Kenneth Jiang FCG HKFCG(PE), Chief Representative of the Institute’s Beijing Representative Office, reviews the work of the Institute in the Mainland in fiscal 2021/2022.
The Institute has shown great resilience in the face of the nearly two-year-long pandemic that has limited travel and social interaction. Faced with dual challenges of Covid-19 pandemic and the globally enhanced requirements for ESG information disclosure, the Institute, with the mission of enhancing the practical skills of governance practitioners and continuously improving the governance standards of listed companies in both Hong Kong and the Mainland, has promptly shifted its activities and services to online or hybrid mode. Through its forward-looking thought leadership, the Institute proactively provided practical support and solutions in a timely and effective manner to governance practitioners, meeting the continuous improvement and communication needs of Affiliated Persons (APs), members, students and graduates.
New brand for a new beginning
The year 2022 marks the 25th anniversary of Hong Kong's return to the motherland. Over the past 25 years since its return, Hong Kong's guiding principal of ‘one country, two systems’ has been continuously developed in practice, leading to the active participation of Hong Kong stakeholders in the cause of national prosperity and great rejuvenation of the nation.
2022 is also the first year of the Institute’s launch of its new brand. With effect from 20 July 2021, the Institute changed its name to ‘The Hong Kong Chartered Governance Institute’, and launched a new brand identity in January 2022. Our new brand better reflects the governance role and professional values of our members. It also helps to increase the public's awareness of the governance work undertaken by our members and enhances the professional influence of our members in governance field. The name change was also supported by the majority of Mainland APs and members, who generally believe that the term ‘governance’ can better represent the professional scope of the Institute and is in line with the cutting-edge developments in international corporate governance.
Since Hong Kong’s return, the number and market capitalisation of Mainland companies listed in the Hong Kong capital market has continued to rise. As at the end of 2021, there were 1,368 Mainland companies listed in Hong Kong, accounting for 78.9% of the total market capitalisation. In 2021, the number of newly listed Mainland companies accounted for 89% of the total number of new listings in Hong Kong and 98% of the total IPOs were by Mainland companies. Thus, the development of the Institute in the Mainland has become increasingly important.
In November 2021, Institute Council held a strategy meeting to review the development of the Institute in Hong Kong and the Mainland and to discuss the way forward. It was agreed that the professional development of the Institute in the Mainland should be further strengthened.
In 2022, two new Council members with Mainland expertise were elected to the 2022 Council and a Mainland China Affairs Committee (MCAC) was established to ensure the development and implementation of a proper Mainland strategy to further expand the Institute's professional presence in the Mainland and promote the Institute's professional qualifications. The MCAC comprises seven senior professionals, five of them are past/current Presidents and one Vice-President, and all members have extensive experience in Mainland business and have deep insights into the professional development of the Institute in the Mainland. We are confident that under the leadership of the MCAC, new opportunities will arise for the Institute's development in the Mainland.
Focusing on governance priorities
Since 2017, many international organisations and institutions have been raising the bar on corporate ESG disclosure requirements, especially in relation to climate change. ESG and climate change reporting has become a top regulatory concern and there is an urgent need for companies to develop transformation plans and implement them progressively. Therefore, in addition to continuing to focus on governance practices and solutions, the Institute has provided timely interpretation and practical support on ESG and climate change related reporting in its Enhanced Continuing Professional Development (ECPD) seminars during this fiscal year.
In November 2021, the Institute held a webinar to engage relevant industry experts to explain and discuss ESG and climate-related issues in depth. The webinar was supported by Hong Kong Exchanges and Clearing Ltd (HKEX), MSCI, Fidelity International, CDP Global Environmental Information Research Centre and other institutions, and by experts from the Task Force on Climate-related Financial Disclosures (TCFD).
The webinar introduced participants to the key regulatory initiatives on climate change by HKEX and international investors' expectations on sustainable investment. Highlighted, among other things, were guidelines and other practical issues related to ESG and climate change disclosures, business strategies development based on TCFD recommendations and a roadmap to carbon neutrality. This webinar was well received by attendees.
In this fiscal year, the Institute has formally expanded the target groups of the Mainland’s ECPD seminars to three major governance professional groups, namely, board secretaries, directors/supervisors and financial heads. Throughout the year, in addition to the original seminars for board secretaries, directors and supervisors, two special trainings have been arranged for financial heads in order to meet their training needs in governance practice.
