Additionally, it proved highly able to develop and implement the respective policies within the necessary performance measures and necessities. As they themselves stated, the managerial team at Citic Pacific took great pride in its commitment to "excellent standards of corporate governance and first class business practices." And not only that they implemented the policies and mechanisms desired by the standing legislations, they also stated to have developed and implemented additional mechanisms which extend "beyond compliance with the mandatory requirements such as that of the Companies Ordinance, accounting standards and the Stock Exchange" (Ko, 2009).

As reality proved, these were just vain promises and the actual mechanisms which were developed were insufficient and allowed it for the company to register historic loses.

4. Have the board and the independent directors on its audit committee carried out their responsibilities suitably? Explain.

The role of the board and the independent directors is that...
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