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Shareholder Communication Accounting Worksheet

BUSINESS SCHOOLGroup Assignment
ACCT3031: International Corporate Governance
Semester 2, 2023
The Group Assignment provides an opportunity to interact with other students to negotiate and create a shared
understanding. In completing the Group Assignment, students are expected to demonstrate their ability to
undertake joint research, critically evaluate information, use analytical skills, and apply knowledge from course
materials and other sources.
The group assignment is designed as a collaborative learning experience, where the research of one group
leads a discussion in class on the issues with, or advantages of corporate governance, that will benefit the
entire class.
The group assignment (weighted at 35% of your overall marks) consists of three components:
1. Report: 2500-word report due week 10 (11.59pm, Tuesday 10 October 2023)
2. Critical Analysis: 250-word critical analysis of reports by two (2) other groups due week 11 (11.59pm,
Tuesday 17 October 2023)
3. 10-minute presentation of your report in your allocated workshop in week 12 (a copy of the
presentation slides must be uploaded to Canvas by 9am, Wednesday 25 October 2023)
Groups
Membership:
Students within a group must be allocated to the same workshop.
Size:
5-6 students. Students are to form a group and complete the group nomination in Canvas by
the end of week 5 (5pm, Friday 1 September 2023). A penalty of 5% will be applied to all
students who have not formed a group by the deadline.
Nomination:
The group nomination requires one member of the group self-enrolling in the empty group on
Canvas (see the link in the Assessment page on Canvas) and the remainder of the group selfenrolling into that group.
Number:
The group number to be used for the assignment submission will be provided on Canvas and
will consist of your stream number and the self-sign-up group nomination. If you are in stream
1 and your group nomination is Group 7, your group number will be 107. The group number
must be shown in the header of your report and in the file name (see following).
Contribution:
Each group member is expected to be involved in the preparation, drafting, proofing and
checking of all aspects of this group assignment including ensuring no breaches of academic
honesty. Members will be held jointly responsible for the entire submission and awarded the
same merit mark. In the event of a breach of academic honesty, the penalty may apply to all
group members irrespective of which member(s) caused the breach.
1
Document Properties
Format:
The report is to be prepared using 12-point font (Times New Roman, Arial or Cambria),
paragraphs formatted with 1.5-line spacing, and with margins not less than 2cm.
Header:
Your group number and the SID of all group members is to be shown in the header of your
report on each page.
File name:
The Report and Presentation files must be saved using Your Group Number, ACCT3031,
Semester 2, 2023; e.g. Group107ACCT3031s223.
The Critical Analysis files must be saved using Your Group Number, ACCT3031, Semester 2,
2023, Other Group Number; e.g. Group107ACCT3031s23Group103.
Failure to following the naming requirements will result in a 5% penalty.
Referencing:
Students should follow the rules set out in the APA 7th referencing style. Please refer to the
library site for further information and expectations about consistent referencing:
https://libguides.library.usyd.edu.au/citation/apa7
Word length:
A word length (of 2500 words) has been specified for the report in this assignment, you must
conform to the word length. Where a group exceeds the maximum word length, the group will
incur a penalty of 10% of the total available marks when the submission is 10% above the
maximum word length and an additional 10% for each 10% over-length thereafter.
Note, the maximum word length includes in-text referencing but excludes the reference list
and any appendices at the end of the assessment. See University Policies and Business
School Resolutions on Assessment: https://business.sydney.edu.au/students/policy
Company Nomination Requirements
Each group is required to nominate a company from the list provided on Canvas at the start of week 6 (9am,
Monday 4 September 2023). The nomination of the chosen company is to be made by placing a comment in
the appropriate Discussion Board thread in Canvas that includes your group number. A company can only be
chosen by one group in each workshop on a ‘first come-first served’ basis.
Your group must nominate the selected company by the end of week 7 (5pm, Friday 17 September 2023).
A penalty of 5% will apply to each group that nominates more than one company or does not provide a
nomination by the required date.
Assessment Details
1. Report
(70 marks)
Your group is required to investigate the corporate governance failure or issue identified in the provided
article relating to your chosen company. As part of completing the report, your group will need to identify
and obtain:
2

the relevant corporate governance code or requirements of the local stock/security exchange in
the year the corporate governance failure or issue occurred. If the issue has occurred over more
than one (1) reporting period, obtain the code that existed at the end of the period. It should be
noted, some security/stock exchanges do not publish a corporate governance code but include
corporate governance requirements within the listing rules (e.g. NYSE); and

the company’s corporate governance disclosures that were provided in the year the corporate
governance failure or issue occurred. If the issue has occurred over more than one (1) reporting
period, obtain the disclosures provided during the final year of the period.
N.B. Disclosures include, but are not limited to, financial reports, annual reports, governance reports,
sustainability reports, and the company website – do not rely solely on a single source document. As part
of the analysis, consider the appropriate theory or theories that can explain an observation, as well as
academic research, and industry reports. The use of media reports or news websites is strongly
discouraged.
Report Brief
Using a company’s corporate governance disclosures and the corporate governance code where the
company is listed, you will critique the usefulness of the company disclosures as a means of increasing
corporate transparency and accountability. This task will be completed via a two-step process:
1. Compare the level or extent of company compliance with the requirements of the corporate
governance code; and
2. Analyse the corporate disclosures to corporate practice.
In effect, you will be reading what the company was disclosing about their corporate governance practices
(in the corporate governance disclosures), with the knowledge of what was really happening within
company (based on the news article). Your group report is to include:
Executive summary (300 words)
An executive summary of the key findings and analysis. The executive summary must provide
sufficient detail for the reader to understand (albeit at a superficial level) the contents of your report.
