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2014 Annual Report Stock Code: 1398 USD Preference Shares Stock Code: 4603 EUR Preference Shares Stock Code: 4604 RMB Preference Shares Stock Code: 84602 Annual Report 2014 2014 Annual ReportAnnual 中國北京市西城區復興門內大街55號 郵編：100140 No.55 Fuxingmennei Avenue, Xicheng District, Beijing, PRC Post Code: 100140 www.icbc.com.cn, www.icbc-ltd.com Company Profile Industrial and Commercial Bank of China Limited, and services to 5,090 thousand corporate customers formerly known as Industrial and Commercial Bank and 465 million personal customers by virtue of the of China, was established on 1 January 1984. On 28 distribution channels consisting of 17,122 domestic October 2005, the Bank was wholly restructured to a institutions, 338 overseas institutions and 2,007 joint-stock limited company. On 27 October 2006, the correspondent banks worldwide, as well as through its Bank was successfully listed on both SSE and SEHK. E-banking network comprising a range of Internet and telephone banking services and self-service banking Through its continuous endeavor and stable centers, forming a diversified and internationalized development, the Bank has developed into the top operating structure focusing on commercial banking large listed bank in the world, possessing an excellent business and maintaining a leading position in the customer base, a diversified business structure, strong domestic market in the commercial banking sector. innovation capabilities and market competitiveness. The By virtue of its outstanding performance, the Bank’s Bank has its presence in six continents, and its overseas brand image and international influence have been network has expanded to 41 countries and regions. consolidated. The Bank has become one of most The Bank provides comprehensive financial products valuable financial brands in the world. In 2014, the CONTENTS Bank was named the “Global Bank of the Year” by Definitions 2 The Banker, ranked the first place among the Top 1000 World Banks by the Banker and the largest enterprise Important Notice 3 in the world among the Global 2000 listed by the US Corporate Information 5 magazine Forbes for the second consecutive year. Financial Highlights 6 The Bank strives to duly implement the organic Chairman’s Statement 9 unification of economic and social responsibilities, gaining wide social recognition in the aspects of President’s Statement 12 supporting economic and social development, Discussion and Analysis 17 protecting environment and resources, and — Economic, Financial and participating in community services, and has won awards including “Best Social Responsibility Financial Regulatory Environments 17 Institution Award” and “Best Social Responsibility — Financial Statements Analysis 19 Award”. — Business Overview 34 — Risk Management 51 — Capital Management 67 — Outlook 71 — Other Information Disclosed Pursuant to Regulatory Requirements 73 Social Responsibility 76 Details of Changes in Share Capital and Shareholding of Substantial Shareholders 77 Directors, Supervisors, Senior Management, Employees and Institutions 85 Corporate Governance Report 95 Internal Control 112 Report of the Board of Directors 114 Report of the Board of Supervisors 118 Significant Events 121 Organizational Chart 124 Independent Auditors’ Report and Financial Statements 126 2014 Ranking and Awards 280 List of Domestic and Overseas Branches and Offices 284 Definitions In this report, unless the context otherwise requires, the following terms shall have the meanings set out below: Articles of Association The Articles of Association of Industrial and Commercial Bank of China Limited Capital Regulation Regulation Governing Capital of Commercial Banks (Provisional) promulgated by CBRC in June 2012 CBRC China Banking Regulatory Commission Company Law Company Law of the People’s Republic of China convertible bonds convertible corporate bonds CSRC China Securities Regulatory Commission Global Systemically Important Banks Banks undertaking key functions with global features in the financial markets as released by the Financial Stability Board Hong Kong Listing Rules Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited Huijin Central Huijin Investment Ltd. ICBC (Almaty) Industrial and Commercial Bank of China (Almaty) Joint Stock Company ICBC (Argentina) Industrial and Commercial Bank Of China (Argentina) S.A. ICBC (Asia) Industrial and Commercial Bank of China (Asia) Limited ICBC (Brasil) Industrial and Commercial Bank of China (Brasil) S.A. ICBC (Canada) Industrial and Commercial Bank of China (Canada) ICBC (Europe) Industrial and Commercial Bank of China (Europe) S.A. ICBC (Indonesia) PT. Bank ICBC Indonesia ICBC (London) Industrial and Commercial Bank of China, (London) plc ICBC (Macau) Industrial and Commercial