Letter to HKEX on Corporate WVR


On 1 May 2020, ACGA sent a letter (attached with the completed questionnaire) to Hong Kong Exchanges and Clearing (HKEX) in response to its consultation paper on Corporate WVR Beneficiaries. As stated in our submission to HKEX on individual WVR in March 2018, our view remains that multiple voting rights, whether held by a corporate or an individual, are incompatible with the principle of fair and equal treatment of all shareholders and represent a danger to minority shareholders. While eligibility conditions and safeguards may go some way to mitigating the risks, they do not eliminate those risks. We are therefore opposed in principle to any form of WVR.