Cheung Kong Infrastructure Holdings Limited AGM 2003

Company:	Cheung Kong Infrastructure Holdings Limited (CKI)
Stock code:	1038
Meeting type:	Annual
Date of meeting:	15-May-03
Time of meeting:	14:20
Advice date:	05-May-03
CCASS voting cut-off	12-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 Eric Kwan Bing Sing	FOR
	Re-elect Tso Kai Sum	FOR
	Re-elect Barrie Cook	FOR
4	Re-appoint Deloitte Touche Tohmatsu	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

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.

It is worth noting that since CKI is about 85% owned by Hutchison Whampoa Ltd (0013), in the event of a full 20% placing, the free float would be increased by a massive 133%. That would require quite a discount, and if you are an existing shareholder, you may not be offered any.

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Voting recommendations

Reasons AGAINST

Items 5.1 and 5.3