Kenneth Jiang FCG FCS(PE), Chief Representative, Beijing Representative Office of The Hong Kong Chartered Governance Institute, reviews the work of the Institute in the Mainland in fiscal 2021, and looks at what the future will hold for governance professionals in Hong Kong and the Mainland.
Despite the fact that personnel exchanges between Hong Kong and Mainland China have been hindered by the Covid-19 pandemic, The Hong Kong Chartered Governance Institute (the Institute) has remained committed to its mission in the Mainland. In fiscal 2021 (1 July 2020 to 30 June 2021), the Institute was able to overcome the challenges and continue to provide professional development services to members, students and listed companies, helping to ensure compliance during the pandemic. The Institute also continued to promote a new era of professionalised governance in the Mainland.
Minimising negative impacts
The Institute responded quickly to the new normal of social distancing measures and group gathering controls under the pandemic, and explored new ways to provide professional services that are timely, convenient and high quality to its members, students and Affiliated Persons (APs).
For APs, the Institute has held webinars in both online and hybrid (a mixture of online and onsite) formats, based on its experience of running its Enhanced Continuous Professional Development (ECPD) services in Hong Kong. In order to improve the effectiveness of online webinars, the Institute introduced online voting systems, interactive question and answer sessions, and online and offline workshops. Innovative training methods, such as role play and remote access to live webinars, have attracted active participation by members.
In addition, the Institute has developed an online ECPD system that makes recorded webinars available to members. This proved invaluable during the pandemic as Hong Kong webinar speakers have been unable to go the Mainland, and it has also provided a safe and convenient training resource for members. The Institute has also provided online communication platforms for examination briefings and experience sharing.
In fiscal 2021, the Institute held eight ECPD seminars in the Mainland, including five online webinars on A+H share board secretary practice and intermediate-level corporate governance training, as well as three onsite seminars, two of which were specifically designed for directors and supervisors, and one of which was specifically designed for board secretaries.
In addition to listing regulation updates, and updates on information disclosure and compliance practices, our ECPD training also covered the impact of the Mainland’s new securities law on company directors, supervisors and overseas investors in accordance with market demand. Our ECPD training also focused on the potential impacts of the latest proposed changes to Hong Kong’s Corporate Governance Code and Listing Rules on directors, independent directors, executives and board secretaries, to guide them through their due diligence and capital operations work.
Since the implementation of the AP programme, the Institute has held a total of 57 seminars, attended by more than 7,800 participants, including board secretaries, directors, supervisors, relevant board personnel and other senior management.
Expanding membership
At present, the Institute’s APs consist of board secretaries, directors, supervisors and equivalent governance practitioners of overseas listed companies. As of 30 June 2021, the Institute had 168 registered APs, a year-on-year decrease of 3%, mainly due to the impact of the pandemic and fact that a number of our APs changed their status to membership.
As of 30 June 2021, 38% of the APs are from H share companies, 29% are from A+H share companies, 18% are from red chip companies, 8% are from A share companies, and 7% are from to-be-listed companies. Board secretaries accounted for 64% of our APs, directors and senior executives accounted for 23%, and other governance practitioners accounted for 13%.
Although the challenges brought by the pandemic and the international geopolitical uncertainties are still ongoing, the number of students in the Mainland increased slightly compared with the same period last year. As of 30 June 2021, the Institute had 299 registered students. Due to successful pandemic controls and online examinations, as well as members graduating from the Shanghai and Shenzhen corporate governance training courses, the number of our Mainland members increased by 19%. As of 30 June 2021, the Institute had 126 members in the Mainland.
In order to meet the urgent need for high-quality corporate governance professionals in the Mainland, and to assist people who are interested in obtaining the Chartered Secretary and Chartered Governance Professional (CS/CGP) qualification, the Institute established accreditation of the Postgraduate Programme in Corporate Governance (PGPCG), offered by the Hong Kong Metropolitan University (formerly the Open University of Hong Kong), in Shanghai (since 2016) and in Shenzhen (since 2019). Graduates of the PGPCG programme can apply for full exemption from the Institute’s professional examination – the Chartered Governance Qualifying Programme (CGQP). After gaining three to six years of relevant work experience, they can apply for the Institute’s CS/CGP qualification. In September 2020, 50 students enrolled in the PGPCG in the Mainland.