Compliance with corporate governance code (500 words)
Comparison the level of corporate compliance to the relevant corporate governance code (or listing
rule, where appropriate) of the local stock/security exchange. It is suggested this information is
provided in a table with a brief explanation on the level of compliance/non-compliance.
Ex post analysis of reporting of disclosures (1 700 words)
Considering the corporate governance failure or issue identified in the article, provide an analysis
(what your group considers) of the most relevant corporate governance disclosures provided by the
company (4 would be sufficient) and respond to the following questions:
1. How useful are the disclosures for stakeholders to gauge the level of consideration to, and
compliance with, the corporate governance code; and
2. Are the disclosures an effective tool to reduce information asymmetry.
3
2. Critical Analysis (250 words x 2)
(10 marks)
Each group will be provided, via Canvas, with the Reports from two other groups. Your group is required
to undertake a critical analysis of each Report. Your group must decide how you will undertake the analysis
and report your findings, ideas, or suggestions. However, it is suggested consideration be given to areas
of strength or weakness, missing or incorrect information, agreement or disagreement with the Reports’
analysis, arguments, or findings. Do not comment on spelling or grammatical errors.
The Reports and subsequent Critical Analysis for all groups will be provided on Canvas. All information
identifying the group members will be removed.
3. Presentation (10 minutes + 2 minutes Q&A)
(20 marks)
Taking into consideration feedback provided by other groups in the Critical Analysis, your group is to
present the Report in the workshop. The presentation is to cover a brief overview of the company, what
was being investigated, the analysis undertaken and the key findings.
As part of the marking, your group is required to ask questions of each group where you completed the
Critical Analysis.
Submission Instructions
1. Report
Anonymous marking will be used for this assignment. To enable your mark to be recorded you must ensure
your group number provided in Canvas is shown in the header of the file. The report must be submitted
electronically via Turnitin by the due date as either a .doc or .docx file. Only one submission is required
per group. Where more than one student per group submits the assignment, the earliest submission will
be marked.
2. Critical Analysis
The critical analysis of two group reports must be submitted electronically via Turnitin by the due date as
either a .doc or .docx file. Only one submission is required per group. Where more than one student per
group submits the assignment, the earliest submission will be marked.
3. Presentation
The presentation slides must be submitted electronically via Turnitin by the due date as either a .ppt
or .pptx file. Only one submission is required per group.
Late Submissions
A student or group that submits an assessment late (after the official due date), and is not covered by an
approved Special Consideration, or submits after the extension granted under a Special Consideration, the
penalty of 5% of the Total Available Marks per day or part thereof, until the close date will apply, after which
the student or group will receive 0 marks.
4
Academic Honesty
You are not permitted to use automated writing tools when completing the assessments on this unit of study.
These tools include, but not limited to:
1. typing assistants, such as Grammarly
2. translation tools, such as Google Translate or Baidu Translate
3. automated writing tools, such as ChatGPT
As a student at the University, you are responsible for taking part in your education in an honest and authentic
manner. It is, therefore, expected that you take extra care to ensure that there are no breaches of academic
honesty. All assignments will be manually and electronically checked for plagiarism (copying). Any perceived
breaches of academic honesty will be referred to the Office of Educational Integrity for further investigation
and penalised if verified. You can read more information on what plagiarism is and how to avoid plagiarism
from the University link: http://sydney.edu.au/students/academic-dishonesty-and-plagiarism.html
Students are reminded all sources of support for the group assignment must be acknowledged and failure to
acknowledge such support may potentially breach the University’s academic honesty requirements.
Each group member is expected to be involved in the preparation, drafting, proofing, and checking of all
aspects of this group assignment including ensuring no breaches of academic honesty. Group members may
be held jointly responsible for the entire submission and awarded the same merit mark.
Note on recycling: Any submission for an assessment that shows evidence of recycling another assessment
submitted by the student to any unit of study at the University will be reported as a suspected breach of
academic honesty. Students are reminded all sources of support for the assignment must be acknowledged
and failure to acknowledge such support may potentially breach the University’s academic honesty
requirements.
Feedback
The report will be marked via a rubric in Turnitin. A marked-up copy of the report, available through Turnitin,
will provide feedback. Subsequent discussion of each report, and presentation in class, will provide additional
feedback.
5
Marking Criteria
Activity/Criteria
Does Not Meet Expectations
Meets Expectations
Exceeds Expectations
Relevant Content
Information generally not
relevant
Information included is
generally relevant
Information included is
always relevant
Accurate Content
Little evidence of research
Reasonable evidence of
research
Evidence of research
REPORT
Poor or little understanding of
material in order to present
satisfactorily
Evidence of reasonable
understanding of material and
content in order to present
satisfactorily
Evidence of clarity of
understanding of the material
and content in order to
present effectively
Appropriate word allocation
Poor allocation of words
within the defined limits
Marginally appropriate
allocation of words within the
defined limits
Appropriate allocation of
words within the defined
limits
Makes effective use of tables
and figures
Data presentation aids not
used appropriately, not
integrated or inconsistent (e.g.
not related appropriately to
text, poor quality).
Data presentation aids used
reasonably well, reasonably
well integrated and
consistent.
Data presentation aids used
very well, developed
appropriately, well integrated
and consistent.