The Institute held seven ECPD seminars in the Mainland throughout the year, including six webinars and one physical seminar. Such events attracted 600 attendees, of which 40% were board secretaries, 37% directors and supervisors and 23% financial heads and other governance-related senior executives. Most of these seminars were conducted online. Through the implementation of diversified methods, such as interactive lectures, Q&A sessions and post-class practice questions, the webinars enabled exchanges and interactions between the participants and the speakers.
Topics included risk management and ESG; directors' duties and governance practices; major transactions, connected transactions and insider trading management and control; information disclosure and inside information management and control; annual financial auditing and annual report; corporate governance report; M&A and transaction control etc. Corporate governance and ESG-related topics accounted for over 50% of the webinars.
For APs, in order to better identify the scope of the profession and the target audience after the change of the Institute’s name, the AP ECPD Seminars have been renamed Governance Professionals ECPD Seminars with effect from July 2022.
The Institute’s Governance Professionals ECPD seminars closely aligned with the latest regulatory developments and governance practices and the seminar speakers have been carefully selected from senior professionals or senior board secretaries. As a result, the Governance Professionals ECPD seminars have become a widely-recognised platform for ongoing professional training and exchange with peers and regulators for both domestic and overseas listed companies.
As of the end of June 2022, the Institute had held 62 related ECPD seminars with more than 8,500 participants. The participants included board secretaries, directors, supervisors, financial heads and other governance-related senior managers. The number of non-APs attending such seminars accounted for about 80% of the total, indicating that the influence of the Institute's AP programme extends far beyond the AP community.
Expanding membership
Mainland APs are a special group of governance practitioners incorporated into the Institute's professional framework. The target groups of the Institute’s AP programme comprise board secretaries, directors, supervisors and other governance professionals from companies listed or planning to get listed in Hong Kong. As of 30 June 2022, the Institute had a total of 158 registered APs, including 39% from H-share companies, 29% from A+H-share companies and other multiple-exchange listed companies, 17% from Red Chip companies, 8% from A-share companies and 7% from companies planning to list in Hong Kong.
In recent years, thanks to the continuous increase in the number of listed companies in both Hong Kong and the Mainland, as well as the regulators empowering company secretaries and board secretaries with more corporate governance responsibilities, as well as the Institute’s strategic initiatives to promote professional reform, professional qualifications issued by the Institute have been recognised by more and more listed companies and regulators in both Hong Kong and the Mainland. The number of Mainland students and members has continued to grow steadily.
As of 30 June 2022, the Institute had 300 registered students in the Mainland, maintaining a steady growth trend. The Institute had 200 Mainland members and graduates, an increase of 59% over last year, mainly due to the large number of students who graduated the Postgraduate Programme in Corporate Governance (PGPCG) by the Hong Kong Metropolitan University and successfully applied for membership. For the first time in the Mainland, the Institute has experienced a major turning point at which the number of members exceeds the number of APs.
Practical research
Thought leadership on corporate governance has always been an important part of the Institute's work in the Mainland. By providing practical training to board secretaries and governance professionals, as well as providing advice and suggestions to regulators on policy formulation and revision, the Institute continues to contribute to the improvement of corporate governance in both Hong Kong and the Mainland.
In this fiscal year, the two sub-committees under the Institute's Mainland China Technical Consultation Panel (MCTCP), namely, the Mainland China Board Secretaries Subcommittee and the Mainland China Directors and Supervisors Subcommittee, have played an important role in strengthening the Institute's research capability and enhancing its role as a communication platform for corporate governance professionals of companies listed or planning to get listed in Hong Kong.
Within the previous year, the Institute has worked on three substantive research projects, namely, Guidelines on Practices of Information Disclosure of Companies Listed in Hong Kong and the Mainland (Third Edition), Guidelines on Practices of Connected Transactions of Companies Listed in Hong Kong and the Mainland, Guidelines on Practices of Directors of Mainland Companies Listed in Hong Kong. These three Guidelines are expected to be completed by the end of 2022.
Future perspectives
Looking ahead, there is great potential and opportunity for the Institute’s professional development in the Mainland. The increasing global attention to ESG, especially issues related to climate change, the complex international situation and the development of new technologies have presented new governance issues. Thus, corporate governance has become increasingly complex and its importance has been raised to an unprecedented level.