In order to further strengthen communication and experience sharing among board secretaries in the Mainland, the Institute’s five Regional Board Secretary Panels (RBSPs) – located in Beijing, Shanghai, Shenzhen, Guangzhou and the Southwest (including Chongqing and Chengdu) – meet regularly to conduct discussions and exchanges on relevant issues every year.
The Institute held Regional Board Secretaries Roundtables in April 2021 in Chengdu, Shenzhen, Beijing and Shanghai to discuss the enhanced disciplinary powers and sanctions of The Stock Exchange of Hong Kong Ltd (the Exchange). More than 103 directors, company secretaries, representatives of senior management and professional institutions, regulatory agencies, Institute members, joint members and students from all over the country attended these meetings. The RBSPs plan to change their names to the Board Secretaries and Governance Professionals Panel (Regional Panels) in January 2022. The Regional Panels aim to attract a wide group of governance professionals and empower them to carry out activities independently.
A three-year strategic plan
To promote the professionalisation of governance, and in response to the challenges posed by the pandemic, the Institute formulated its 2021–2023 strategic plan in October 2020. The three-year strategic plan puts forward several goals, including to:
- become a leading international professional governance institution and establish the governance profession in the Mainland by 2030
- establish and improve an international governance professional talent training system to meet the needs of the Mainland and Hong Kong for high-quality international governance professionals
- use the AP programme as a platform for high-quality professional training, to promote the Institute’s professional qualification, and to recruit directors, supervisors and governance-related personnel to join as APs
- expand the enrollment of students and increase the graduation rate of students, promote the rapid growth of the number of members in the Mainland, and
- expand the scope of practice and professional influence of the Institute’s members, expand the foundation of professional development and other development strategies to open a new era of development in the Mainland.
The Institute established its Mainland China Technical Consultation Panel (MCTCP) in 2017 to resolve problems encountered by Mainland companies in Hong Kong, to address regulatory differences between the two places and to promote best international governance practices among A share companies.
In recent years, as global regulators have invested more governance responsibilities in company secretaries and board secretaries, they have faced new challenges and risks in their work. To give greater support to board secretaries, directors and supervisors in their work, the Institute has established two subcommittees under its MCTCP, namely, the Board Secretaries Committee, and the Directors and Supervisors Committee.
At present, the MCTCP and its two new subcommittees are working on practical guidelines for A+H share companies on insider information practice, as well as overseas listed independent directors’ appointment requirements. It is expected that the work will be released in the near future.
The future for governance professionals
After two major governance incidents – the Enron Incident in 2001 and the global financial crisis in 2008 – corporate governance has undergone profound changes internationally. Regulators around the world have increasingly given the board of directors more responsibility for corporate risk management and sustainable development. The expectations of stakeholders and society of directors have also changed accordingly. Corporate culture and ethics have increasingly become important governance driving factors. With the rise of new technologies such as artificial intelligence, big data and blockchain, corporate governance will undergo significant changes in the future.
The current developments in governance have challenged existing ideas in areas such as board composition and diversity, and ESG reporting standards. Promoting good governance is a primary responsibility of the Institute. After changing the Institute’s name from The Hong Kong Institute of Chartered Secretaries to The Hong Kong Chartered Governance Institute, the Institute has strengthened awareness that governance is at the core of our profession. The Institute will continue to focus on the development of the dual CS/CGP qualification, and enhance the status and employment prospects of its members as governance experts.
The Institute will continue to actively participate in the development of the Mainland capital markets, expand the scope and content of its professional services, and provide better support to governance professionals. As a leader in governance, the Institute will live up to its mission and continue to lead the development of governance theory and practice in Hong Kong and the Mainland. We will work hand-in-hand with Mainland colleagues to build a path for the professional development of corporate governance and create high-standard professionals in both places.
