The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), has today published a webcast that offers directors at companies considering an initial public offering with guidance on their responsibilities, as well as practical advice on tackling issues that may arise during and after the listing process.
The presentation, entitled “Directors Responsibilities at IPOs”, is the fourth and final instalment of director training webcasts produced by the Exchange to help improve standards of corporate governance and regulatory best practices among listed issuers. This latest session combines key regulatory messages with real-life examples, presented by company directors and market practitioners with experience in IPOs.
The topic on IPOs is a particularly timely one, as HKEX plans to implement major reforms to its listing regime this year aimed at attracting a more diversified pool of companies seeking a Hong Kong listing. The webcast covers the following topics, with each explained in a short video:
- Change of Mindset for Business Owners
- Role of Directors
- Appointment of Independent Non-executive Directors
- Use of IPO Proceeds
- Internal Control
- Post IPO Profit Decline, Disposal of Original Business and Dealing Restrictions
- Practical Tips
This latest webcast will give directors a better understanding of the Exchange’s expectations of them, in terms of establishing good corporate governance practices and other responsibilities, even before their companies list,” said David Graham, HKEX Chief Regulatory Officer and Head of Listing.
Webcast speakers include John Zhao, Executive Vice President, Legend Holdings Corporation; Anthony Lo, Independent Non-Executive Director, Lam Soon (Hong Kong) Limited; Duncan Fitzgerald, Partner, Risk Assurance Practice, PricewaterhouseCoopers; Henry Lai, Chairman, The Hong Kong Institute of Directors and Partner, Messrs P C Woo & Co; and Heidi Yang, Head of Corporate Advisory Group, Asia, Deutsche Bank AG. The Exchange would like to thank the speakers and the Hong Kong Institute of Directors for their support of the webcast.
The Exchange launched the directors training webcast series in early 2017 to provide practical guidance to directors to improve their quality, and consequently the effectiveness of corporate boards. Earlier topics covered include duties of directors and role and function of board committees, risk management and internal control, as well as corporate governance and roles of the company secretary.
We will continue to identify regulatory issues and provide guidance to issuers and directors in order to promote and maintain a high standard of corporate governance,” added David Graham.