As a professional organisation with corporate governance as its core, the Institute will continue to actively participate in the development of the Mainland capital markets. The Institute will actively expand the scope and the content of its professional services, provide more professional and quality services and support to Mainland members, students, APs, board secretaries, directors/supervisors and financial heads, as well as other governance professionals. The Institute will continue to cultivate more governance talents and to contribute to the enhancement of the professional standards and professional status of governance professionals.
Kenneth Jiang FCG HKFCG(PE)
Chief Representative, Beijing Representative Office of The Hong Kong Chartered Governance Institute
正视挑战 笃志力行
公会北京代表处首席代表姜国梁先生FCG HKFCG(PE)简述公会2021/2022财年内地工作进展。
持续近两年的新冠疫情，限制了人们的出行与社交，但公会却展现了极强的适应力。面对疫情及全球提升对ESG信息披露的要求，公会在这双重挑战下笃志力行，以持续强化两地治理从业人士之执业技能，以及提高两地上市公司的治理水平为已任，及时将相关活动及服务转为线上或线上线下结合。公会亦发挥前瞻性的专业领导力，为治理执业人士提供实务支持与解决方案，适时和有效地满足联席成员、会员、学员及毕业学员之持续提升专业水平与交流需求。
新品牌 新起点
2022年是香港回归祖国25周年。回归25年来，香港“一国两制”在实践中不断发展，形成香港利益相关者积极参与国家兴盛和民族伟大复兴事业的新治理理念。
今年也是公会启用新品牌之元年。自2021年7月20日起，公会更名为“香港公司治理公会”，并于2022年1月启用了新品牌标识。新品牌标识更好地反映公会会员的治理职责及其专业价值，也有助于增进公众对公会会员所从事治理工作的认识，以及提升会员在治理方面的专业影响力。更名亦获得了广大内地联席成员及会员的支持，其普遍认为以“治理”命名更能代表公会的专业范围，同时也顺应了国际公司治理之前沿发展。
香港回归以后，内地上市公司在香港资本市场数量与市值占比持续攀升。截至2021年底，内地在港上市企业共1,368家，总市值占比已达78.9%。2021年全年，新上市的内地公司数量占新上市公司总数的89%，内地公司首次公开招股(IPO)集资额占总额的98%。由此可见，公会在内地的发展亦愈发重要。
2021年11月，公会理事会召开战略会议，就公会香港及内地的发展进行了回顾，并就未来发展方向进行了深入探讨。在会议上，各参会者一致认为，应进一步加强公会在内地的专业发展事业。
2022年，公会新增两名拥有内地执业经验的理事，同时成立了中国内地事务委员会，以确保制定并执行恰当的内地战略，进一步扩大公会在内地的专业影响力，以及推广公会的专业资格。该委员会由七名资深专业人士组成，其中五名为前任/现任会长，一名为副会长，所有成员均拥有丰富的内地业务经验，对公会的内地专业发展拥有深刻洞察。我们相信在该委员会的带领下，公会的内地业务将迎来新的发展机遇。
聚焦治理重点
自2017年以来，众多国际组织与机构不断提升对企业的ESG披露要求特别是气候变化相关信息披露的要求。ESG及气候变化报告已成为监管首要关注事项，企业急需制订转型计划并逐步推行。因此，公会在本财年的强化持续专业发展培训中，除了继续着重于治理实务与解决方案外，也特别就ESG及气候变化相关报告，及时给予解读与实务支持。