Clear and logically organised
Information not clear
Key points are relatively clear
Disjointed or does not flow
well
Most information presented in
a logical sequence
Clearly stated and developed
content
Little apparent logical order
Sufficiently well organised
Generally satisfactory flow
Some ambiguities remain
Material flows well and is
well organised
No ambiguities left
unexplained
Uses appropriate grammar
(appropriate language, tone
and flow)
Grammar, tone, and flow
inappropriate
Grammar, tone, and flow
generally appropriate to
reader and situation.
Grammar, tone, and flow
appropriate to reader and
situation
Gains/holds reader attention
Little effort/ability to gain or
hold reader attention
Gains and holds attention of
audience reader
Gains and holds attention of
reader well
Purpose
The purpose and focus of the
writing are not clear to the
reader
The writer’s decisions about
focus, organisation, style, and
content sometimes interferes
with the purpose of the
writing
The writer’s decisions about
focus, organisation, style, and
content fully elucidate the
purpose and keep the purpose
at the centre of the piece
CRITICAL ANALYSIS
No clear critical analysis or
reflection on the work of the
other groups
Satisfactory analysis and
reflection
Substantial critical analysis
and reflection providing a
thoughtful consideration of
the work
Presentation of information
only and read directly from
notes
Reasonable presentation of
report content and showing
some considerations to the
content presented
Clear and succinct
presentation of information
providing a significant body
of knowledge to the students
Presentation of information
with some expression and/or
engagement with the audience
Engaging presentation
PRESENTATION
Reasonable considerations to
the information provided in
the report
Does not hold the audience
attention
Inaccurate information with
no regard to the feedback
provided by the group critical
analysis and report marking
6
BUSINESS SCHOOL
Group Assignment
ACCT3031: International Corporate Governance
Semester 2, 2023
The Group Assignment provides an opportunity to interact with other students to negotiate and create a shared
understanding. In completing the Group Assignment, students are expected to demonstrate their ability to
undertake joint research, critically evaluate information, use analytical skills, and apply knowledge from course
materials and other sources.
The group assignment is designed as a collaborative learning experience, where the research of one group
leads a discussion in class on the issues with, or advantages of corporate governance, that will benefit the
entire class.
The group assignment (weighted at 35% of your overall marks) consists of three components:
1. Report: 2500-word report due week 10 (11.59pm, Tuesday 10 October 2023)
2. Critical Analysis: 250-word critical analysis of reports by two (2) other groups due week 11 (11.59pm,
Tuesday 17 October 2023)
3. 10-minute presentation of your report in your allocated workshop in week 12 (a copy of the
presentation slides must be uploaded to Canvas by 9am, Wednesday 25 October 2023)
Groups
Membership:
Students within a group must be allocated to the same workshop.
Size:
5-6 students. Students are to form a group and complete the group nomination in Canvas by
the end of week 5 (5pm, Friday 1 September 2023). A penalty of 5% will be applied to all
students who have not formed a group by the deadline.
Nomination:
The group nomination requires one member of the group self-enrolling in the empty group on
Canvas (see the link in the Assessment page on Canvas) and the remainder of the group selfenrolling into that group.
Number:
The group number to be used for the assignment submission will be provided on Canvas and
will consist of your stream number and the self-sign-up group nomination. If you are in stream
1 and your group nomination is Group 7, your group number will be 107. The group number
must be shown in the header of your report and in the file name (see following).
Contribution:
Each group member is expected to be involved in the preparation, drafting, proofing and
checking of all aspects of this group assignment including ensuring no breaches of academic
honesty. Members will be held jointly responsible for the entire submission and awarded the
same merit mark. In the event of a breach of academic honesty, the penalty may apply to all
group members irrespective of which member(s) caused the breach.
1
Document Properties
Format:
The report is to be prepared using 12-point font (Times New Roman, Arial or Cambria),
paragraphs formatted with 1.5-line spacing, and with margins not less than 2cm.
Header:
Your group number and the SID of all group members is to be shown in the header of your
report on each page.
File name:
The Report and Presentation files must be saved using Your Group Number, ACCT3031,
Semester 2, 2023; e.g. Group107ACCT3031s223.
The Critical Analysis files must be saved using Your Group Number, ACCT3031, Semester 2,
2023, Other Group Number; e.g. Group107ACCT3031s23Group103.
Failure to following the naming requirements will result in a 5% penalty.
Referencing:
Students should follow the rules set out in the APA 7th referencing style. Please refer to the
library site for further information and expectations about consistent referencing:
https://libguides.library.usyd.edu.au/citation/apa7
Word length:
A word length (of 2500 words) has been specified for the report in this assignment, you must
conform to the word length. Where a group exceeds the maximum word length, the group will
incur a penalty of 10% of the total available marks when the submission is 10% above the
maximum word length and an additional 10% for each 10% over-length thereafter.
Note, the maximum word length includes in-text referencing but excludes the reference list
and any appendices at the end of the assessment. See University Policies and Business
School Resolutions on Assessment: https://business.sydney.edu.au/students/policy
Company Nomination Requirements
Each group is required to nominate a company from the list provided on Canvas at the start of week 6 (9am,
Monday 4 September 2023). The nomination of the chosen company is to be made by placing a comment in
the appropriate Discussion Board thread in Canvas that includes your group number. A company can only be
chosen by one group in each workshop on a ‘first come-first served’ basis.
Your group must nominate the selected company by the end of week 7 (5pm, Friday 17 September 2023).
