New World Development (0017) announced today Echo Huang Shaomei and Jenny Chiu Wai-Han have been appointed as executive directors with effect from May 1.
With the two new appointments, female executives will now occupy 25 percent of board seats – the highest proportion among major property developers in Hong Kong – exceeding the average for Hang Seng Index and mainland boards, at 13.6 percent and 9.63 percent, respectively, the developer added.
New World also announced that Adrian Cheng Chi-kong, current executive vice-chairman and general manager of the company, will be re-designated as executive vice-chairman and chief executive for a fixed term of three years, also starting from next month.
Cheng will receive a director’s fee of HK$355,000 per annum and emoluments which comprise a monthly salary and allowance of around HK$2 million and a discretionary bonus.
"The promotion of gender equality and the appointment of women in leadership roles are important trends for all leading enterprises worldwide. The presence of more women in the boardroom will broaden the range of perspectives available to the company, enhance the effectiveness of decision making and invigorate the quality of management," Cheng said.
"The group will continue to encourage more women to take up senior management positions, and this will benefit the company substantially in the long run."
Shares of the developer dropped 0.91 percent, or 8 HK cents, to close at HK$8.74.
From left, Echo Huang, Adrian Cheng and Jenny Chiu. Photo: New World Development.
