The Stock Exchange of Hong Kong (The Exchange) published a consultation paper on “Review on Corporate Governance Code and Related Listing Rules” (Paper) on 16 April 2021 and the consultation period for public comments will be closed by 18 June 2021. The Exchange reviews the corporate governance framework from time to time to ensure that it remains fit for purpose, continues to promote improvement in the quality of governance, and is adequate for maintaining investors’ confidence in the market. The last review was conducted in November 2017 and concluded in July 2018 where board diversity and independent non-executive director’s transparency and accountability were subjects of the review.
In this Paper, proposals have been made specifically in the areas of corporate culture importance, the strengthening of INED independence, the implementation measures and transparency of board diversity and information, the effectiveness of communication with shareholders, and other corporate transparency promotion. Among these proposals, some may arouse controversial debate such as the re-election of long serving INED being subject to independent shareholders’ approval, and setting numerical targets and timelines for achieving gender diversity at both the board level and across the workforce.
ESG remains one of the highlights in the current consultation. Shortly after the revised Environmental, Social and Governance Reporting Guide (ESG Guide) came into effect in July 2020, the Paper elaborates the relationship between corporate governance and ESG. At the same time, it also proposes to require the publication of ESG reports at the same time as the publication of the annual reports.
Aiming at responding to the consultation by the submission deadline, in this panel discussion, we shall:
- Provide a summary of the proposals made in the current consultation;
- Discuss the possible implications of these proposals and potential controversies;
- Discuss areas which have not been included in this consultation; and
- Collect practical feedback and views about the proposals
About the speakers
RICKY CHENG, Director and Head of Risk Advisory, BDO
Ricky is BDO's Director and Head of Risk Advisory, with major responsibility in the area of risk advisory services. He specialises in assisting clients in managing their internal audit function and meeting corporate governance requirements in both China and Hong Kong.
Ricky has 20 years of risk and assurance experience. He worked for large international accounting firms and had commercial internal audit experience. His expertise covers various services such as Sarbanes-Oxley Compliance, risk management assessment, compliance assistance, corporate governance compliance review, internal audit assistance, business process review, Environmental, Social and Governance (ESG) readiness and reporting support services review, stored value facilities (SVF) licence independent assessment review, etc.
The portfolio of clients managed by Ricky comes from various industries including transportation, property development and construction, gaming and entertainment, hospitality, manufacturing, gold and minerals mining, fast moving consumer goods, retailing and department chain stores, financial institutions such as brokerage houses and derivative products companies.
Ricky is a frequent event speaker of related topics for professional body organisations and training for listed and non-listed companies. He is a Committee Member of ACCA Hong Kong (2011-2013), Training committee member of The Hong Kong Institute of Directors (since 2013), Fellow of the Hong Kong Institute of Certified Public Accountants, Fellow of the Association of Chartered Certified Accountants and Certified Internal Auditor.
PETER PANG, Director of Risk Advisory, BDO
Peter has extensive experiences in managing corporate governance, compliance, risk management, internal control review, internal audit, Sarbanes-Oxley and other assurance projects for local, regional and international financial services clients.
Peter has more than 20 years of risk and assurance experience. Prior to joining BDO, he was the Head of Risk of a listed aircraft leasing company with operations in Asia, Europe and America. He also worked in a large international accounting and advisory firm as head of department.
Peter served clients in the financial services sector, including fund and asset management, trust operation, banking, securities, aircraft leasing, airlines, regulatory and professional organisations. In particular, he has involved in providing internal control review and SOC review assignment for virtual asset servicing companies. Peter is also trained in Blockchain Strategy by Oxford University.
Peter is a Fellow of the Hong Kong Institute of Certified Public Accountants, Fellow of the Institute of Chartered Accountants in England and Wales and Certified FRM of Global Association of Risk Professionals (GARP).
VIVIAN CHOW, Principal of Risk Advisory, BDO
Vivian is an experienced professional drawing upon a background that includes corporate governance, regulatory and compliance, consulting, and audit and financial reporting in Hong Kong, China and the United States.
Vivian has worked with a diverse group of clients from non-governmental organisations to multinational public and private companies across several industries in providing corporate governance, risk management, internal audit, and regulatory and compliance review and readiness.
Vivian is a US Certified Public Accountant.
This event will incorporate slides which you can view on a PC and audio broadcast technology which requires only the speakers in your device. Therefore, on the day, please ensure the audio volume of your device is turned up. You are recommended to log in the webinar (which will be provided by email after your successful registration) a few minutes before the webinar starts to make sure you have no problem with the connection.
Details are as follows:
||Thursday, 3 June 2021
||15:30 – 17:00 (webinar session)
||Cantonese, supplemented with English presentation materials
||Free of charge
||Senior management of Hong Kong listed companies
||1.5 hours (*The recognition of CPD hours by your professional organisations is subject to their CPD policies.)
||1. For any enquiries, please contact contact Ida Cheung at +852 2218 3714 or firstname.lastname@example.org.
||2. Login information will be sent to you by email after successful registration.
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