Published: 21:27, May 20, 2024
Key role of non-executive directors in HK highlighted
By Oswald Chan

Terence Chiu, president of The Hong Kong Independent Non-Executive Director Association, delivers a his opening speech during the Hong Kong Independent Non-Executive Director Association (HKINEDA) Annual Conference 2024 at the Hong Kong Convention and Exhibition Centre in Wan Chai on May 20,2024. (ADAM LAM / CHINA DAILY)

Independent non-executive directors of listed companies have a unique and vital role to play in bolstering corporate governance to support the sustainable development of Hong Kong’s capital markets, according to representatives of financial regulators in the city.

The special responsibilities of external board members were highlighted on Monday at the annual Hong Kong Independent Non-Executive Director Association (HKiNED) conference, which focused on corporate governance and capital market reform.

Au King-lun, executive director and board member of the Financial Services Development Council, called for independent non-executive directors to receive more training to support them in performing key tasks such as monitoring market developments and advising company management

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“Independent non-executive directors have to constantly improve their skills and work with company management to uphold corporate governance and the stable development of the capital markets, as well as tackle future market changes and challenges,” HKiNED President Terence Chiu said in his opening speech.

Janey Lai, chief executive officer of the Accounting and Financial Reporting Council, added: “In addition to implementing capital market reforms and launching more new products, the market also needs to be complemented by the elevation of corporate governance standards, so as to attract more investors to invest in Hong Kong, thus promoting the sustainable development of the capital markets.”

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Au King-lun, executive director and board member of the Financial Services Development Council, called for independent non-executive directors to receive more training to support them in performing key tasks such as monitoring market developments and advising company management.

(From left) Moderator Lawrence Wong, deputy president & chairman of New Economy Committee, HKiNED; Jacky Lai, partner, Assurance & Hong Kong Capital Market Service;  Angus Chen, partner, Capital Market Services, PwC Hong Kong; Ricky Lee, managing director, Valuation Advisory Services, Kroll; and Oswald Au, managing director, Riskory Consultancy Ltd; participate at an expert panel discussion on “Innovation, Challenges, and Future of 18C Specialized Technology Industry” during The Hong Kong Independent Non-Executive Director Association (HKINED) Annual Conference 2024 at Hong Kong Convention and Exhibition Centre in Wan Chai on May 20,2024. (ADAM LAM / CHINA DAILY)

The annual conference gathers professionals from auditing, legal and advisory services as well as representatives from financial regulators to explore the relationship between corporate governance and capital market reform in virtual assets, company listings and initial public offerings within the specialized technology industry.