On 16 August 2024, ACGA submited a letter to Hong Kong Exchanges and Clearing (HKEX) on proposed changes to the Listing Rules and CG Code relating to board effectiveness, independence and diversity.

We commend HKEX for taking steps to address governance shortcomings in these areas. However, we believe there is room for further improvement and ACGA has made several suggestions where the proposals could go further.

In particular, we highlight the independence of directors as an area in need of substantial improvement and recommend bolder steps to recognise the concerns of minority shareholders and to reinforce investor confidence.