Bank of China (Macau) Limited ICBC (Malaysia) Industrial and Commercial Bank of China (Malaysia) Berhad ICBC (Moscow) ZAO Industrial and Commercial Bank of China (Moscow) ICBC (New Zealand) Industrial and Commercial Bank of China (New Zealand) Limited ICBC (Peru) ICBC PERU BANK ICBC (Thai) Industrial and Commercial Bank of China (Thai) Public Company Limited ICBC (USA) Industrial and Commercial Bank of China (USA) NA ICBC Convertible Bonds A Share convertible corporate bonds of Industrial and Commercial Bank of China Limited ICBC Credit Suisse Asset Management ICBC Credit Suisse Asset Management Co., Ltd. ICBC Credit Suisse Investment ICBC Credit Suisse Investment Management Co., Ltd. Management ICBC International ICBC International Holdings Limited ICBC Leasing ICBC Financial Leasing Co., Ltd. ICBC-AXA ICBC-AXA Assurance Co., Ltd. ICBCFS Industrial and Commercial Bank of China Financial Services LLC IFRSs The International Financial Reporting Standards promulgated by the International Accounting Standards Board, which comprise the International Accounting Standards MOF Ministry of Finance of the People’s Republic of China PBC The People’s Bank of China PRC GAAP Accounting Standards for Business Enterprises promulgated by the Ministry of Finance Securities and Futures Ordinance of Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) Hong Kong SEHK The Stock Exchange of Hong Kong Limited SSE Shanghai Stock Exchange SSF National Council for Social Security Fund Standard Bank Standard Bank Group Limited State Council The State Council of the People’s Republic of China the Bank/the Group Industrial and Commercial Bank of China Limited; or Industrial and Commercial Bank of China Limited and its subsidiaries 2 Important Notice The Board of Directors, the Board of Supervisors, Directors, Supervisors and Senior Management members of Industrial and Commercial Bank of China Limited undertake that the information in this report contains no false record, misleading statement or material omission, and assume individual and joint and several liability for the authenticity, accuracy and completeness of the information in this report. The 2014 Annual Report of the Bank and its abstract have been considered and approved at the meeting of the Board of Directors of the Bank held on 26 March 2015. There were 14 directors eligible for attending the meeting, of whom 14 directors attended the meeting in person. The 2014 financial statements prepared by the Bank in accordance with PRC GAAP and IFRSs have been audited by KPMG Huazhen (Special General Partnership) and KPMG in accordance with Chinese and International Standards on Audit respectively, with standard unqualified auditors’ reports being issued. The Board of Directors of the Bank proposed distributing cash dividends for ordinary shares of RMB2.554 (pre-tax) for each ten shares for 2014. The distribution plan will be submitted for approval to the Annual General Meeting for the Year 2014. The Board of Directors of Industrial and Commercial Bank of China Limited 26 March 2015 Mr. Jiang Jianqing, Legal Representative of the Bank, Mr. Yi Huiman, President in charge of finance of the Bank, and Mr. Liu Yagan, General Manager of the Finance and Accounting Department of the Bank, hereby represent and warrant that the financial statements contained in the Annual Report are authentic, accurate and complete. Notes on Material Risks During the reporting period, the Bank did not identify any material risks that exerted negative impact on the Bank’s development strategy and business objectives in the future. The Bank has actively adopted measures to effectively manage various types of risks. Please refer to the section headed “Discussion and Analysis — Risk Management” for detailed information. The report contains forward-looking statements on the Bank’s financial positions, business performance and development. The statements are made based on existing plans, estimates and forecast, and bear upon future external events or the Group’s future finance, business or performance in other aspects and may involve future plans which do not constitute substantive commitment to investors, hence shall not be unduly relied upon. Annual Report 2014 3 Our Mission Excellence for You Excellent Services to Clients, Maximum Returns to Shareholders Real Success for Our People, Great Contribution to Society Our Vision A Global Leading Bank with the Best Profitability, Performance and Prestige Our Value Integrity Leads to Prosperity Integrity, Humanity, Prudence, Innovation and Excellence 4 Corporate Information Legal name in Chinese H Share 中國工商銀行股份有限公司 (”中國工商銀行”) Computershare Hong Kong Investor Services Limited 17M Floor, Hopewell Center, 183 Queen’s Road East, Wanchai, Legal name in English Hong
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