as a "china, china" company - its a british/australian/hk run company, located in hong kong, china and the majority shareholder being the swire pacific group, a british conglomerate that has diversified biz operations all over the world that includes shipping, commodities trading, properties, hospitality and aviation not unlike the other big british conglomerate, jardines group. |
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