Cheung Kong (Holdings) Limited AGM 2003

Company:	Cheung Kong (Holdings) Limited (CKH)
Stock code:	0001
Meeting type:	Annual
Date of meeting:	22-May-03
Time of meeting:	14:20
Advice date:	09-May-03
CCASS voting cut-off	19-May-03 VOTE NOW
Notice of Meeting:	Click here
Voting method:	Webb-site.com will require a poll, all proxies will be counted

Note to journalists:
We have up to 4 proxy seats available inside this AGM. Please contact us if you want one.

Item	Description	Vote
1	Adopt the accounts	FOR
2	Declare a final dividend	FOR
3	Re-elect George Colin Magnus	FOR
	Re-elect Kam Hing Lam	FOR
	Re-elect Canning Fok Kin-ning	FOR
	Re-elect Frank John Sixt	FOR
	Re-elect Katherine Hung Siu-lin	FOR
	Re-elect Stanley Kwok Tun-li	FOR
4	Appoint auditors	FOR
5.1	Mandate the directors to issue additional shares	AGAINST
5.2	Mandate the directors to repurchase shares	FOR
5.3	Mandate the directors to issue repurchased shares	AGAINST

Note: the lack of numbering on the individual election resolutions adds to the confusion that voters may feel.

Reasons AGAINST

Items 5.1 and 5.3

Webb-site.com urges all investors to vote against the general issue mandate for all listed companies, for the reasons explained in Project Vampire, unless they comply with the recommendations set out in that article. The non-pre-emptive issue mandate allows management to choose the shareowners by allotment of shares. This corrupts the governance mechanism. Shareowners should govern management, not the other way around. If a company wishes to raise cash by issuing shares, then it should do so by rights issue.

If your company offers new shares to other investors at a discount, but not to you, then your company is transferring value from your shares to the new investors. Their gain is your loss. That's why we believe an issue for cash should be done by rights issue, failing which it should be limited to 5% of existing issued shares and a maximum discount of 5%.

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Voting recommendations

Reasons AGAINST

Items 5.1 and 5.3