League table notes

Notes on Webb-site Director League Tables

Notes

Each League Table shows the number of positions of each director, for companies with a primary listing on either the Main Board or Growth Enterprises Market (GEM) of the Stock Exchange of Hong Kong Ltd. We don't include REITs, because they are trusts, not companies, and the directors you might think of are actually directors of the REIT manager.
There are two options: current positions for current listed companies, or current & past positions, which includes delisted companies and past directorships. In the latter case, a person could count more than once per company if he left the board for at least 1 day and returned after that.
The CAGR relative return is the average of the Compound Annualised Growth Rates in the Webb-site Total Return of the ordinary shares of the company of which the person was a director, relative to the Tracker Fund of HK, for the period in which he held that position or from 12-Nov-1999 if he joined earlier than that date. For a detailed explanation of Webb-site Total Returns, click here.
If you only look at current positions, then the returns exclude the past directorships, including any companies which went bust and were delisted, so there is a possible "survivor bias".
In the League Table, click on a director's name to see the underlying directorships, and total returns for each company. You will be taken to the summary for that person. To see the individual positions he has held, click on "All Ranks". The league table looks at the whole period of directorship, regardless of whether the director held different titles within that period.
On the directorships page, click on the company name to see all the directors of that company. Click on a total return figure to see the chart of total return for the ordinary shares of that company. Click on the "Current" button to hide the historical positions (in which case the average only includes current positions). Click on the "History" button to show the historic positions.
"Current" directorships may be outdated if the companies are unlisted or delisted and therefore do not announce subsequent changes in their directorships.
Directorships of less than 180 calendar days are ignored in the CAGR, because short periods can produce distorted annualised returns. To be exact, we need a trading day on or after the day of appointment, and another trading day at least 180 calendar days after that, for the total return to be included in the CAGR.
If a director was appointed before 3-Jan-1994, then total returns are measured from that date onwards, because that's when Webb-site Total Returns begins. We exclude returns for directorships which ended by 3-Jan-1994 (plus 180 days) for the same reason.
If a director was appointed while a stock was suspended, then the returns are measured from the first day on which it resumes trading, and the closing price that day forms the base for the total return.
We try to capture all directorship appointments and removals as they become known. Sometimes we are a few days behind when staff take holidays.
For directors who have only had a few appointments, the average relative return may be less significant. Their companies may have encountered good fortune or misfortune, or their companies' stocks may have been pumped or dumped.
There is not necessarily any causal relationship between individual directors and returns, and none is implied by Webb-site. However, you would expect that the directors of a company collectively do have an impact on returns, because they direct the company's affairs.
As always, click on a column-heading to sort.

Copyright

Webb-site League Tables and Webb-site Total Returns are creative works over which copyright is asserted. You may freely quote the rankings provided that attribution is given to Webb-site.com. You should clearly state the date on which returns and rankings are captured, as they change over time.

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