This month’s journal looks at Hong Kong’s new statutory regime for holding general meetings. Readers of this journal will probably be aware that our Institute has been
instrumental in modernising Hong Kong’s statutory and regulatory requirements relating to the holding of general meetings. In the midst of the Covid pandemic, we called on the Financial Services and the Treasury Bureau to consider emergency regulations to allow for virtual meetings. That conversation has now led to amendments to the Companies Ordinance (CO) and Companies Model Articles Notice that expressly cater for the scenario of Hong Kong–incorporated companies holding fully virtual or hybrid general meetings.
This month’s cover story provides a highly useful introduction to the implications of the new regime, which came into effect on 28 April. Its authors – Benita Yu FCG HKFCG, Senior Partner, Slaughter and May, and Chair of the Institute’s Company Law Interest Group (CLIG), together with Vincent Chan, Partner, Slaughter and May – have also written the Institute’s latest guidance note on this topic. Both the CLIG guidance note, now available on the Institute’s website, and this month’s cover story, offer practical advice on the options now open to companies in light of the CO amendments.
Rather than going into any more detail on this month’s cover theme, in my message this month I would like to focus on a very significant event to be held next month – namely, our 24th Annual Corporate and Regulatory Update (ACRU 2023). This year’s ACRU, to be held on 9 June, is special in a number of ways.
Firstly, this will be the first time since 2019 that we have been able to return to hosting the event at the Hong Kong Convention and Exhibition Centre (HKCEC). ACRU is our most popular CPD event and can easily fill out one of the large HKCEC halls. Since large, in-person gatherings were impossible during the Covid pandemic, ACRU has been held as an online webinar for the last three years. This has accelerated our transition to the current hybrid attendance format – which I believe improves accessibility to the forum without sacrificing the benefits of a face-to-face dialogue for those who can attend in person.
Our 24th ACRU will also be special because it welcomes Hong Kong’s newest regulator to the ACRU dialogue. On 1 October 2022, the Financial Reporting Council (FRC) was renamed the Accounting and Financial Reporting Council (AFRC) and was vested with expanded statutory functions as the independent regulatory and oversight body of the accounting profession. This year will therefore be the AFRC’s ACRU debut. The other ‘regulars’ joining the dialogue comprise Hong Kong Exchanges and Clearing Ltd, the Securities and Futures Commission, the Financial Services and the Treasury Bureau, the Companies Registry and the Inland Revenue Department.
With a speaker lineup of that calibre, you can guarantee that this year’s ACRU will be a one-stop-shop for the full spectrum of governance and compliance issues at the top of the agenda in 2023. These include: climate change, family offices and the competitiveness of Hong Kong as a marketplace. If you haven’t already signed up for the event, I urge you to do so. The value of our ACRU forum has only increased since the event was launched over two decades ago. At a time of environmental stress, changing demography and accelerating regulatory and technological change, it has become more essential than ever for members of our profession, and indeed anyone involved in governance, to be part of the dialogue. I look forward to seeing you all there!
instrumental in modernising Hong Kong’s statutory and regulatory requirements relating to the holding of general meetings. In the midst of the Covid pandemic, we called on the Financial Services and the Treasury Bureau to consider emergency regulations to allow for virtual meetings. That conversation has now led to amendments to the Companies Ordinance (CO) and Companies Model Articles Notice that expressly cater for the scenario of Hong Kong–incorporated companies holding fully virtual or hybrid general meetings.
This month’s cover story provides a highly useful introduction to the implications of the new regime, which came into effect on 28 April. Its authors – Benita Yu FCG HKFCG, Senior Partner, Slaughter and May, and Chair of the Institute’s Company Law Interest Group (CLIG), together with Vincent Chan, Partner, Slaughter and May – have also written the Institute’s latest guidance note on this topic. Both the CLIG guidance note, now available on the Institute’s website, and this month’s cover story, offer practical advice on the options now open to companies in light of the CO amendments.
Rather than going into any more detail on this month’s cover theme, in my message this month I would like to focus on a very significant event to be held next month – namely, our 24th Annual Corporate and Regulatory Update (ACRU 2023). This year’s ACRU, to be held on 9 June, is special in a number of ways.
Firstly, this will be the first time since 2019 that we have been able to return to hosting the event at the Hong Kong Convention and Exhibition Centre (HKCEC). ACRU is our most popular CPD event and can easily fill out one of the large HKCEC halls. Since large, in-person gatherings were impossible during the Covid pandemic, ACRU has been held as an online webinar for the last three years. This has accelerated our transition to the current hybrid attendance format – which I believe improves accessibility to the forum without sacrificing the benefits of a face-to-face dialogue for those who can attend in person.
Our 24th ACRU will also be special because it welcomes Hong Kong’s newest regulator to the ACRU dialogue. On 1 October 2022, the Financial Reporting Council (FRC) was renamed the Accounting and Financial Reporting Council (AFRC) and was vested with expanded statutory functions as the independent regulatory and oversight body of the accounting profession. This year will therefore be the AFRC’s ACRU debut. The other ‘regulars’ joining the dialogue comprise Hong Kong Exchanges and Clearing Ltd, the Securities and Futures Commission, the Financial Services and the Treasury Bureau, the Companies Registry and the Inland Revenue Department.
With a speaker lineup of that calibre, you can guarantee that this year’s ACRU will be a one-stop-shop for the full spectrum of governance and compliance issues at the top of the agenda in 2023. These include: climate change, family offices and the competitiveness of Hong Kong as a marketplace. If you haven’t already signed up for the event, I urge you to do so. The value of our ACRU forum has only increased since the event was launched over two decades ago. At a time of environmental stress, changing demography and accelerating regulatory and technological change, it has become more essential than ever for members of our profession, and indeed anyone involved in governance, to be part of the dialogue. I look forward to seeing you all there!
