The Board of Directors
Our Board is characterized by members with a broad range of experience and business and management skill sets across different industries, including, but not limited to, supply chain management, banking and finance, talent management, leadership, risk management, global business, and marketing. It is currently composed of three Executive Directors, one Non-executive Director and four Independent Non-executive Directors:
- Victor Fung: Honorary Chairman and Non-executive Director, Chairman of Risk Management and Sustainability Committee, Member of Remuneration Committee
- William Fung: Group Chairman and Executive Director, Member of Nomination Committee, Member of Risk Management and Sustainability Committee
- Spencer Fung: Group CEO and Executive Director, Member of Risk Management and Sustainability Committee
- Marc Compagnon: Executive Director, Member of Risk Management and Sustainability Committee
- Paul Selway-Swift: Independent Non-executive Director, Chairman of Nomination Committee, Member of Audit Committee
- Allan Wong: Independent Non-executive Director, Chairman of Remuneration Committee, Member of Audit Committee, Member of Risk Management and Sustainability Committee
- Margaret Leung: Independent Non-executive Director, Chairman of the Audit Committee
- Martin Tang: Independent Non-executive Director, Member of Nomination Committee, Member of Audit Committee, Member of Remuneration Committee
Read more about our Management Team.
We believe board diversity enhances decision making capability, allowing for different perspectives, and that a diverse board has both the breadth and depth of skills and experience to steer and oversee our dynamic and emerging business. We recognize that board diversity is a vital contributing element to the sustainable development and growth of Li & Fung. This also promotes the interest of all our stakeholders, particularly the long-term interests of our shareholders, fairly and effectively.
We adopted a Board Diversity Policy in 2013 which sets out our approach to diversify the Board.
Under the Board Diversity Policy, the Nomination Committee reviews and assesses Board composition on behalf of the Board and recommends the appointment of a new Director when necessary. The Nomination Committee considers a number of aspects including, but not limited to, gender, age, cultural and education background, ethnicity, professional experience, skills, knowledge and length of service.
The Board has established the following committees with defined terms of reference:
- Nomination Committee
- Audit Committee
- Risk Management and Sustainability Committee
- Remuneration Committee
Each Committee has authority to engage outside consultants or experts as it considers necessary to discharge its responsibilities. Minutes of all committee meetings are circulated to all Board members. To further reinforce independence and effectiveness since 2003, all Audit Committee members are Independent Non-executive Directors, and the Nomination and Remuneration Committees have been structured with a majority of Independent Non-executive Directors as members.
The Board and Shareholders
The primary goal of the remuneration policy on executive remuneration packages is to enable Li & Fung to motivate Executive Directors and senior management by linking their compensation to performance with reference to corporate and operating group objectives. Under the policy, a Director or a member of senior management is not allowed to approve his/her own remuneration.