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In a consultation paper issued in June 2024, The Stock Exchange of Hong Kong Limited (HKEX) is proposing amendments to The Rules Governing the Listing of Securities on HKEX (the Listing Rules) to improve corporate governance of listed companies, with a focus on the areas of board effectiveness and independence, diversity, risk management and capital management.
A summary of the key proposals is set out below. The consultation period ends on 16 August 2024.
The new rules are proposed to come into effect on 1 January 2025 and apply to corporate governance reports issued for financial years commencing on or after that date, i.e., annual reports published in 2026. Transitional arrangements will apply to certain measures, as noted further below.
Note that requirements are categorized as follows:
- Rule: A compulsory requirement under the Listing Rules.
- Code Provision (CP): Companies must “comply or explain” under the Corporate Governance Code.
- Mandatory Disclosure Requirement (MDR): A compulsory item for disclosure in a company’s annual Corporate Governance Report.
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