Kenneth Jiang FCG FCS(PE)
Chief Representative, Beijing Representative Office of The Hong Kong Chartered Governance Institute
随机而变、开创未来
香港公司治理公会北京代表处首席代表姜国梁先生FCG FCS(PE)简述公会2021财年在内地工作的最新情况，并展望香港和内地的治理专业的未来。
两地人员交流因新冠疫情而受阻的情况下，香港公司治理公会（公会）在2020/2021财政年度始终不忘初心、牢记使命，排除万难为内地会员、学员及上市公司提供专业服务和支持，以保障其疫情期间的上市合规，努力开启内地专业发展的新纪元。
疫情下专业培训与服务畅通
针对疫情下社交距离与聚会规模管控的新常态，公会快速做出反应，积极探索疫情期间专业服务的新途径与新模式，为会员、学员及联席成员提供及时、便捷和高质量服务，将疫情的影响降到最低。
在联席成员讲座方面，公会在香港网络会议之探索与应用实践基础上，推出了网络讲座、网络与现场混合式讲座，并且为了提高网络讲座的效果，引入了在线投票互动问答、线上线下模拟情景剧表演、远程接入现场讲座等创新方式，得到了参训者的积极参与。
另外，公会及时为内地企业管治研修课程的学员开发了网上辅导录播系统，解决了疫情下香港辅导老师无法赴内地面授的问题，也为学员提供了安全、便捷的学习支撑。公会也固化了内地专业考试说明会及经验分享等网络会议平台与型式，克服了会议受疫情、学员地理分布、时间和空间等因素影响的问题。
2021年财年，公会在内地共举办强化持续专业发展讲座八期，其中网上讲座五期，包括公会与上海证券交易所联合举办的第11期A+H股董事会秘书(董秘)后续培训、与中国保险行业协会举办的第4期公司治理师制式培训中级班；现场讲座三期，两期为董事监事专题培训，一期为董秘专题培训。
培训课程内容除了常规的上市法规更新和信息披露与合规实务外，还根据最新法规更新和市场需求，及时安排了中国新证券法对公司董事监事执业及海外投资者的影响、对港交所《企业管治守则》及《上市规则》拟议修订的解读，也就董事、独立董事、高管及董秘等如何尽职尽责、当下资本运作热点透视等进行经验分享。
自实施联席成员计划以来，公会共累计举办讲座57期，参训人数逾7800人次，受众涵盖董秘、董事、监事、董秘室相关人员及其他高级管理人员等。
会员数量稳步增长
目前公会的联席成员招收对象为境外上市公司董秘和董事、监事及其同等公司治理人士。截至2021年6月30日，公会拥有在册联席成员168人，同比减少3%，主要原因是疫情影响及部分联席成员晋升为会员。
目前联席成员的企业来源更加广泛，其中38%来自H股公司、29%来自A+H股公司、18%来自红筹股公司、8%来自A股上市公司，7%来自拟上市公司。其中董秘占63.7%，董事及高管占22.9%，其他治理从业人员占13.4%，职业构成向现代公司治理专业拓展。
尽管2021年新冠疫情全球持续发展以及国际政治经济格局变化的不利因素依然未消减，但内地学员人数较去年同期小幅上涨。得益于内地疫情防控和网上考试安排以及上海和深圳企业管治研修课程顺利毕业，内地会员人数增加18.9%。截至2021年6月30日，公会拥有内地注册学员299人，内地会员126人。
为了满足内地对高素质公司治理人才的紧迫需求，协助更多有志于取得特许秘书和公司治理师会员资格者，公会与香港都会大学（前香港公开大学）合作分别于2016年及2019年在上海和深圳开设了公会认可的企业管治研修课程。获得相应硕士学位之后可申请获得公会公司治理专业资格课程之专业考试的全部豁免，在获取三至六年相关工作经验后，可以申请获得公会及特许公司治理公会(The Chartered Governance Institute, CGI)特许秘书及公司治理师双重资格。 2020年9月第5期企业管治研修课程招收学员50人，再创新高。
