Reserves Environmental, Social and Governance Movements in the reserves of the Group and the Company The Company has complied with all the applicable during the year are set out in notes 36 and 37 to the provisions set out in Part C of the Environmental, Social financial statements. and Governance Reporting Guide contained in Appendix 27 to the Listing Rules for the year covered by the annual Share Capital report. There was no purchase, sale or redemption by the Donations Company, or any of its subsidiaries, of the Company’s shares during the year and the Group has not adopted any During the year, the Group made donations for charitable share option scheme. purposes of HK$44 million and donations towards various At 31st December 2022, 5,850,000,000 shares were in issue scholarships of HK$0.5 million. (31st December 2021: 5,850,000,000 shares). Details of the Fixed Assets movement of share capital are set out in note 35 to the financial statements. For details of movements in fixed assets refer to notes 15 Accounting Policies and 16 to the financial statements. The annual valuation of the Group’s investment property The principal accounting policies of the Group are set out in portfolio, whether completed or in the course of the relevant notes to the financial statements (if they development, was carried out by professionally qualified relate to a particular item) and in the section of this annual valuers (95% by value having been valued by Cushman & report headed Principal Accounting Policies. Wakefield Limited and 2% by value having been valued by another independent valuer) on the basis of market Auditors value at 31st December 2022. This valuation resulted in PricewaterhouseCoopers retire and, being eligible, offer an increase of HK$801 million in the carrying value of the themselves for re-appointment. A resolution for the re- investment property portfolio. appointment of PricewaterhouseCoopers as auditors of the A schedule of the principal properties of the Group and Company is to be proposed at the forthcoming annual its joint venture and associated companies is given in the general meeting. section of this annual report headed Schedule of Principal Group Properties. Financial Review Borrowings A review of the consolidated results, financial position and cash flows of the Group is shown in the section of this For details of the Group’s borrowings refer to the section annual report headed Financial Review. A ten-year financial of this annual report headed Financing. summary of the results and of the assets and liabilities of the Group is shown in the section of this annual report Interest headed Ten-Year Financial Summary. For details of the amount of interest capitalised by the Corporate Governance Group refer to page 86. The Company complied with all the code provisions set out Major Customers and Suppliers in the Corporate Governance Code (the “CG Code”) During the year, less than 30% of the Group’s sales and contained in Part 2 of Appendix 14 to the Listing Rules less than 30% of the Group’s purchases were attributable throughout the year covered by the annual report. to the Group’s five largest customers and suppliers Details of the Company’s corporate governance practices respectively. are set out in the section of this annual report headed Corporate Governance. 115 SWIRE PROPERTIES ANNUAL REPORT 2022