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Hong Kong – Consultation On Board Diversity.

15 October, 2012

 

In September 2012, the Exchange published a consultation paper on proposed amendments to the Corporate Governance Code and Corporate Governance Report concerning board diversity. Key proposals include: 

 

• a new Code Provision (i.e., requirement to “comply or explain”) stating that the nomination committee (or the board) should have a policy concerning diversity in the boardroom and should disclose the policy or a summary of the policy in the corporate governance report;
• each company should also include any measurable objectives that it has set for implementing the policy, and progress on achieving the objectives;
• diversity is clarified to be defined broadly, and there are no proposed prescribed criteria for considering diversity; and
• diversity of board members can be achieved through consideration of a number of factors, including but not limited to gender, age, cultural and educational background, or professional experience.  
 
For a copy of the consultation paper, please follow the link:

 

 

For further information, please contact:
 
Tony Grundy, Partner, Morrison Foerster
tgrundy@mofo.com
 
John Moore, Partner,  Morrison Foerster
johnmoore@mofo.com 

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