为进一步加强董秘群体的沟通交流与经验分享，公会每年定期召集北京、上海、深圳、广州及西南地区（重庆和成都）五个地区董秘小组开展相关热点问题的研讨与交流。
公会于2021年4月1日、2日，4月8日、9日分别在成都、深圳、北京和上海四地举办了2021年地区董秘圆桌会议，就港交所有关强化纪律处分之法规修订更新与实务操作问题进行广泛的讨论。逾103名来自全国各地的董事会/公司秘书、高管和监管机构代表、专业机构代表及公会会员、联席成员和学员出席会议。董秘小组拟于2022年元月更名为董秘及公司治理人士小组，接纳更广泛的公司治理专业人士加入并赋权酌情自主地开展地区性活动。
三年战略计划
根据公会在特许秘书专业资格基础上，增加公司治理师新专业资格及更名为公司治理公会的战略决策，并为了应对新冠疫情带来的挑战，公会于2020年10月份制定了内地2021-2023年三年战略计划，提出了几项愿景，包括：
- 到2030年在内地建立公司治理师专业，成为内地领先的国际专业公司治理机构
- 逐步建立并完善国际化公司治理专业人才培养体系，满足内地和香港对高端国际公司治理专业人才的需求等
- 以联席成员计划为平台，高质量的专业培训为抓手，加大公会专业资格CGQP考试推广力度，并招收董事监事及公司治理相关人员加入联席成员
- 以扩大招收学员和提高学员毕业率为重点，促进内地会员数量的快速增长
- 以董事监事及相关公司治理人员为突破口，拓展公会会员的执业范围和专业影响，扩大专业发展基础等发展策略和各阶段的量化目标及应采取的措施，开启内地专业发展的新纪元
另外，公会于2017年成立中国内地技术咨询小组(MCTCP)，在解决内地企业在香港上市合规中遇到的实务问题、协调两地上市规管差异、引导A股公司的国际最佳治理实践方面发挥了不可或缺的专业支撑作用。
近年来，随着全球监管机构赋权公司秘书/董秘更多的公司治理职责，并强化对董事和董秘两大治理全体的监管问责，其执业面临新的挑战和风险。为此，公会在MCTCP下设两个新的机构：董秘专业委员会和董事监事委员会，并通过该专业组织支撑体系为两类执业人士提供有针对性的专业支持，并引导董秘和董事两个治理执业方向人士的专业发展。
目前，小组及其属下的两个专业委员会正在进行《A+H股公司关连交易实务指引》、《A+H内幕信息实务指引第三版》以及《境外上市独立董事任职标准及实务指引》等的编写工作，预计在不久的将来陆续发布。
未来展望
历经2001年美国安然舞弊案和2008年全球金融危机两次影响深远的治理事件后，国际公司治理的环境发生了深刻变化：世界各国监管机构相继赋予董事会更多企业风险管理和可持续发展的责任，利益相关者及社会对董事会的期望也随之发生变化，企业文化和道德日益成为重要的治理驱动因素，国际主流公司治理模式对良好公司治理之认识和实践开始出现分歧，皆倾其强化治理之所能。而伴随着人工智能、大数据及区块链等新技术的崛起，这些变化将重构并彻底改变未来的公司治理走向。
当前的公司治理发展对董事会组成、多元化以至ESG报告标准等领域的既有观念提出了挑战。公司治理是公会的专业的核心，公会更名为香港公司治理公会后有助于国际总会和公会及其属会打造新标识，强化治理是我们的专业核心这一理念，更好地定位其在公司治理方面的重要作用，巩固其在治理方面的领导地位。公会将在大旗下，聚焦特许秘书和公司治理师双重资格的发展，提升会员作为公司治理专家的地位与就业前景。
公会将一如既往地积极参与内地资本市场的发展，积极拓展专业服务范围和内容，为内地会员、学员、联席成员、境内外上市公司董秘及董事等治理专业人士提供更加优质的专业服务与支持。公会作为治理方面的思想引领者，将不负使命，继续引领两地公司治理理念与实践的提升，与内地同仁携手并进，共筑公司治理专业发展之路，共同推动公司治理师专业在内地的建立和普及，打造公司治理师或首席治理官的高端治理人才，为推动两地公司治理水平的提升贡献力量。
姜国梁先生FCG FCS(PE)
香港公司治理公会北京代表处首席代表
