aged 69, has been an Independent Non-executive Director of the Company since 2003. He is now the chairman of the Audit Committee of the Company and a member of the Remuneration Committee of the Company. Mr Lau has been practising as a certified public accountant in Hong Kong for over 30 years and has extensive experience in auditing, finance, taxation and management. He was a partner in PricewaterhouseCoopers, Hong Kong until his retirement in 2001. He is an independent director of China World Trade Center Co., Ltd. which is listed on the Shanghai Stock Exchange and an independent non-executive director of Wheelock and Company Limited, a listed company in Hong Kong. Mr Lau is a Fellow of each of The Institute of Chartered Accountants in England and Wales and the Hong Kong Institute of Certified Public Accountants. Mr Lau was formerly an independent non-executive director of Fairwood Holdings Limited (a listed company in Hong Kong) and Wheelock Properties Limited (a former listed company in Hong Kong).