Report on Improving Corporate Governance in Hong Kong

Оригинал на английском языке.
Гонконгский институт лицензированных публичных бухгалтеров
Hong Kong Institute of Certified Public Accountants
Авторы: Syren Johnstone и Say H Goo
Обзор текущего состояния (дата издания отчета 15.12.2017) корпоративного права Гонконга, основанного на Ординансе "О компаниях" 2014 года (Hong Kong Companies Ordinance) и Ординансе "О ценных бумагах и фьючерсах" 2003 года (Hong Kong Securities and Futures Ordinance). Исследование недостатков действующего режима и предложения о направлениях развития.

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Суббота, 04 мая 2019 апдейт:

2. Methodology. Introduction

Purpose

This section sets out the scope of work undertaken in furtherance of the purposes of this study discussed in Section 1.

There are two primary methodological questions that need to be addressed in a study of Hong Kong corporate governance (CG) that references CG systems in other jurisdictions: defining the scope of CG as a concept, and determining the geographical scope of the comparator jurisdictions.

The topic of CG is clearly open to many different approaches depending on how one defines CG, «good CG» and what values are assigned to its role in relation to the market as a whole, the owners and managers of the company, and the other entities that have a stake in the way the business of a company is organized and run. The parameters of «good CG» for the purposes of this study are set out in Section 2.1.1 «CG concepts».

The study is in large part driven by considering Hong Kong's CG system in light of the CG systems that have developed in other relevant jurisdictions. The rationale underlying the choice of jurisdictions for the purposes of this study is set out in Section 2.1.2 «Geographic reach».

Section 2.2 «Work process» explains the approach taken to the undertaking of the study including the collection and organization of data, the preparation of the jurisdiction summaries in the Appendices and the development of the analysis and recommendations in Sections 3 and 4 of this report.

A note on funding

This project was entirely funded by the Hong Kong Institute of Certified Public Accountants (HKICPA). The general scope of the study was framed by the HKICPA, as discussed in Section 1. The mandate given to the authors of this report was to conduct an independent enquiry and accordingly this study was not constrained by any preset views, preferences or desired outcomes, nor did it include any requirement to have regard to the interests of the members of the HKICPA. The HKICPA formed a Working Group to monitor progress. While there was a diversity of opinion within the Working Group on various recommendations made herein, the final decision to include or not include a recommendation rested solely with the authors of this report.

 

Содержание отчета

Executive summary
Executive Summary I Key Findings
Executive Summary II Summary of Recommendations
Executive Summary III Approach to the Study
Executive Summary IV Abridged Text of the Analysis

1 Introduction to the study and its purposes
Introduction
1.1 Purpose of this Report
1.2 The development of CG in Hong Kong
1.2.1 Domestic drivers
1.2.2 Global drivers
1.3 Structure of this Report
1.3 Structure of this Report
1.3.1 Methodology
1.3.2 Analysis
1.3.3 Recommendations
1.4 Scope and limitations of this Report
1.5 Next steps

2 Methodology
Introduction
2.1 Scope
2.1.1 CG concepts
2.1.2 CG Geographic reach
2.1.3 CG mechanisms
2.2 Work process
2.2.1 Data collection
2.2.2 Initial data organization
2.2.3 Oral evidence
2.2.4 Parity check
2.2.5 Analysis
2.2.6 recommendations

3 Discussion and analysis of jurisdictions studied
Introduction
3.1 Overarching considerations
3.1.1 Thematic topics
3.1.2 Trends in regulating CG standards
3.1.3 The role of culture
3.1.4 The methodology of assessment
3.1.5 Cost-benefit considerations
3.1.6 Maintaining competitiveness
3.1.7 Effectiveness
3.2 Non-locally incorporated companies
3.2.1 Application of local laws and regulations
3.2.2 Cross border enforcement and cooperation
3.3 Information
3.3.1 Legal status of CG disclosures
3.3.2 Disclosure of listing rule compliance
3.3.3 Board evaluation
3.3.4 Audit committee
3.4 Involvement
3.4.1 Shareholder stewardship
3.4.2 Shareholder votes
3.4.3 Remuneration
3.4.4 Changes of control
3.5 Equality
3.5.1 Voting rights generally
3.5.2 Weighted voting rights
3.6 Accountability
3.6.1 Information disclosures generally
3.6.2 Listing rules
3.6.3 Board refreshment
3.6.4 Appointment of independent directors
3.7 Effectiveness
Part A - CG system design
3.7.1 Impact of regulatory design
3.7.2 Policy development agencies
3.7.3 Enforcement agencies
3.7.4 Audits of public companies
3.7.5 Duties of directors
3.7.6 Role of fiduciary law
Part B - Specific actions
3.7.7 Differentiation of CG requirements
3.7.8 Listing regime standards upon entry
Part C - Independent directors
3.7.9 Determination of independence
3.7.10 Requirements relating to INED performance
3.7.12 Empowerment of INEDs - controlling shareholders
Part D - Other items
3.7.13 Whistle-blowing
3.8 Coda

4 Recommendations
Introduction and approach to the recommendations
Part A - The board
4.1 Processes
4.2 Independent directors
4.3 CG standards
Part B - Enforcement
4.4 Shareholders
4.5 CG disclosures
4.6 Regulators
4.7 Ex ante mechanisms
Part C - Architecture and policy
4.8 Architecture
4.9 Policy
4.10 Summary tables

5 Concluding remarks
5.1 The Recommendations
5.2 The Hong Kong market

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