I agree with everyone here with regard to the board and their hedging decision. Hedging is reasonable up to a point as insurance. What they did - and are we over $20bn in losses so far? - was simply speculation and a gamble. That is not good corporate governance in anyone's book.
ALL of those involved in making this decision (having demonstrated that they learned nothing on their MBA course) that put Cathay at serious risk should resign or be quietly fired by Swire. In 2010, the last hedging gamble, the Director Finance, disappeared rather quickly.