CLP Holdings has become the first Hong Kong-listed company to give a voluntary breakdown of directors' pay packets. The company detailed directors' pay, allowances, bonuses and pension contributions in its latest annual report, an unprecedented move among the 33 Hang Seng Index constituent companies excluding those listed in Britain. The disclosure is part of the company's financial account to be presented at today's annual shareholders meeting. Welcoming the move, Hong Kong Society of Accountants' corporate governance committee chairman Edward Chow Kwong-fai said: 'I want to kiss CLP 100 times for taking the voluntary move. It has set a very good example and I urge other blue-chip companies to do the same.' Mr Chow said much had been said about improving the disclosure and accountability of Hong Kong companies, but many were slow to act. In what it says is an attempt to enhance openness and transparency, CLP divulged that group managing director and chief executive Andrew Brandler earned a total of HK$8.6 million, the company's second-highest paid director. The highest paid director was Michael Price, who received compensation of between HK$13 million and HK$13.5 million last year on early retirement. Executive director and chief financial officer Peter Tse Pak-wing was paid HK$7.3 million last year while director and company secretary Peter Greenwood received HK$5.5 million. Chairman and non-executive director Michael Kadoorie, who owns about 20 per cent of the utility, earned HK$225,000 last year. Hong Kong listing rules do not require companies to reveal a breakdown of directors remuneration. HSBC Holdings and Standard Chartered, which are both London and Hong Kong stock exchange companies, make such disclosure as required by British listing rules. While describing CLP as a local leader in disclosure and accountability, critical corporate governance advocate David Webb called on shareholders to vote against two of the eight motions at today's meeting in his latest campaign to protect minority shareholders' interests. The motions mandate directors to issue additional shares and repurchase shares. Mr Webb urged CLP to match international standards by limiting the new share threshold to 5 per cent of issued share capital instead of the proposed 10 per cent. Mr Webb said CLP's rationale was related to its core electricity supply in Kowloon, the New Territories and Lantau, which has received scathing criticism for encouraging asset overbuilding. CLP spokesman John Tang said: 'We just want to increase openness and transparency.' Following today's meeting, CLP is expected to reveal an offer to relieve the plight of customers as a result of the severe acute respiratory syndrome (Sars) virus. Hongkong Electric Holdings and Hong Kong and China Gas launched a financing scheme and a payment extension initiative last week. Graphic: clp05gbz