A penalty of 5% will apply to each group that nominates more than one company or does not provide a
nomination by the required date.
Assessment Details
1. Report
(70 marks)
Your group is required to investigate the corporate governance failure or issue identified in the provided
article relating to your chosen company. As part of completing the report, your group will need to identify
and obtain:
2

the relevant corporate governance code or requirements of the local stock/security exchange in
the year the corporate governance failure or issue occurred. If the issue has occurred over more
than one (1) reporting period, obtain the code that existed at the end of the period. It should be
noted, some security/stock exchanges do not publish a corporate governance code but include
corporate governance requirements within the listing rules (e.g. NYSE); and

the company’s corporate governance disclosures that were provided in the year the corporate
governance failure or issue occurred. If the issue has occurred over more than one (1) reporting
period, obtain the disclosures provided during the final year of the period.
N.B. Disclosures include, but are not limited to, financial reports, annual reports, governance reports,
sustainability reports, and the company website – do not rely solely on a single source document. As part
of the analysis, consider the appropriate theory or theories that can explain an observation, as well as
academic research, and industry reports. The use of media reports or news websites is strongly
discouraged.
Report Brief
Using a company’s corporate governance disclosures and the corporate governance code where the
company is listed, you will critique the usefulness of the company disclosures as a means of increasing
corporate transparency and accountability. This task will be completed via a two-step process:
1. Compare the level or extent of company compliance with the requirements of the corporate
governance code; and
2. Analyse the corporate disclosures to corporate practice.
In effect, you will be reading what the company was disclosing about their corporate governance practices
(in the corporate governance disclosures), with the knowledge of what was really happening within
company (based on the news article). Your group report is to include:
Executive summary (300 words)
An executive summary of the key findings and analysis. The executive summary must provide
sufficient detail for the reader to understand (albeit at a superficial level) the contents of your report.
Compliance with corporate governance code (500 words)
Comparison the level of corporate compliance to the relevant corporate governance code (or listing
rule, where appropriate) of the local stock/security exchange. It is suggested this information is
provided in a table with a brief explanation on the level of compliance/non-compliance.
Ex post analysis of reporting of disclosures (1 700 words)
Considering the corporate governance failure or issue identified in the article, provide an analysis
(what your group considers) of the most relevant corporate governance disclosures provided by the
company (4 would be sufficient) and respond to the following questions:
1. How useful are the disclosures for stakeholders to gauge the level of consideration to, and
compliance with, the corporate governance code; and
2. Are the disclosures an effective tool to reduce information asymmetry.
3
2. Critical Analysis (250 words x 2)
(10 marks)
Each group will be provided, via Canvas, with the Reports from two other groups. Your group is required
to undertake a critical analysis of each Report. Your group must decide how you will undertake the analysis
and report your findings, ideas, or suggestions. However, it is suggested consideration be given to areas
of strength or weakness, missing or incorrect information, agreement or disagreement with the Reports’
analysis, arguments, or findings. Do not comment on spelling or grammatical errors.
The Reports and subsequent Critical Analysis for all groups will be provided on Canvas. All information
identifying the group members will be removed.
3. Presentation (10 minutes + 2 minutes Q&A)
(20 marks)
Taking into consideration feedback provided by other groups in the Critical Analysis, your group is to
present the Report in the workshop. The presentation is to cover a brief overview of the company, what
was being investigated, the analysis undertaken and the key findings.
As part of the marking, your group is required to ask questions of each group where you completed the
Critical Analysis.
Submission Instructions
1. Report
Anonymous marking will be used for this assignment. To enable your mark to be recorded you must ensure
your group number provided in Canvas is shown in the header of the file. The report must be submitted
electronically via Turnitin by the due date as either a .doc or .docx file. Only one submission is required
per group. Where more than one student per group submits the assignment, the earliest submission will
be marked.
2. Critical Analysis
The critical analysis of two group reports must be submitted electronically via Turnitin by the due date as
either a .doc or .docx file. Only one submission is required per group. Where more than one student per
group submits the assignment, the earliest submission will be marked.
3. Presentation
The presentation slides must be submitted electronically via Turnitin by the due date as either a .ppt
or .pptx file. Only one submission is required per group.
Late Submissions
A student or group that submits an assessment late (after the official due date), and is not covered by an
approved Special Consideration, or submits after the extension granted under a Special Consideration, the
penalty of 5% of the Total Available Marks per day or part thereof, until the close date will apply, after which
the student or group will receive 0 marks.
4
Academic Honesty
You are not permitted to use automated writing tools when completing the assessments on this unit of study.
These tools include, but not limited to:
1. typing assistants, such as Grammarly
2. translation tools, such as Google Translate or Baidu Translate
3. automated writing tools, such as ChatGPT
As a student at the University, you are responsible for taking part in your education in an honest and authentic
manner. It is, therefore, expected that you take extra care to ensure that there are no breaches of academic
honesty. All assignments will be manually and electronically checked for plagiarism (copying). Any perceived
breaches of academic honesty will be referred to the Office of Educational Integrity for further investigation
and penalised if verified. You can read more information on what plagiarism is and how to avoid plagiarism
from the University link: http://sydney.edu.au/students/academic-dishonesty-and-plagiarism.html
Students are reminded all sources of support for the group assignment must be acknowledged and failure to
acknowledge such support may potentially breach the University’s academic honesty requirements.
Each group member is expected to be involved in the preparation, drafting, proofing, and checking of all
aspects of this group assignment including ensuring no breaches of academic honesty. Group members may
be held jointly responsible for the entire submission and awarded the same merit mark.
