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香港公司管治卓越獎

主題演講嘉賓：

香港特別行政區政府

財政司司長

陳茂波先生

The Chamber of Hong Kong Listed Companies Magazine 香港上市公司商會雜誌

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The Hong Kong Corporate Governance Excellence AwardsKeynote Speaker:The Honourable Paul ChanFinancial Secretary, HKSAR

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Do D&O Liability Insurance Policies Cover SFC Enforcement Action?

D&O 責任保險是否涵蓋證監會的執法行動 ?

The Challenges Confronting China’s Digital Economy

中國數碼經濟的機遇與挑戰

Update on Hong Kong Stock Exchange Market Consultations

香港證券交易所市場意見徵詢的最新情況

w Facilitate Communication w Strengthen Understanding w Promote Corporate Governance w Create Opportunities w

Chairman: Francis Leung Pak ToVice Chairmen: Dr K S Lo, Patrick Sun, Eirene Yeung, Li Ming GuangEditorial Committee: Mike Wong, Vincent Kwan, Amy Leung, Gina Miller

Published by: The Chamber of Hong Kong Listed CompaniesRoom 3710, 37th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong KongTel: (852) 2970 0886 Fax: (852) 2970 0555Email: info@chklc.org Website: www.chklc.org

Production by: Ninehills Media LimitedLevel 12, Infinitus Plaza, 199 Des Voeux Road, Sheung Wan, Hong KongTel: (852) 3796 3060 Fax: (852) 3020 7442Email: enquiries@ninehillsmedia.com Website: www.ninehillsmedia.com

Publisher: Paul Davis Email: paul@ninehillsmedia.com

Editor: Gina MillerEmail: gina@ninehillsmedia.com

Advertising Sales Tel: (852) 3796 3060Frank Paul Email: frank@ninehillsmedia.comJennifer Luk Email: jennifer@ninehillsmedia.com

Amy Leung at CHKLC Secretariat (For CHKLC members) Tel: (852) 2970 0886 Email: amyleung@chklc.org

Design: Portia LeEmail: portia@ninehillsmedia.com

ISSN 1758-244X

主席：梁伯韜副主席：羅嘉瑞醫生、辛定華、楊逸芝、利明光編輯委員會：黃明偉、關保銓、梁瑞群、Gina Miller

出版：香港上市公司商會香港灣仔皇后大道東183號合和中心37樓3710室電話：(852) 2970 0886 傳真：(852) 2970 0555電郵：info@chklc.org 網址：www.chklc.org

製作: Ninehills Media Limited香港上環德輔道中199號無限極廣場12樓電話：(852) 3796 3060 傳真：(852) 3020 7442電郵：enquiries@ninehillsmedia.com網址：www.ninehillsmedia.com

出版經理：戴保祿電郵：paul@ninehillsmedia.com

編輯：Gina Miller電郵：gina@ninehillsmedia.com

廣告電話查詢：(852) 3796 3060Frank Paul 電郵：frank@ninehillsmedia.comJennifer Luk 電郵：jennifer@ninehillsmedia.com

梁瑞群—商會秘書處（會員廣告查詢）電話：(852) 2970 0886 電郵：amyleung@chklc.org

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Momentum (“刊物”)乃香港上市公司商會(“商會”)之官方刊物，其版權由商會及各相關作者共同擁有。任何人士在未獲版權人書面同意下均不得複製或以任何形式或途徑傳遞本刊物的內容，包括紀錄及影印，有關使用須預先向出版人作出申請。商會對本刊物所登載的任何意見、立場或建議均一概不承擔任何責任。此外，本刊物之內容並不一定代表商會的意見或立場。

Momentum is the official magazine of The Chamber of Hong Kong Listed Companies ("the Chamber"). Copyright on all material is jointly owned by the Chamber and the respective authors. No part of Momentum may be reproduced or transmitted in any form or by any means, including recording and photocopying without the written permission of the copyright holders, application for which should be addressed to the publisher. The Chamber does not accept liability for any views, opinions, or advice given. Further, the contents do not necessarily reflect the views or opinions of the Chamber.

MomentumThe Chamber of Hong Kong Listed Companies Magazine 香港上市公司商會雜誌 W

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02 Chairman’s Message 主席之言

04 Editor’s Column 編輯的話

06 Cover Story 封面故事 The Hong Kong Corporate Governance Excellence Awards 香港公司管治卓越獎

12 Talking Points 論點 Lessons in Leadership 領導才能的啟示

16 Corporate Tips 企業啟示 Do D&O Liability Insurance Policies Cover SFC Enforcement Action? D&O 責任保險是否涵蓋證監會的執法行動 ?

20 Sponsored Feature 贊助特稿 企業成長的五行佈局

22 Economic Insights 經濟透視 The Challenges Confronting China’s Digital Economy 中國數碼經濟的機遇與挑戰

26 Member in the Spotlight 會員聚焦 For State Street, CSR as a Corporate Keystone – An Interview with Albert Yip Senior Vice President and Regional Head of Corporate Audit (APAC) 美國道富集團視企業社會責任為企業基石

—專訪高級副總裁兼亞太區企業審計總監葉仕偉先生

31 FRA Column 財經事務及監管政策委員會專欄 Update on Hong Kong Stock Exchange Market Consultations 香港證券交易所市場意見徵詢的最新情況

36 In Review / Past Activities 活動重溫

Chairman’s Message 主席之言

2 Momentum

Dear Members,

I would like to take this opportunity to wish you all a happy 2018 and Year of the Dog. May the New Year bring you joy, health and success.

