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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Воскресенье, 02 июня 2019 апдейт:

4. Recommendations. 4.10 Summary tables

This section presents two summary tables.

Table 1 lists out all the recommendations made by part, i.e. according to their order discussed in the above sections concerning board processes, enforcement, and architecture & policy.

Table 2 groups the recommendations according to their classification, i.e. Compelling, Advocate, Support, Explore. The total number of types of recommendations in each category is shown at the foot of Table 2.

Table 1 - Summary of all recommendations - by part

Part A - the Board

4.1 Processes
C 4.1.1 Board evaluation
A 4.1.2 Transparency of performance related executive remuneration
A 4.1.3+ Disclosures of the audit committee
A 4.1.4 Status of the audit committee

4.2 Independent directors
A 4.2.1
A 4.2.2 Sufficient INED time
A 4.2.3 Basis of INED remuneration INED training
C 4.2.4 NED Code and INED reporting

4.3 CG standards
C 4.3.1, S 4.3.2 Relevant issuers to be subject to "Elevated Standards» Disclosure of non-compliance with issuer's disclosed CG practices

Part B - Enforcement

4.4 Shareholders
S 4.4.1, A 4.4.2* Shareholders as beneficiaries of listing rules Collective redress

4.5 CG disclosures
A 4.5.1+ Legal status of CG-related disclosures
C 4.5.2+, C 4.5.3 Status of listing rule compliance and related disclosures (continuing) Facts regarding director independence

4.6 Regulators
C 4.6.1 SEHK to develop use of existing disciplinary power
A 4.6.2+, A 4.6.3**+ SFC to develop use of conditions when exercising existing SMLR powers Calibrate SFC's powers under the SMLR
A 4.6.4* Statutory backing of certain listing rules
E 4.6.5*+ Explore a narrow-channel cross-border enforcement arrangement

4.7 Ex ante mechanisms
C 4.7.1+
E 4.7.2+ Disclosure of CG standards in listing document Develop role of compliance adviser

Part C - Policy and architecture

4.8 Architecture
E 4.8.1
E 4.8.2** Establish a CG Unit and CG Group Establish an investor protection agency

A 4.9.1 Transparency of listing rule development
E 4.9.2*+ Whistle-blowing
E 4.9.3 Market development
A 4.9.4 Response time to public enquiries/consultations

Table 2 - Summary of All Recommendations - by Type

4 10 table 2


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
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
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
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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