Note on recycling: Any submission for an assessment that shows evidence of recycling another assessment
submitted by the student to any unit of study at the University will be reported as a suspected breach of
academic honesty. Students are reminded all sources of support for the assignment must be acknowledged
and failure to acknowledge such support may potentially breach the University’s academic honesty
requirements.
Feedback
The report will be marked via a rubric in Turnitin. A marked-up copy of the report, available through Turnitin,
will provide feedback. Subsequent discussion of each report, and presentation in class, will provide additional
feedback.
5
Marking Criteria
Activity/Criteria
Does Not Meet Expectations
Meets Expectations
Exceeds Expectations
Relevant Content
Information generally not
relevant
Information included is
generally relevant
Information included is
always relevant
Accurate Content
Little evidence of research
Reasonable evidence of
research
Evidence of research
REPORT
Poor or little understanding of
material in order to present
satisfactorily
Evidence of reasonable
understanding of material and
content in order to present
satisfactorily
Evidence of clarity of
understanding of the material
and content in order to
present effectively
Appropriate word allocation
Poor allocation of words
within the defined limits
Marginally appropriate
allocation of words within the
defined limits
Appropriate allocation of
words within the defined
limits
Makes effective use of tables
and figures
Data presentation aids not
used appropriately, not
integrated or inconsistent (e.g.
not related appropriately to
text, poor quality).
Data presentation aids used
reasonably well, reasonably
well integrated and
consistent.
Data presentation aids used
very well, developed
appropriately, well integrated
and consistent.
Clear and logically organised
Information not clear
Key points are relatively clear
Disjointed or does not flow
well
Most information presented in
a logical sequence
Clearly stated and developed
content
Little apparent logical order
Sufficiently well organised
Generally satisfactory flow
Some ambiguities remain
Material flows well and is
well organised
No ambiguities left
unexplained
Uses appropriate grammar
(appropriate language, tone
and flow)
Grammar, tone, and flow
inappropriate
Grammar, tone, and flow
generally appropriate to
reader and situation.
Grammar, tone, and flow
appropriate to reader and
situation
Gains/holds reader attention
Little effort/ability to gain or
hold reader attention
Gains and holds attention of
audience reader
Gains and holds attention of
reader well
Purpose
The purpose and focus of the
writing are not clear to the
reader
The writer’s decisions about
focus, organisation, style, and
content sometimes interferes
with the purpose of the
writing
The writer’s decisions about
focus, organisation, style, and
content fully elucidate the
purpose and keep the purpose
at the centre of the piece
CRITICAL ANALYSIS
No clear critical analysis or
reflection on the work of the
other groups
Satisfactory analysis and
reflection
Substantial critical analysis
and reflection providing a
thoughtful consideration of
the work
Presentation of information
only and read directly from
notes
Reasonable presentation of
report content and showing
some considerations to the
content presented
Clear and succinct
presentation of information
providing a significant body
of knowledge to the students
Presentation of information
with some expression and/or
engagement with the audience
Engaging presentation
PRESENTATION
Reasonable considerations to
the information provided in
the report
Does not hold the audience
attention
Inaccurate information with
no regard to the feedback
provided by the group critical
analysis and report marking
6
Group822,510018823,510208088,500256059,510090689,510083452,500022177
Executive summary
This report provides a comprehensive overview of Cathay Pacific’s adherence to the Hong
Kong Corporate Governance Code and its corporate governance practices, with a focus on key
provisions and their implications considering a recent incident of discrimination against
Chinese mainland passengers. The analysis assesses the company’s commitment to
transparency, ethics, and shareholder communication.
Cathay Pacific’s outstanding conformance with the Hong Kong Corporate Governance Code
shows its commitment to good corporate governance. With clear roles for the Chairman and
CEO, the board leads and controls the company. Executive and non-executive directors are
balanced, and independent non-executive directors with no significant interests in the company
increase checks and balances. Clear director securities transaction criteria and a pay committee
strengthen the company’s governance.
Cathay Pacific’s corporate governance code emphasizes the critical role of directors in
promoting lawful, ethical, and responsible behavior. The separation of Chairman and CEO
enhances independence in overseeing customer service operations and resolving discrimination
incidents. However, there is room for improvement in aligning board diversity with stated
policy commitments.
Additionally, the company’s governance disclosures, particularly related to directors’
securities transactions and remuneration matters, contribute to reducing information
asymmetry and fostering trust. These disclosures indicate a commitment to ethical behavior
and fair compensation practices.
The report also addresses corporate governance requirements and assesses its practices for
compliance. To prevent discrimination, authority and responsibility must be clearly delegated.
The Chairman’s influence on corporate governance and diversity and inclusion is vital. The
report concludes that Cathay Pacific’s compliance filings show structured corporate governance.
However, the discrimination event highlights the need to apply these principles and incorporate
Group822,510018823,510208088,500256059,510090689,510083452,500022177
core values into daily operations.
Cathay Pacific’s Shareholder Communications Policy seeks fair and timely business
information access. The organization values stakeholder feedback and maintains transparency
to build trust. But the discriminatory case has highlighted questions regarding corporate
governance code disclosures for shareholder communications. The sustainability report
encourages stakeholders to communicate via several channels to reduce information
asymmetry. It emphasizes stakeholder participation and perspectives in improving company
governance.
