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. 4.8 Architecture

E 4.8.1 Establish a CG Unit and CG Group

Step required
Establish a regulatory agency based CG cum shareholder interest unit and an external industry group.

Recommendation level

Topic addressed
Whether a specialized body that is concerned solely with CG policy development in view of minority shareholder concerns would facilitate CG policy development.

Details of recommendation
1.The CG Unit to be charged with CG policy development based on information as to, for example, enforcement hurdles presented to individual investors that wish to bring a damages claim, with a view to better policy development on the problem.
2.If established within the SFC, the CG Unit would coordinate across Divisions where specific issues such as listing rule development or CG enforcement affects the interests of shareholders.
3.The CG Group to be comprised of external experts and industry participants from different sectors of the market with a view to exploring the commercial, legal and regulatory boundaries of important CG issues.
4.The CG Group is to operate on an informal basis, providing input to the CG Unit as and when requested to do so.

Attendant considerations
To explore the parameters of such a CG Unit and how it would be funded.
To identify the composition and operation of the CG Group.
Location of group contingent on implementation of A4.8.2** «Establish an investor protection agency».

Jurisdiction references
United States (SEC's Office of the Investor Advocate and the Investor Advisory Committee).
Hong Kong (SFC's Risk and Strategy Unit, and the Fintech Advisory Group).

Section 3 reference
3.7.2 Policy development agencies.

E4.8.2**Establish an investor protection agency

Step required
Policy-led initiative.

Recommendation level

Topic addressed
An unconflicted representation of shareholder rights by a body not presented with the same constraints and considerations as the SFC.

Details of recommendation
1.An expert group to be appointed by the Government and mandated to consider the benefits and drawbacks of establishing an investor protection agency.
2.To consider the primary legislation needed.
3.The agency would need to be empowered to bring actions under sections 213 and 214 of the SFO.
4.The agency would need to possess appropriate powers of investigation that are aligned with those possessed by the SFC.
5.The agency would need to have appropriate access to information held by other regulatory agencies including the SFC and the HKMA.
6.The agency would need to enter into MoUs with other regulatory agencies for appropriate coordination on matters of common interest.
7.To explore details of the agency's objectives, powers, accountability, governance, staffing and funding.

Attendant considerations
Dealing with likely resistance from the SFC and the market.
The SFC's existing powers remain intact.

Jurisdiction references
United States (Consumer Financial Protection Bureau).

Section 3 reference
3.7.3 Enforcement agencies
See also:
3.7.2 Policy development agencies;
3.7.6 Role of fiduciary law.


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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