30 July 2024 Forum on Corporate Governance Code and Related Listing Rules issued by HKEX
Jul 17, 2024
Forum on Consultation Paper on Corporate Governance Code and Related Listing Rules issued by The Hong Kong Exchange & Clearing Limited (HKEX).
Association of Women Accountants (Hong Kong) Limited (“AWAHK”) and Shenzhen Hong Macau Women Directors Alliance Limited (“WDA”) organized a forum to discuss the recently published consultation paper on proposed amendments to the Listing Rules by HKEX.
The key proposals of the Consultation Paper included proposed changes to the Corporate Governance (CG) Code to:
- Improve board effectiveness through (i) the designation of a lead INED (“Lead INED”); (ii) mandatory director training, (iii) regular board performance reviews and disclosure of a board skills matrix; (iv) a holistic annual assessment by the nomination committee of directors’ time commitment and contribution to the board; and (v) phasing out of overboarding INEDs
- strengthen board independence by phasing out Long Serving INEDs
- further promote board and workforce diversity of issuers, by actions including requiring the nomination committee to comprise directors of different genders
- enhance the risk management and internal control sections of the CG Code; and
- promote better capital management by enhancing disclosures regarding issuers’ dividend policy and the board’s dividend decisions
On 30 July 2024 (Tuesday), we have specially invited Ms. Kelly Lee, Senior Vice President, Policy and Secretariat Services, Listing, HKEX to share with us the key proposals in the Consultation Paper and invited our members to attend the Forum.
The forum provided a valuable opportunity for members who are currently serving or have intention to serve on the board of the listed companies and/or those who are involved in the auditing of the listed companies. By attending the forum, members were able to engage directly with HKEX expert and the Panelists who will share their perspectives on the proposed changes. This was an important chance to contribute to the consultation process and help shape the future of Hong Kong's listing regime.
The key details of the forum were as follows:
| Speaker | Kelly Lee, Senior Vice President, Policy and Secretariat Services, Listing, HKEX |
| Panelists | Susanna Chiu, Executive Director & CFO, Bonjour Holdings Limited Lapman Lee, Prof of Practice in FinTech & Finance, Service Innovation, HKPU |
| Moderators | Margaret Leung Ko May Yee, Chairman of WDA Jasmine Lee, Managing Partner, EY, Hong Kong & Macau |
For more information, please refer to the attached flyer.
Their comments and suggestions will also be summarized and reflected in AWAHK’s and WDA’s responses to the Consultation Paper.
