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Investor Presentaiton

Regulatory risk ■ Regulatory regimes undergo constant evolution: ➤ Securities laws: In recent years, a much stronger focus on insider trading, fraud, market manipulation. ➤ Company law: New focus on director duties, organisation of annual shareholder meetings, statutory derivative actions. ➤ Listing rules: Stricter requirements on financial reporting, independent directors, audit committees, connected transactions, voting by poll, stock options. ➤ CG Codes: Broader and deeper "soft law" guidelines on board governance, the role of directors, and auditing. How many directors of listed companies understand the full extent of these changes? The basic content of the law? And the regulatory and reputational risks that they face? ■ Many complain that there is "too much regulation". But ... ACGA Presentation HKCCA, May 6, 2009 16 ACGA
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