資訊洞見

香港聯交所建議提升《企業管治守則》

[ 本內容只備有英文及簡體中文版 ]

On 16 April 2021, The Stock Exchange of Hong Kong Limited (Exchange) published a consultation paper outlining proposed enhancements to the Corporate Governance Code and Corporate Governance Report (Code) set out in Appendix 14 to the Rules Governing the Listing of Securities on the Exchange (Rules), as well as related amendments to the Rules.

The proposals include new measures aimed at further enhancing corporate governance (CG) standards among listed issuers in Hong Kong, specifically in the areas of corporate culture, director independence, diversity, and in Environmental, Social and Governance (ESG) disclosures and standards.

Consultation period will end on 18 June 2021.

Key proposals include:

A.CG
1.Corporate culture – in particular, anti-corruption and whistleblowing
  1. New Code Provision (CP) – To require an issuer’s board to align the company’s culture with its purpose, value and strategy.
  2. New CP – To require establishment of anti-corruption policy.
  3. Upgrading Recommended Best Practice (RBP) to CP – To require establishment of a whistleblowing policy.
2.Independent non-executive directors (INEDs)
  1. New CP – To require disclosure of a policy to ensure independent views and input are available to the board, and an annual review of the implementation and effectiveness of such policy.
  2. Revised CP – To require re-election of an INED serving more than nine years (Long Serving INED) to be subject to independent shareholders’ approval (Note); and additional disclosure on the factors considered, the process and the board or nomination committee’s discussion in arriving at the determination in the explanation on why such INED is still independent and should be re-elected. Note: The consultation paper does not elaborate on the meaning of independent shareholders’ approval. Presumably, “independent shareholders” would bear the same meaning as set out in the note to Rule 13.39, i.e. any shareholders other than controlling shareholders of the issuer and their associates or, where there are no controlling shareholders, any shareholders other than directors (excluding INEDs) and the chief executive of the issuer and their respective associates, except that in this context the Long Serving INED in question would not be considered as an independent shareholder.
  3. New CP – To require issuers whose INEDs are all Long Serving INEDs to appoint a new INED at the forthcoming annual general meeting and disclose the length of the tenure of the Long Serving INEDs on the board on a named basis in the shareholders’ circular.
  4. (4) New RBP – An issuer generally should not grant to INEDs equity-based remuneration (e.g. share options or grants) with performance-related elements.
3.Diversity – in particular gender diversity
  1. Revised note to a Rule – To highlight that diversity is not considered to be achieved by a single gender board.
  2. New Mandatory Disclosure Requirement (MDR) – To require all listed issuers to set numerical targets and timelines for achieving gender diversity at both: (i) board level; and (ii) across the workforce (including senior management).
  3. New CP – To require the board to review the implementation and effectiveness of its board diversity policy annually.
  4. The Exchange intends to display board diversity related information (including director’s age, gender and directorships) on the HKEX website. If the proposals are implemented, existing issuers with single gender boards will be allowed a three year transition period to appoint at least a director of the absent gender on their boards, while IPO applicants are not expected to have single gender boards.
4. Nomination committee Upgrading CP to Rule – To require establishment of a nomination committee chaired by an INED and comprising a majority of INEDs.
5. Communications with shareholders Upgrading CP to MDR – To require issuer to disclose its shareholder communication policy and review the effectiveness of the policy on an annual basis.
6. Others
  1. New Rule – To require disclosure of directors’ attendance at general meetings in the poll results announcements.
  2. Deletion of CP that requires issuers to appoint non-executive directors for a specific term (given that directors are already subject to retirement by rotation and shareholders’ approval for re-election).
  3. The Exchange will prepare a new guidance letter to provide more comprehensive guidance in assisting issuers’ compliance with the CG requirements.
B. ESG
7. Linkage between CG and ESG New introductory paragraph in Code and revised Principle and CPs – To elaborate the linkage between CG and ESG in the Code by: (a) setting out the relationship between CG and ESG in the introductory section in the Code; and (b) including ESG risks in the context of risk management under the Code.
8. Timing of publication of ESG reports Revised Rule and ESG Guide – To require publication of ESG reports at the same time as publication of annual reports.
C.
9. Re-naming Appendix 14 To re-name Appendix 14 to “Corporate Governance Code” rather than the current name of “Corporate Governance Code and Corporate Governance Report”.
10.Re-arranging the structure of Appendix 14 To re-arrange the structure of Appendix 14 to enhance the flow and readability by:
  • amending the introductory paragraphs to reflect the CG reporting framework;
  • moving the MDRs upfront in Appendix 14;
  • re-organising the provisions by topics;
  • and making drafting amendments to improve clarity of the requirements (including deleting duplicative requirements).
Please refer to Appendix II to the consultation paper which sets out a reference table comparing the structure of the current Appendix 14 and the proposed re-arranged Appendix 14.
D. Proposed implementation dates Subject to responses to this consultation, the Exchange intends to implement the revised Rules (including Appendix 14) (except for those on Long Serving INEDs) for financial years commencing on or after 1 January 2022. In respect of the proposals on Long Serving INEDs, the Exchange intends to allow a longer transition period such that changes will be effective for financial years commencing on or after 1 January 2023.