2021年11月，公会举办了网络研讨会，组织业内相关专家深入解读并探讨ESG和气候相关问题。是次网络研讨会得到了香港交易所（港交所）、MSCI、富达国际、CDP全球环境信息研究中心等机构，以及“气候相关财务信息披露工作组”(TCFD)专家的大力支持。
研讨会向参会者解析港交所在气候变化方面的主要监管措施，以及国际投资者对可持续投资的期望。研讨会亦解读与ESG及气候变化披露有关的准则和其他实际问题、如何根据TCFD建议制定商业战略，以及实现碳中和的路线图等。研讨会获得了参会者的广泛好评。
本财政年度，公会将内地强化持续专业发展讲座的目标群体，扩大到三类主要治理人士群体，即董事会秘书、董事/监事和财务负责人，在原有的董事会秘书、董事/监事专题讲座的基础上，针对财务负责人安排了两期专门讲座，以满足相关的治理实务需求。
公会在本财政年度于内地共举办了七期强化持续专业发展讲座。其中六期为网络讲座，一期为现场讲座，共吸引600人次参会。参会者中，40%为董事会秘书、 37%为董事和监事、23%则为财务负责人及其他治理相关高管。大部分讲座以线上形式进行，通过互动式授课、问答环节和课后练习题等多元化模式，促进参训者与讲者的交流和互动。
讲座涵盖的主题包括：风险管理与ESG、董事职责与治理实践；重大交易、关联交易与内幕交易管控；信息披露与内幕信息管控；年度财务审计与业绩报告；企业管治报告，以及并购与交易管控等。公司治理与ESG有关主题占50%以上。
在联席成员方面，为了更好地标识公会更名后的专业范围及受训对象，自2022年7月起，联席成员强化持续专业发展讲座，更名为公司治理专业人士强化持续专业发展讲座。
由于公司治理专业人士强化持续专业发展讲座紧密结合规管最新发展及治理实务问题，并严格遴选资深专业人士或资深董事会秘书担任讲者，所以已成为境内外上市公司广泛认可的持续专业培训，以及与同行及监管机构交流的专业平台。
截至2022年6月底，公会已举办了62期相关讲座，参训人数逾8,500人次，受众包括董事会秘书、董事、监事、财务负责人及其他治理相关高级管理人员等。参加这些讲座的非联席成员人数，约占总人数的80%，这表明公会联席成员平台的影响力远超出联席成员群体范畴。
会员数量稳步增长
内地联席成员是纳入公会组织架构内的特定治理从业人士，其计划的招收对象为香港上市或拟上市公司的董事会秘书、董事、监事及同等公司治理人士。截至2022年6月30日，公会共有在册联席成员158人，其中39%来自H股公司，29%来自A+H股和其他多地上市公司，17%来自红筹公司，8%来自A股公司，7%来自拟上市公司。
近年来，得益于两地上市公司的持续增多，以及监管机构赋予公司和董事会秘书更多公司治理职责，再加上公会推进专业改革的战略举措，公会的专业资格获得越来越多上市公司及两地监管机构的认可，内地学员及会员人数持续稳步增长。
截至2022年6月30日，公会拥有内地注册学员300人，保持了平稳增长趋势。此外，公会拥有内地会员及毕业学员200人，较去年增长59%。这主要归因于今年大量修毕香港都会大学的企业管治研修班课程的学员，并顺利申请成为公会会员。公会在内地亦首次出现会员数量超过联席成员数量的重大转折。
实务研究
公司治理相关的思想引领工作一直是公会内地工作的重要一环。公会通过为董事会秘书及治理相关人士提供实务培训，以及为监管机构的政策制定与修订提供意见与建议，持续为两地的公司治理水平提升贡献力量。
在本财政年度，公会通过两个中国内地技术咨询小组下辖的专业委员会，即中国内地董事会秘书专业委员会，以及中国内地董事及监事专业委员会，持续提升公会的研究能力，同时强化其作为香港上市或拟上市公司的治理人士交流平台之角色。
在过去一年里，公会致力于三个实务研究项目，即，《香港与内地上市公司信息披露实务指引》（第三版）、《香港与内地上市公司关联交易实务指引》及《在香港上市之内地公司董事实务指引》，三个指引均预计于2022年底前完成。
未来展望
展望未来，公会内地专业发展充满机遇。全球对气候变化等ESG相关议题的日益重视、错综复杂的国际形势变化，以及新资讯科技的发展等因素，提出了新的治理课题。公司治理变得日益复杂，其重要性已被提升到前所未有的高度。
公会作为一个以公司治理为核心的专业机构，将一如既往地积极参与内地资本市场的发展。公会将积极拓展专业服务范围和内容，为内地会员、学员、联席成员、董事会秘书、董事/监事及财务负责人，以及其他治理专业人士，提供更加专业优质的服务与支持，同时为继续培养更多优秀的公司治理专业人才，以及持续提升治理专业人士的水平及地位而贡献力量。
姜国梁先生FCG HKFCG(PE)
香港公司治理公会北京代表处首席代表
