Page 87 - Hang Lung Properties 2012 Annual Report

INTERNAL CONTROL ENVIRONMENT
Our stringent internal controls are marked by clear guidelines and a
well-established control environment of close and regular management
reviews, segregation of duties, budgetary controls, well-defined
and specific limits for various levels of authority, whistle-blowing
mechanisms, Codes of Conduct for both staff and trading partners, as
well as appropriate training for staff development.
Further enhancing our corporate governance and transparency – in
addition to the requirements on Directors’ security transactions – all
executive staff are required to submit a signed declaration of compliance
with the Code of Conduct regarding “Transactions in the Company’s
shares” on a half-yearly basis.
TREASURY RISK
Although the scale and scope of the Group’s activities expose us to
a variety of treasury risks, we have made every effort to mitigate them
through the Group’s well-established treasury policies.
(a) Interest Rate and Foreign Exchange
As most of the Group’s borrowings are floating-rate bank loans, we
are exposed to interest rate movements. Interest rate risks are closely
monitored and, as and when appropriate, the Group may adopt
measures to manage associated risks – including but not limited to the
issuance of fixed rate bonds and interest rate swaps.
Renminbi exchange rate risks arising from the Group’s investments
on the Mainland are prudently managed for maximum protection. An
appropriate level of Renminbi resources are maintained to meet the
Group’s capital requirements for ongoing Mainland projects. Recurring
rental turnover in Renminbi also provides a natural hedge for these
investments.
The US Dollar exchange rate risk faced by the Group is not considered
significant as its net exposure to US Dollar is moderate and HK Dollar
is pegged to US Dollar under the prevailing pegged rate regime in
Hong Kong.
內部監控環境
我們設有嚴謹的內部監控，以清晰的指引
和完善的監控環境為本，當中包括緊密和
定期的管理檢討、職責分工、預算監控、
對各種權限級別的明確規限、告密機制、
全體員工和交易夥伴的紀律守則，以及為
員工發展提供適當的培訓等。
為進一步提升企業管治之透明度，集團除
了採納關於董事進行證券交易的規定外，
所有行政人員均須每半年提交申報書，以
確認遵守紀律守則內有關「公司股票交易」
的規定。
財務風險
儘管本集團因為業務規模和範疇而須面對
各類財務風險，我們致力把這些風險減至
最低，並按完善的財務政策進行管理。
(a) 利率及匯率
本集團大部分借貸均為浮息銀行貸款，故
須面對利率的變動。本集團密切監察利率
變動的風險，於適當時採取相關措施以便
管理，此等措施包括但不限於發行固定利
率債券及進行利率調期等。
本集團審慎管理旗下內地投資的匯率風
險，以求取得最大程度的保障。我們持有
適量額度的人民幣資源，以滿足本集團現
有內地項目的資本需求；另外，本集團部
分經常性租金收入以人民幣為結算單位，
此亦為該等投資提供自然對沖。
鑒於本集團僅承受適度的美元風險淨額，
及在香港的聯繫匯率制度下港幣與美元掛
鈎，我們認為本集團面對的美元匯率風險
並不重大。
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