Strengthening board independence, diversity and transparency: key proposals from HKEX 治理新篇章：优化上市公司董事会组成及披露要求

On 14 June 2024, The Stock Exchange of Hong Kong Limited (the "Exchange") published a consultation paper outlining proposed enhancements to the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on the Exchange (the "Listing Rules") and related Listing Rules. The proposed amendments will apply to corporate governance reports for financial years commencing on or after 1 January 2025, with a three-year transition period for the proposals to phase out independent non-executive directors ("INEDs") (i) holding seven or more listed issuer directorships or (ii) having served for more than nine years on the board of a listed issuer ("Long Serving INEDs).

2024年6月14日，香港联合交易所有限公司（以下简称「联交所」）刊发咨询文件，载列就《联交所证券上市规则》（以下简称「《上市规则》」）附录C1的《企业管治守则》以及相关《上市规则》的修订建议（以下简称「咨询文件」）。建议的修订将适用于2025年1月1日或之后开始的财政年度的企业管治报告，而有关逐步淘汰（i）任职于七家或以上上市公司的（以下简称「超额任职」）及（ii）在某上市公司董事会连任超过九年（以下简称「连任多年」）的独立董事（以下简称「独董」）的建议，将设立三年过渡期。

Key proposed amendments include:

主要修订建议包括：

the designation of a lead INED for issuers without an independent board chair;
若发行人的董事会主席并非独立人士，则须指定一名首席独立非执行董事；
phasing out Long Serving INEDs to strengthen board independence; and
逐步淘汰连任多年的独董，以加强董事会独立性；以及
enhancing disclosures regarding issuers’ dividend policy and the board’s dividend decisions.
加强对发行人股息政策和董事会股息决定的披露。

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