Compliance with corporate governance code
By adhering to the stipulations of Hong Kong Corporate Governance Code, Cathay Pacific
ensures it meets the governance expectations and standards of its primary listing venue. For
any analysis or comparison of Cathay Pacific’s corporate governance, using the Hong Kong
Corporate Governance Code as a foundation ensures accuracy and relevance to the
company’s actual operational context.
Code Provision
Status
Brief Explanation
A. DIRECTORS
Cathay Pacific’s board assumes responsibility for
1.
Board’s
Compliant leadership and control and oversees the company’s
Responsibility
business and affairs.
2. Chairman and Chief
Roles of Chairman and CEO are separate. Each has
Compliant
Executive
clearly defined responsibilities.
3. Board Composition Compliant
The board includes a balanced composition of executive
and non-executive directors.
4.
Non-executive
Cathay Pacific has independent non-executive directors
Compliant
Directors
with no material interests in the company.
B. ROLE AND FUNCTION
1. Directors’ Securities
Established written guidelines for directors’ securities
Compliant
Transactions
transactions on terms no less exacting than required
Group822,510018823,510208088,500256059,510090689,510083452,500022177
standard.
2.
Remuneration
Remuneration committee in place, mainly comprised of
Compliant
Matters
independent non-executive directors.
C. RISK AND INTERNAL CONTROL
1. Financial Reporting Compliant
Regular and transparent financial reporting, with annual
and interim reports.
2. Internal Controls
Established internal controls and risk management
systems reviewed annually.
Compliant
D. COMPLIANCE
1. Delegation by the
Clearly documented authority levels and delegated
Compliant
Board
responsibilities.
2.
Chairman’s
Chairman provides leadership, ensures good corporate
Compliant
Responsibilities
governance practices and procedures are established.
E.
Shareholder
Regular communication with shareholders and fair
Compliant
Communication
disclosure of information.
In the domain of corporate governance, Cathay Pacific exhibits robust alignment with the
guiding principles of the Hong Kong Corporate Governance Code. A central tenet of
effective governance, the clear delineation of board responsibilities, sees complete adherence,
with the board actively assuming its duty for leadership and overseeing the company’s
intricate business endeavors. Reinforcing this governance strength is the distinct separation of
roles between the Chairman and the CEO, thereby avoiding potential conflicts of interest.
This distinction is further buoyed by the board’s balanced composition, combining skills,
experiences, and diverse perspectives to guide the airline’s direction.
The presence of independent non-executive directors, devoid of material interests in the
company, fortifies the company’s checks and balances, ensuring that decisions remain
objective and in the best interest of stakeholders. Cathay Pacific’s scrupulous adherence to
written guidelines governing directors’ securities transactions is bolstering this, an approach
The table does not appear to include all sections and principles with the HKEX code – e.g.
E in your table includes more than just shareholder communication – as this is actually F1.
Where is consideration to remuneration – ‘E’
Group822,510018823,510208088,500256059,510090689,510083452,500022177
that effectively forestalls potential ethical and legal pitfalls such as insider trading.
Additionally, establishing a remuneration committee, chiefly populated by independent nonexecutive directors, assures that executive compensation aligns harmoniously with both
shareholders’ interests and the overarching corporate goals.
In financial transparency, Cathay Pacific shines with its regular and transparent financial
reporting regime, including issuing annual and interim reports. This transparency dovetails
with the airline’s robust internal control systems, which undergo rigorous annual reviews,
solidifying its commitment to risk minimization and corporate integrity. A pivotal aspect of
its governance structure is the board’s documented delegation protocols, which streamline
decision-making processes and reinforce the necessary checks and balances.
A noteworthy mention is the proactive role of the Chairman, who stands as a beacon
ensuring the instilment and maintenance of good governance practices. Lastly, the emphasis
on shareholder communication is palpable. The airline’s commitment to fostering open
communication channels and ensuring equitable information dissemination underscores its
dedication to nurturing trust and sustaining a healthy relationship with its shareholders.
Ex post analysis of reporting of disclosures
The main issue identified in the news article is the incident of discrimination against Chinese
mainland passengers by Cathay Pacific Airways. This issue is intricately tied to its corporate
governance in terms of the company’s commitment to diversity, inclusivity, and customer
service. In the subsequent sections, we will examine several pertinent corporate governance
disclosures and assess their practical value and effectiveness.
1. Directors
In addition to its fundamental responsibilities for leadership and oversight, Cathay
Pacific’s corporate governance code (2022) underscores the critical role for every director in
shaping a culture that promotes values of acting lawfully, ethically, and responsibly. This
requirement holds promise for resolving the discrimination issue if the leadership can actively
Where is the use of academic literature to support to statements/arguments?
Group822,510018823,510208088,500256059,510090689,510083452,500022177
lead by example in fostering a culture that values inclusivity and respect for all passengers,
regardless of their background.
The code also emphasizes the separation of Chairman and CEO. Although this aligns with
standard corporate governance practices, it can be regarded as a positive governance practice
in the context of discrimination incidents. This separation enables greater independence in
overseeing customer service operations and making decisions of how similar issues can be
prevented in the future.
In terms of board composition, Cathay Pacific’s Board Diversity Policy (2022) provides an
insight into the company’s commitment to diversity and inclusion within its leadership. It
explicitly states that the company endorses the principle of having a diverse cultural
background and ethnicity on the board. However, according to the information of the
management team available on Cathay Pacific’s official website, there appears to be a lack of
alignment with the diversity commitments promised in the policy: Among the fourteen
executive directors, only one of them possesses prior experience in the mainland aviation
industry.
