HKEX unveils new corporate governance code: what issuers need to know
On 19 December 2024, The Stock Exchange of Hong Kong Limited (the "Exchange") released the consultation conclusions (the "Consultation Conclusions") following its consultation paper (the "Consultation Paper") on the Review of the Corporate Governance Code (the "CG Code") and related Main Board and GEM Listing Rules (the "Listing Rules").
The finalised approach aims to balance the need to advance the corporate governance regime while providing issuers with the flexibility to make enhancements at an appropriate pace. The new requirements will take effect on 1 July 2025, with transitional arrangements in place for certain amendments. The Exchange will publish updated guidance in the first half of 2025 to assist issuers in complying with the new requirements.
Key amendments under the Consultation Conclusions include:
- a new recommended best practice of the designation for a lead independent non-executive director (the "Lead INED") for issuers without an independent board chair;
- phasing out independent non-executive directors having served on the same board for more than nine years (the "Long Serving INEDs") to strengthen board independence; and
- enhancing disclosures regarding issuers' dividend policy and the board's dividend decisions.
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欢迎阅读罗夏信律师事务所简讯之《港交所新动向：提升企业治理规则》
2024年12月19日，香港联合交易所有限公司（以下简称「联交所」）就其检讨《企业管治守则》（「企业管治守则」）及相关主板和GEM《上市规则》（以下简称「上市规则」）条文的咨询文件刊发咨询总结（以下简称「咨询总结」）。修订后的方案旨在平衡推进管治制度的需求，同时为发行人提供灵活性，以逐步提升企业管治水平。新规定将于2025年7月1日生效，而某些修订将设置过渡安排。联交所将于2025年上半年刊发更新指引，以协助发行人遵守新规定。
具体信息请查阅完整版简讯《港交所新动向：提升企业治理规则》。
