Information extracted from the section "Corporate Governance" of 2019 Annual Report:


External Auditor

Pursuant to the “Policy on External Auditor Management” adopted by the Board, the Audit Committee reviewed and monitored and was satisfied with the independence and objectivity of Ernst & Young, the Group’s external auditor, and the effectiveness of its audit procedures, based on the principles and standards set out in the said Policy that were in line with international best practices. Upon the recommendation of the Audit Committee, the Board will propose that Ernst & Young be re-appointed as auditor of the Group at the Company’s 2020 annual general meeting. Subject to shareholders’ authorisation, the Board will authorise the Audit Committee to determine the remuneration of Ernst & Young. For 2019, the fee paid or payable by the Group to Ernst & Young was HK$41 million (2018: HK$51 million), of which HK$28 million (2018: HK$28 million) related to audit services and HK$13 million (2018: HK$23 million) related to other services (mainly including tax-related and advisory services). The Audit Committee was satisfied that the non-audit services in 2019 did not affect the independence of Ernst & Young.