香港资本市场通讯 – 2025年1月，第1期

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Hong Kong Stock Exchange (HKEX) has published a consultation summary regarding the review of the Corporate Governance Code and related Listing Rules, indicating a commitment to enhancing corporate governance standards to meet shareholder expectations [2][3] Summary by Sections Corporate Governance Code Revisions - The HKEX has proposed several key revisions to the Corporate Governance Code, including the appointment of a Chief Independent Non-Executive Director as a best practice rather than a mandatory rule [5] - Enhanced disclosure requirements for shareholder engagement in the Corporate Governance Report have been introduced to promote constructive dialogue between the board and shareholders [5] Director Training Requirements - Mandatory training for directors has been revised, with initial directors who have served on overseas listed companies required to complete only 12 hours of training instead of 24 [6] - The reset mechanism for training hours has been removed, allowing prior training to count towards the requirement for subsequent appointments within three years [6] Independent Non-Executive Director Independence - A phased implementation of a hard cap on the tenure of independent non-executive directors has been established, with the first phase requiring that a majority of independent directors not be long-serving by July 1, 2028, and the second phase requiring all independent directors to meet this criterion by July 1, 2031 [7][9] - The cooling-off period for long-serving independent directors has been extended from two years to three years [7] Diversity and Risk Management - New rules require issuers to disclose their diversity policies for the board and all employees, including gender ratios [8] - Enhanced disclosure on the effectiveness of risk management and internal control systems is mandated, with annual reviews required [8] Implementation Timeline - The revised Corporate Governance Code and related Listing Rules will take effect on July 1, 2025, with specific transitional arrangements for compliance [11]