港交所刊发优化《企业管治守则》的咨询总结（中英双语）

背景
港交所于2024年12月刊发《<企业管治守则>及相关<上市规则>条文检讨咨询总结》，将强化对香港2600家上市公司在董事会效能、性别多元化、风险管理和股息方面的要求，另外增加多项披露义务。大部分新规将适用于2025年7月1日或之后开始的财政年度。
委任首席独立非执行董事（独董）。建议董事会主席由非独董担任的上市公司，委任一名独董为“首席独董”，作为其他董事和股东沟通的中间人，并在与董事会主席或管理层沟通不足的情况下，提供替代的沟通渠道。
加强披露与股东互动的资讯。上市公司必须在《企业管治报告》中加强披露有关董事会与股东互动的资讯，如互动的性质及频次，参与互动的股东和公司代表，以及公司跟进互动结果的方式。
强制董事接受培训。董事必须每年接受涵盖特定主题的持续专业发展培训（相关主题包括董事的责任以及上市公司的义务、企业管治、ESG、风险管理和内部监控，以及行业相关趋势更新）。初任董事和在获委任前三年内未曾担任香港上市公司董事的人士必须在获委任后18个月内完成至少24小时的培训，在获委任前三年内曾担任其他管辖区上市公司董事的初任董事须完成至少12小时的培训。有关董事接受的培训信息（如培训时数、形式、主题和培训提供者）必须在《企业管治报告》中披露。
董事会表现评核。每家公司必须至少每两年进行一次正式的董事会整体（并非每位董事）表现评核，并在《企业管治报告》中披露详情。
董事会技能表。上市公司必须在其《企业管治报告》中披露：（1）当前董事会的技能，（2）说明董事的技能、经验和多元化背景如何协助公司实现其目标、价值观、战略和目标文化；以及（3）董事会拟获取新技能的详细信息和规划。当前仅呈列董事资历和经验的作法将不再足够。
超额任职独董及董事付出的时间。独董不得同时出任多于六家香港上市公司的董事。现有上市公司须在2028年7月1日或之后举行的首次股东周年大会时符合这一硬性规定。此外，每家公司的提名委员会须每年评估并在《企业管治报告》中披露每位董事付出的时间和对董事会作出的贡献。
任期超过九年的独董。硬性规定独董任期以九年为限，此后独董不再被视为独立（这类独董被称为连任多年的独董）。到2028年7月1日或之后首次举行的股东周年大会时，公司董事会的大部分独董不得为连任多年的独董。到2031年7月1日或之后首次举行的股东周年大会时，公司董事会不得有任何连任多年的独董。《企业管治报告》必须披露每位董事的任期。
董事会和全体员工的多元化。到2024年年末前，上市公司董事会必须至少有一名不同性别的董事。此外，提名委员会也必须至少有一名不同性别的董事。除董事会多元化政策外，公司还必须维持和披露全体员工（包括高级管理层）的多元化政策。董事会必须每年检讨董事会多元化政策的实施情况。《企业管治报告》必须分别披露高级管理层和全体员工的性别比例。
风险管理及内部监控（RMIC）。上市公司必须每年检讨其内部及附属公司的RMIC系统的有效性。检讨范围应涵盖所有重要监控领域，包括财务、运营和合规监控系统。公司应重点考虑以下方面：（1）重大风险（包括ESG风险）的性质和程度的变化；（2）公司应对风险的能力;（3）管理层对风险持续监督的质量；（4）与董事会沟通评估RMIC系统的频次；（5）财务报告流程和上市规则合规流程的有效性；以及（6）用于设计、实施和监督RMIC系统的内部及外部资源的充足性。
此外，公司还须在《企业管治报告》中详细披露以下信息：（1）RMIC系统的主要特征；（2）风险评估及RMIC系统的任何重大变更；（3）检讨将由内部核数师或外部顾问进行；（4）董事会对RMIC系统适当性和有效性的结论及支持信息；（5）检讨的范围和发现的问题；（6）检讨中发现的重大监控失效或缺陷（如有），以及已采取或提议的补救措施。
股息政策。上市公司如有股息政策，须在《企业管治报告》中披露政策概要及董事会决定派息时考虑的因素。若无股息政策，须明确说明并解释原因。在任何情况下，公司必须披露以下信息：（1）当年宣布派息时，若当期股息率与前一期存在重大差异，须说明原因；（2）若董事会决定不派息，公司应提供原因，并披露其为提升投资者回报的措施。
杨杨朱律师事务所有限法律责任合伙与北京天达共和（香港）律师事务所联营。
本篇文章仅是对有关题目提供的一般概述，并非旨在成为可依赖的专业意见。请联系我们获取进一步的具体法律意见。
HKEX conclusions on review of Corporate Governance Code
Background
The Stock Exchange of Hong Kong published the Consultation Paper on Review of Corporate Governance Code and Related Listing Rules. Enhanced requirements on board effectiveness, gender diversity, risk management and dividend policy are introduced to the 2,600 Hong Kong-listed companies, together with relevant additional disclosure obligations. Most will apply to financial years commencing on or after 1 July 2025.
