CLP Holdings Ltd won the Best Report Award of the 2006 Best Annual Reports Awards organized by the Hong Kong Management Association and co-organized by the South China Morning Post. The 9-member Panel of Adjudicators commended it as "an exemplary report which continued its remarkable record for an overall excellence in all aspects and a tradition of innovation and distinction."

Apart from the Best Report Award, there are two categories of winning reports: General and Non-profit Making and Charitable Organizations. The results are as follows:

All trophies were presented on Monday, 6 November by Dr The Hon David K P Li GBS JP, Chairman of The Hong Kong Management Association; Mr Howard Gorges, Chairman of the Panel of Adjudicators; Ms Jill Cheshire; Mr James Soutar; Mr Robert Bunker and Dr Richard Petty, Members of the Panel of Adjudicators.

This year, a total of 115 reports (78 from General, 26 from Non-profit Making and Charitable Organizations categories and 11 reports from the constituents of the Hang Seng Index) were reviewed by the Panel of Adjudicators. The Best Report was selected from the 78 submitted voluntarily from the General category.

An exhibition organized by the Association will be held to publicly display all the 104 annual reports. Details are as follows:

Date: 7-8 November 2005

Time: 9:00 am � 9:00 pm

Venue: Hong Kong Station, MTR

Organized by The Hong Kong Management Association since 1973, the Best Annual Reports Awards is an annual competition to encourage the publication of timely, accurate, informative and well presented annual reports for shareholders, stakeholders, employees and others who may have an interest in the performance and activities of the organizations in question.

The criteria of selection include: conformity with accounting standards, compliance with the requirements of the Hong Kong Stock Exchange and Companies� Ordinance, provision of additional information relating to corporate governance, general presentation, understandability, summary of past results and highlights, management discussion and analysis, indications of prospects, employee relations and development, as well as promptness of reporting.

For the General Category, the Panel of Adjudicators commended that "Hong Kong`s champion, CLP Holdings Limited, continued its remarkable record and tradition of innovation and excellence. Other medal winners were of very high standard and there are more companies than ever producing good and often interesting and very well designed reports which give a very good impression to any reader."

The Adjudicators further added that "Corporate Governance is an increasingly important area for companies to comprehensively address. The evolution of the last three years has shown great progress with a number of companies adopting quite different and effective approaches thereby paving the way for others to get ideas and improve."

The Adjudicators also highlighted that "Corporate Social Responsibility is another interesting, evolving area of particular concern and relevance to some companies, less so for others as some have a challenging variety of stakeholders to address while others do not. More companies need to examine their approach and see if they have identified and addressed all their stakeholders."

For Non-profit Making and Charitable Organizations Category, the Adjudicators were satisfied with the continuous high standard in the annual reports from this category. "It was encouraging to see some first time entrants do very well." Nevertheless, they pointed out that "Some organizations are weak in the areas regarding human resources and organization and motivation. Future prospects and plans are also not properly addressed by many."