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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Пятница, 31 мая 2019

4. Recommendations. 4.7 Ex ante mechanisms

C 4.7.1 Disclosure of CG standards in listing document

Step required
Amend Appendices 1 and 19 of the listing rules.

Recommendation level

Topic addressed
The listing applicant to be required to make a statement in the listing document cum prospectus as to its CG practices.

Details of recommendation
1.Amend Appendix 1 to require a statement that aligns with the comply or explain disclosures required by CG Code.
2.As the listing applicant has not previously been subject to the Code, some modification of the required disclosures will be appropriate.
3.The required disclosures are to focus on explaining its current CG practices and how these will be developed in the period to its next annual report in view of the standards imposed and expected under the listing rules and the CG Code.
4.The statement should indicate which provisions of the CG Code the listing applicant intends to comply with and which it does not intend to comply with.
5.Appendix 19 (the sponsor declaration) should be amended to encompass an appropriate declaration in relation to the above matters.

Attendant considerations

Jurisdiction references
United States (Item 407 of Regulation S-K).

Section 3 reference
3.7.8 Listing regime standards upon entry.
>See also:
3.6.1Information disclosures generally;
3.2.2Cross border enforcement and cooperation.

E4.7.2Develop role of compliance adviser

Step required
Amend listing rules (MBLR 3A.19-3A.24).

Recommendation level

Topic addressed
Establishing good CG practices from the outset of an issuer's entry to the public market creates better prospects for CG standards post the end of this initial period.

Details of recommendation
1.Requirements similar to those imposed on the sponsor issuer appointment to be imposed on the compliance adviser appointment to make the role more active and engaged. For example, the compliance adviser could be required to undertake a quarterly audit on the internal reporting mechanisms and board processes.
2.The scope of the compliance adviser's role should be reviewed with a view to expanding it to cover a wider range of CG-related processes. For example, this could cover board processes and shareholder communication.
3.To require the compliance adviser role to be undertaken by one of the sponsors on the listing application.
4.To introduce a compliance adviser declaration required to be submitted in advance of termination of the role, along similar lines as the sponsor's LR Appendix 19 declaration. The declaration to be subject to section 384(3) of the SFO.
5.Where the declaration cannot be given: the role to be extended; to consider issuer consequences, e.g. announcement or whether could give rise to SMLR powers.

Attendant considerations
The sponsor market may not like this to the extent that the business model of the sponsor would not encompass a continuing engagement - e.g. where the sponsor is also the underwriter, accordingly, this may affect the selection of sponsors.
To consider the appropriate liability attaching to an expanded compliance adviser role.

Jurisdiction references
Mainland China.

Section 3 reference
3.7.8 Listing regime standards upon entry.
See also:
3.2.2 Cross border enforcement and cooperation.


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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