Investor Presentaiton

4. Conclusion Corporate governance has improved in Asia, but quality varies considerably between markets and companies. ■ Governance failures may start within companies, but ultimately reflect weaknesses at the top. ■ CG risk is a moving target. Directors and managers cannot afford hubris. ■ Directors are responsible for understanding risk and ensuring that managers mitigate it. ■ Corporate counsel have an important and constructive advisory role to play. ACGA Presentation HKCCA, May 6, 2009 22 ACGA

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