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
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