CG Watch 2023: Edging up, sliding down (Greater China Chapter)

On 5 August 2024, ACGA released the Greater China chapter of the CG Watch 2023 report titled "Edging up, sliding down: Top-down agendas, contrasting outcomes."

The report, written by ACGA Head of Research Jane Moir, Research Manager Lake Wang, and former Secretary General Jamie Allen, and co-published with CLSA, examines the trajectories of corporate governance in China, Hong Kong, and Taiwan since 2020, presenting a picture of "modest gains, stability, and some areas of slippage.

While the three markets are driven by rules, their outcomes differ:

  • China has adapted its CG system to national priorities, resulting in bright spots in areas such as INEDs and regulatory enforcement.
  • Hong Kong's priority of IPO volume has come at some cost to minority shareholder protections.
  • In Taiwan, regulators are keen on CG reforms, but corporates sometimes struggle to keep up with the pace of change.
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