Additionally, the corporate governance code (2022) states that Cathay Pacific has
independent non-executive directors with no material interests in the company. In light of the
discrimination incident, these independent directors can play a pivotal role in holding the
company accountable and overseeing the review process. It is important for stakeholders to
know that these directors are actively engaged in making unbiased decisions to address the
issue.
In conclusion, the code of directors provides a basic understanding of Cathay Pacific’s
adherence to fundamental corporate governance. And the Board Diversity Policy enhances its
usefulness by explicitly outlining the company’s commitment to diversity and racial equality.
However, there remains a need for more specific disclosures concerning the diversity of
directors, such as publishing reports on the board’s diversity initiatives and efforts,
Group822,510018823,510208088,500256059,510090689,510083452,500022177
particularly highlighting members with experience in different countries’ aviation industries,
or clearly communicate any possible changes in the board composition to achieve racial
diversity.
What about other types of diversity? Would they not be important in this discussion?
Furthermore, the current disclosure may not effectively address the specific concerns
raised by the discrimination issue. To reduce information asymmetry related to the incident,
Cathay Pacific should consider showing that its actual behavior aligns with its commitment to
its codes. Transparency regarding concrete actions taken in response to incidents like
discrimination, as well as ongoing efforts to promote equality, should be disclosed. This
ensures that the company’s commitment to these values is not just a statement but is reflected
in its everyday operations and directors’ decision-making processes.
2. Role and function
The incident mainly involved employee training and service quality, but it also subtly
exposed a more extensive governance system within the business. Directors’ securities
transactions and remuneration matters are two crucial governance disclosures that stand out in
this situation.
Directors’ Securities Transactions: According to the Code of Directors’ Securities
Transactions of Cathay Pacific Airways, Directors are expressly prohibited from trading in the
company’s securities if they have access to inside knowledge, until the information is made
public (2014). This disclosure said stakeholders in understanding how a company makes sure
its directors don’t use confidential information for their own benefit or to participate in
unethical behavior. For those stakeholders, this is crucial. This disclosure can be said to be an
assurance of a broader culture of compliance and ethical behavior. After experiencing this
discriminating episode, stakeholders will more closely examine the company’s governance
process, be aware of its flaws, and steer clear of similar crises.
I fail to see the link between this discussion and the issue in the article
Remuneration Matters: Another important disclosure is that, according to Cathay Pacific
Airways Limited’s Corporate Control Code, the remuneration committee is mostly made up of
Group822,510018823,510208088,500256059,510090689,510083452,500022177
independent non-executive directors. The Committee develops a systematic and open process
for creating remuneration policy and makes recommendations to the Board of Directors
regarding matters such as the overall remuneration policy, the structure of the company’s
directors, and senior management (2023). The company is dedicated to providing executives
with pay that is open, equitable, and consistent with shareholder interests. The faith of the
company’s stakeholders was questioned in the context of this discrimination incident, and the
leaders of the company were held responsible for it. The existence of a fair and unbiased
compensation committee helps stakeholders understand and feel more confident about the
rewards and accountability of CEOs.
How does board remuneration relate to the issue?
The code for directors’ securities transactions demonstrates Cathay Pacific’s commitment to
good corporate governance and its positive ethical behavior policy. The makeup of the
remuneration committee evidences that there are checks and balances in place regarding
executive salary. The corporate governance issues resulting from this discriminatory response
cannot be resolved directly by these disclosures, they can only be used as a veiled call to action
for problem-solving and accountability.
Information asymmetry can be decreased by open governance practices. Cathay closes the
information gap about potential insider trading by being open about its directors’ securities
dealings. To ensure that stakeholders are aware of any potential conflicts of interest or bias,
disclose the membership of the pay committee.
In conclusion, corporate governance disclosure is a cornerstone of trust, reassuring
stakeholders that they may tackle challenges with confidence and uphold moral principles and
social responsibilities.
3. Compliance
The incident of Cathay Pacific Airways discriminating against Chinese mainland travelers
is what the news story is mostly about. It raises significant concerns regarding the airline’s
commitment to customer service, diversity, and acceptance, all of which carry substantial
Group822,510018823,510208088,500256059,510090689,510083452,500022177
implications for the company’s reputation and management practices (2023)..
In the realm of corporate governance, ensuring the adherence to regulations and the rigorous
implementation of best practices holds paramount significance. Terms of recent allegations of
discrimination against passengers from mainland China, this analysis will investigate Cathay
Pacific’s governance framework with a focus on compliance measures.
What is the disclosure you are considering?
The board has clearly outlined the distribution of authority and the corresponding tasks for
individuals and there are set rules that all workers, including those on the front lines, should
follow. However, discrimination occurred, possibly stemming from a lack of training or a gap
in the chain of command. The delegation declaration not only informs everyone of their
respective responsibilities but also places the responsibility on the board to ensure effective
communication of tasks to those lower in the hierarchy. Now that the incident has concluded,
it is crucial to revisit the way these duties are elucidated and provide training once more.
Are you suggesting the board provides tasks to cabin crew? Is this not an operational decision and within the management of the
company?
The Chairman plays a crucial role in shaping the company’s direction and ensuring the
implementation of sound corporate governance practices and procedures. Given their
significant influence on the business and governance, it is crucial to assess the steps taken by
the Chairman in response to the incident. The company’s leaders should quickly condemn all
kinds of discrimination and stress how committed the business is to diversity and inclusion.