Lead independent non-executive directors (INEDs). Where the chairman of the board is not an INED, the listed company is encouraged to designate an INED as the “lead INED” to serve as an intermediary for the other directors and shareholders, and act as an alternative communication channel in case of inadequate communication with the chairman or management.
Disclosure on shareholder engagement. Each company must enhance disclosures on the board’s engagement with shareholders in its corporate governance report (CG Report), such as the nature and frequency of engagement, the shareholders and company’s representatives involved, and follow-up approaches.
Mandatory director training. Directors must receive mandatory continuing professional development annually on specified topics (including directors’ responsibilities and issuers’ obligations, corporate governance, ESG, risk management and internal controls, and industry-specific updates). First-time directors and those individuals who have not served as directors of Hong Kong-listed companies for the three years before appointment must complete at least 24 hours of training within 18 months of appointment. At least 12 hours of training are required for first-time directors who have served as directors of companies listed in other jurisdictions within the three years before the appointment. Certain information on the training received by directors (e.g. hours, format, topic and training provider) must be disclosed in the CG Report.
Board performance review. Each company must conduct a formal evaluation of the performance of the entire board (but not individual directors) at least once every two years, with specific disclosures to be made in the CG Report.
Board skills matrix. A listed company must disclose in its CG Report: (1) the board’s existing skills, (2) how the combination of skills, experience and diversity of directors serves the company’s purposes, values, strategy and desired culture, and (3) details and plans to acquire further skills. The current practice of simply listing out the directors’ qualifications and experience will no longer be sufficient.
Overboarding INEDs and directors’ time commitment. Each INED can only serve as a director of up to six Hong Kong listed companies concurrently – this hard cap will apply to existing listed companies from the first annual general meeting held on or after 1 July 2028. Also, the nomination committee of each company must annually assess and disclose in the CG Report each director’s time commitment and contribution to the board.
INED serving for more than nine years. A hard cap of nine years on the tenure of INEDs is imposed, i.e. a director will cease to be considered independent after serving in that role for 9 years or more (long-serving INED). By the first annual general meeting held on or after 1 July 2028, the company must ensure that long-serving INEDs do not constitute the majority of the INEDs on its board. By the first annual general meeting held on or after 1 July 2031, it must no longer have any long-serving INEDs. The CG Report must include the tenure length of each director.
Board and workforce diversity. At least one director of a different gender must be appointed to the board no later than 31 December 2024. In addition to this requirement, the nomination committee must also have at least one director of a different gender. The company must also maintain and disclose a diversity policy for its workforce (including senior management), in addition to the board diversity policy. The board must review annually the implementation of its board diversity policy. The gender ratio of senior management and of the workforce must be disclosed separately in the CG Report.
Risk management and internal control (RMIC). A listed company must conduct annual reviews of the effectiveness of the RMIC systems of itself and its subsidiaries. The review scope should encompass all material controls, including financial, operational and compliance controls. It should consider (1) changes in the nature and extent of significant risks, including ESG risks; (2) the company’s ability to respond; (3) the quality of management’s ongoing monitoring of risks; (4) frequency of communications with the board for assessing the RMIC systems; (5) effectiveness of the company’s processing for financial reporting and listing rules compliance; and (6) adequacy of internal and external resources for designing, implementing and monitoring the RMIC systems.
Furthermore, the company must make detailed disclosures in its CG Report on (1) key features of the RMIC systems; (2) any significant changes in the risks assessment and the RMIC Systems; (3) whether the review is conducted by an internal audit function or external providers; (4) the board’s conclusion on the appropriateness and effectiveness of the RMIC systems with supporting information; (5) review scope and findings; and (6) where applicable, significant control failings or weaknesses identified during the review and remedial steps taken or proposed.
Dividend policy. A listed company with a dividend policy must disclose in the CG Report a summary of the policy and key factors that the board will take into account when deciding whether to declare a dividend. Where the company does not have a dividend policy, it must clearly set out such fact and give reasons. In any event, it must disclose (1) where a dividend is declared during the year, the reasons for any material variation in the dividend rate compared to that for the previous corresponding period; and (2) where the board decides not to declare any dividend, the reasons and the measures that the company intends to take to enhance investors’ return.
YYC Legal LLP is in Association with East & Concord Partners (Hong Kong) Law Firm.
This material has been prepared for general informational purposes only and is not intended to be relied upon as professional advice. Please contact us for specific advice.