[ 簡體版 ]

2021年4月16日，香港联合交易所有限公司（「联交所」）刊发谘询文件，建议提升《香港联合交易所有限公司证券上市规则》（「《上市规则》」）附录十四所载的《企业管治守则》及《企业管治报告》（「《守则》」）以及修订相关的《上市规则》条文。

建议包括引入多项新措施以提升香港上市发行人的企业管治水平，当中涵盖企业文化、董事会独立性、多元化政策及环境、社会及管治（ESG）披露和水平等范畴。

谘询期将于2021年6月18日结束。

谘询的主要建议简述如下：

2021年4月16日，香港联合交易所有限公司（「联交所」）刊发谘询文件，建议提升《香港联合交易所有限公司证券上市规则》（「《上市规则》」）附录十四所载的《企业管治守则》及《企业管治报告》（「《守则》」）以及修订相关的《上市规则》条文。

建议包括引入多项新措施以提升香港上市发行人的企业管治水平，当中涵盖企业文化、董事会独立性、多元化政策及环境、社会及管治（ESG）披露和水平等范畴。

谘询期将于2021年6月18日结束。

谘询的主要建议简述如下：

A.企业管治
1.企业文化 – 尤其在反贪污及举报方面(1) 新增守则条文 – 规定发行人董事会须确保公司的文化与公司的目的、价值及策略一致。(2) 新增守则条文 – 规定发行人制定反贪污政策。(3) 将建议最佳常规升级为守则条文 – 规定发行人制定举报政策。
2.独立非执行董事 (「独董」)(1)新增守则条文 – 规定发行人披露有关确保董事会可取得独立观点及意见的政策，并每年检讨有关政策的实施及有效性。(2)修订守则条文 – 规定在任已过九年的独董（「连任多年的独董」）的重选经独立股东批准（见下述附注），及在解释何以认为该独董仍保持独立而应予重选时，额外披露所曾考虑的因素、程序以及董事会或提名委员会的讨论。附注:谘询文件并未说明何谓独立股东批准。估计「独立股东」应具有与《上市规则》第13.39条的附注中所述相同的含义，即指发行人控股股东及其联系人以外的任何股东；若发行人没有控股股东，则指发行人的董事（独董不包括在内）及最高行政人员及其各自的联系人以外的任何股东，惟就此规定而言，拟重选的连任多年的独董应不会被视为独立股东。(3)新增守则条文 – 若发行人的董事会内所有独董均为连任多年的独董，规定发行人于下次股东周年大会委任一名新的独董，并于致股东通函中就每名连任多年的独董披露其姓名及已出任该职的时间。(4)新增建议最佳常规  – 建议发行人一般不应给予独董带有表现绩效相关元素的股本权益酬金（例如购股权或赠授股份）。
3.董事会成员多元化 – 尤其在性别多元化方面(1) 修订《上市规则》条文的附注 – 强调成员全属单一性别的董事会不会被视为多元化的董事会。(2) 新增强制披露要求 – 规定所有上市发行人设定及披露目标数字及时间表，以在(i)董事会层面；及(ii)所有雇员层面（包括高级管理层）均达到性别多元化。(3) 新增守则条文 – 规定董事会每年检讨其董事会多元化政策的实施及有效性。(4) 联交所计划于香港交易所网站展示董事会多元化相关资料（包括董事的年龄、性别及所担任董事职务）。经修订的《上市规则》条文生效后，联交所建议给董事会内全部单一性别的现有发行人三年的过渡期，使其可于三年内委任至少一名另一性别的成员加入其董事会，而首次公开招股申请人的董事会就预期不再只有单一性别的董事。
4. 提名委员会将守则条文提升为《上市规则》条文 – 规定发行人须设立提名委员会，由独董担任主席，且大部分成员均须为独董。
5. 与股东的沟通将守则条文提升为强制披露要求 – 规定发行人须披露股东其通讯政策，并每年检讨政策以确保其成效。
6. 其他(1)新增《上市规则》条文 – 要求发行人于投票表决结果的公告中披露董事当日出席纪录。(2) 删除守则条文 – 删除有关非执行董事的委任应有指定任期的守则条文（这是基于董事已须轮流退任，重选董事亦须经股东批准）。(3) 联交所会编备新的指引信，提供更全面的指引协助发行人遵守企业管治规定。