Following an incident of this nature, it would also be important for the Chairman to spend
efforts aimed at enhancing the company’s training and educational programs, particularly in
areas like cultural sensitivity and customer service.
In conclusion, Cathay Pacific’s compliance-related disclosures show that the company has
a structured approach to corporate governance. However, the stated discrimination incident
shows how important it is to put these governance principles into practice. It highlights that
effective corporate governance extends beyond mere rule-following, emphasizing the need to
ensure that the company’s core values are manifested in its day-to-day operations.
Group822,510018823,510208088,500256059,510090689,510083452,500022177
4.
Shareholder Communication
Cathay Pacific Airways Limited has implemented a Shareholder Communications Policy
in adherence to its Code of business Governance (2019). The objective of this policy is to
guarantee that shareholders and prospective investors are provided with equitable and prompt
access to comprehensive and comprehensible business information. The Company also
encourages inquiries and input from its shareholders and prospective investors, and endeavors
to provide suitable and prompt responses. In addition, the Company will engage in
communication with both shareholders and potential investors through a range of channels,
including but not limited to annual and interim reports, official announcements, circulars,
news releases, the Company’s official website, investor relations initiatives, and general
meetings.
That is the relevance of shareholder communication to the issue?
It is evident from the sustainability report that Cathay Pacific Airways Limited
acknowledges the significance of stakeholder input and opinions. The firm endeavors to
uphold the trust and confidence of shareholders and prospective investors by means of this
transparency, thereby augmenting corporate governance. The occurrence of discrimination in
June constituted a blatant infringement upon the company’s adherence to the concerns and
anticipations of its shareholders and other stakeholders. This clearly created a negative
perception among stakeholders in measuring Cathay Pacific’s compliance with corporate
governance code disclosures related to shareholder communications.
In terms of reducing information asymmetry, the sustainability report allows and
encourages stakeholders to contact the company through a variety of channels, which largely
reduces the likelihood of information asymmetry (2019). For example, at the time of the
discrimination incident, various stakeholders were able to give advice to Cathay Pacific. A
small number of stakeholders or outsiders who were unaware of the incident may also be
informed of it by the response provided by the company, such as the possible subsequent
wide dissemination of the incident investigation note in the media. This greatly reduces the
asymmetry of information available to all parties about Cathay Pacific.
Conclusion?
Group822,510018823,510208088,500256059,510090689,510083452,500022177
Engagement with academic literature?
Reference
Board
diversity
policy

cathay
pacific.
(2022).
Retrieved
from
Retrieved
from
communication
policy.
https://www.cathaypacific.com/content/dam/cx/about-us/corporate
governance/20221109-cx-board-diversity-policy-en.pdf
Corporate
governance
code.
Cathay
Pacific.
(2022).
https://www.cathaypacific.com/content/dam/cx/about-us/corporategovernance/202208_CX_Corporate_Governance_Code_en.pdf
Cathay
Pacific
Airways
Limited.
(2019).
Shareholders’
https://www.cathaypacific.com/content/dam/cx/about-us/corporategovernance/cx_shareholders_communication_policy_en.pdf
Cathay Pacific Airways Limited Code for Securities Transactions by Directors. (2014).
Retrieved from https://www.cathaypacific.com/content/dam/cx/about-us/corporategovernance/20160823-CX-Code-for-Securities-Transactions-by-Directors-en.pdf
Cathay Pacific Airways Limited Remuneration Committee -Terms of Reference. (2023).
Retrieved from https://www.cathaypacific.com/content/dam/cx/about-us/corporategovernance/remuneration-ommittee-terms-of-reference-en.pdf
Loo, M., Heriyati, P., Tamara, D., & Sebira, M. H. (2021). When do we fly again? Managing
Group822,510018823,510208088,500256059,510090689,510083452,500022177
Airlines in a Pandemic: Challenges and Recommendations. Turkish Journal of Computer
and
Mathematics
Education,
12(3),
4959–4978.
Retrieved
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(2023).
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https://doi.org/10.17762/turcomat.v12i3.2009
Management
team.
Cathay
Pacific.
https://www.cathaypacific.com/cx/en_GB/about-us/about-our-airline/managementteam.html
Communicating through such channels is relevant to shareholder communication policy
as it assists the company in promoting accountability and transparency. Shareholders are
interested in Cathay Pacific Airways Limited’s reports, and effective communication helps
shareholders, like investors, employees, and suppliers, to understand issues concerning the
company’s financial performance, strategies, and objectives. When the company implements a
strict communication policy on specific channels to avail both interim and final reports to the
shareholders, it gains a corporate reputation by building a positive image with shareholders and
the government.. Official announcements and circulars will be communicated through the
company’s verified social medial pages and website to provide continuous performance
information to investors
Shareholders’ communication policies play an essential part in corporate governance by
enhancing loyalty, transparency, and accountability. Cathay Pacific Airways Limited carefully
selects channels to communicate with its shareholders to foster loyalty and gain trust and
confidence, eventually leading to transparency and accountability. Moreover, when the company
reduces information asymmetry by using specific channels well-known to its shareholders, the
shareholders can freely express their views to the company through the listed communication
channels, and the company will give feedback using the same track. Therefore, the company
finds it easy to communicate with shareholders, and they can maintain confidentiality in the
communication process. Adherence to specific communication channels assists the company in
complying with regulations through implementing shareholder’s communication policies, which
reduces legal issues and penalties since they adhere to regulation standards.

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