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On 19 December 2024, The Stock Exchange of Hong Kong Limited (Exchange) published consultation conclusions on review of the Corporate Governance Code (CG Code) and the related Rules Governing the Listing of Securities on the Exchange (Listing Rules).
All the consultation proposals will be adopted, with certain modifications.
The amendments to the CG Code and the Listing Rules will come into effect on 1 July 2025, and therefore the new requirements will apply to listed issuers’ corporate governance reports (CG reports) and annual reports in respect of financial years commencing on or after 1 July 2025, with transitional arrangements for the new requirements imposing caps on “overboarding” and tenure of independent non-executive directors (INEDs).
The key amendments to the CG Code and the Listing Rules are set out below:
In the first half of 2025, the Exchange will publish updated guidance to assist issuers’ compliance with the above new corporate governance requirements.
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