B. ESG 事宜
7. 企业管治与 ESG 的连系新《守则》的简介段落、修改原则及守则条文 – 于《守则》中说明企业管治与 ESG之间的关系：(a) 于《守则》的「引言」一节说明企业管治与ESG事宜之间的关系；及 (b) 于《守则》中有关风险管理的部分加入ESG风险。
8. ESG报告的刊发时限修订《上市规则》及《ESG指引》– 规定发行人须于刊发年报时一并刊发 ESG报告。
C. 更改附录十四的名称及重新编排附录十四的结构
9. 更改附录十四的名称将附录十四的名称由现时的「《企业管治守则》及《企业管治报告》」改为「《企业管治守则》」。
10.重新编排附录十四的结构重新编排附录十四的架构，令行文更流畅、提高可读性：修订引言段落， 以反映企业管治汇报框架；将强制披露要求移至附录十四的较前的当眼位置；按不同题目重新排列条文；及措词上作出修订，提升有关规定的清晰度（包括删除重复的要求和规定）。现有《守则》的结构及拟重新编排的《企业管治守则》以表格形式载列于谘询文件的附录二。
D. 建议实施生效时间视乎市场对这次咨询的响应意见，修订后的《上市规则》及《守则》（有关连任多年的独董的建议除外）拟于2022年1月1日或之后开始的财政年度正式实施生效。就有关连任多年的独董的而言，联交所拟给予较长的过渡期，有关变更将由2023年1月1日或之后开始的财政年度生效。

主要負責人

鄒繁霑

合夥人 | 企業融資

電郵 或致電 +852 2825 9435

郭偉强

合夥人 | 企業融資

電郵 或致電 +852 2825 9770

翁婉琪

合夥人 | 企業融資

電郵 或致電 +852 2825 9624

馮海莉

合夥人 | 企業融資

電郵 或致電 +852 2825 9478

黃家亮

合夥人 | 企業融資

電郵 或致電 +852 2825 9798

梁銘逸

合夥人 | 企業融資

電郵 或致電 +852 2825 9415

劉媛媛

合夥人 | 企業融資

電郵 或致電 +852 2826 5346

陳玉燕

資深顧問律師 | 企業融資

電郵 或致電 +852 2825 9786

刊物
2021年4月23日

相關業務及行業:

資本市場, 股權, 私募股權和投資

按資訊洞見搜索

搜索相關信息資訊洞見


關注

訂閱

訂閱的近出版物，獲取最新相關法律資訊。

訂閱

媒體聯絡

媒體查詢, 請聯絡：media.relations@deacons.com

電話: +852 2825 9211

閱讀次數最多的文章

Manager-In-Charge regime: What licensed corporations need to do

刊物
2017年2月28日

Priority of Floating Charges

刊物
2014年7月14日

Dealing with Further and Better Particulars

刊物
2020年1月14日
關閉

列表

Services

Sectors

People

Careers

About Us

News & Insights

使用条款及免责声明

遠程訪問 聯繫方式

Portfolio Builder

Select the 本行服務 that you would like to download or add to the portfolio

Download    Add to portfolio   
Portfolio
職務 Type CV 電郵

Remove All

Download

Click here to share this shortlist.
(It will expire after 30 days.)