2018 indeed began with a bang. Not only has the Hang Seng Index climbed to its all-time high, our stock market is poised for some very significant advancements. As you all know,

the Stock Exchange will soon admit companies with weighted-voting rights shareholding structure and pre-revenue biotech companies for listing. This move should bode well for Hong Kong and help maintain its edge as the key capital formation centre for China and the region.

China is now the second largest economy in the world and much of the country’s GDP is derived from the new economy sectors. Take our closest neighbour Shenzhen as an example, its nominal output in 2017 was 2.2 trillion yuan (US$338 billion), of which 40% came from “innovative” businesses such as Internet, biotech and telecom. It can be expected that many of the companies that are engaged in these sectors, not only in Shenzhen but across the country, may consider a listing in Hong Kong under the new rules. The new listings would greatly boost our market capitalisation and liquidity, and will generate additional benefits to our financial industry and economy as well.

In the past decade, only 3% of the companies listed in Hong Kong in terms of market capitalisation came from the new economy sectors. This pales in comparison with 12% in Shenzhen Stock Exchange, 60% in NASDAQ and 47% in New York Stock Exchange. Hopefully this would change soon and Hong Kong can compete with the other exchanges for these fast-growing companies, and our investors can enjoy a wider range of investment choices.

While Hong Kong’s capital markets would enjoy a boost from this development, it is not without its challenges. We all read about the rigorous enforcement against certain companies and directors recently, as well as the increasingly frequent directives for suspension and delisting by the Securities and Futures Commission and HKEX. To further examine the effects of such stepped-up regulatory and disciplinary efforts to companies and the market as a whole, and to study the opportunities arising from increased market integration with the mainland and the rolling out of the “One-Belt-one-Road” and “Guangdong-Hong Kong-Macau Greater Bay Area” initiatives, we will host a large scale market forum in Hong Kong on April 27, 2018. By organising this forum, we hope to provide a common platform for regulators and market participants, from Hong Kong and the mainland, to come together and deliberate important market issues, with a view to finding the right way forward for Hong Kong’s capital markets to enjoy a sustainable success. Our Secretariat will have more information on this forum later on. In the meantime, please save the date. I hope to see you all there.

Yours sincerely,

Francis Leung Pak ToChairman

各位會員﹕

我想藉此機會祝願各位於 2018 狗年萬事如意、新春愉

快、身體健康、馬到功成。

2018年伊始已先聲奪人；不但恒生指數升至歷史高

位，股票市場亦準備好迎來重大的進程。眾所周知，港

交所即將容許採用同股不同權架構的公司及未錄得盈利

的生物科技公司上市。此舉應能令香港受惠，並有助香

港保持作為中國及區內主要融資中心的優勢。

中國現時是世界第二大經濟體，國內生產總值很大部分

來自新經濟行業。以毗鄰我們的深圳為例，其 2017 年

的名義產量為人民幣 2.2 萬億元（3,380億美元），當中

40%來自互聯網、生物科技及電訊等「創新」業務。預

期在新規則實施後，會有許多在深圳以至全國從事這些

行業的公司考慮來港上市，從而大幅增加我們的市值和

交投量，並為我們的金融業和經濟帶來額外裨益。

過去十年間，以市值計，只有 3% 的香港上市公司來自

新經濟行業，比起深圳的 12%、納斯達克指數的 60% 和

紐約證券交易所的 47% 實在相形失色。此情況有望即將

改善，令香港能與其他交易所力爭這些發展迅速的公司

前來上市，也為我們的投資者帶來更廣泛的投資選擇。

雖然上述發展能推動香港資本市場增長，但亦會帶來挑

戰。我們皆知當局近期對部分公司及董事嚴厲執行法

規，證監會及港交所發出暫停買賣及除牌指令亦愈見頻

繁。為了進一步研究上述加強監管及懲處工作對公司及

整體市場的影響，以及探討與內地市場日趨融合及推行

「一帶一路」與「粵港澳大灣區」方案所帶來的機遇，

商會將於 2018 年 4 月 27 日在香港舉辦一場大型市場論

壇，以期為中港兩地監管人員及市場參與者提供一個溝

通平台，讓各方能聚首研討重要的市場議題，務求尋找

香港資本市場持續成功之道。本會秘書處稍後將公佈論

壇詳情。現階段請先預留時間出席，希望屆時能與各位

會面。

誠致謝意。

梁伯韜

主席

Editor’s Column 編輯的話

4 Momentum

Following a cold start to Hong Kong’s winter, Momentum is pleased to report the warming news about the winners of the 2017 Hong Kong Corporate Governance Excellence Awards; presented to a deserving body of local and Mainland companies.

The ceremony marked the 11th Anniversary of the awards and the 15th Anniversary of the Chamber of Hong Kong Listed Companies, and featured the Honourable Mr Paul Chan, Financial Secretary of the Government of the Hong Kong Special Administrative Region as the keynote speaker.

The Awards were also special in that in 2017, two exciting new award categories were presented: the Hang Seng China (Hong Kong-listed) 100 Index Constituent Companies and Newly-listed Companies. Read our main feature to review the winners.

In our regular columns we have another thought-provoking Economic Insights article on the challenges China is facing in the digital economy. With China responsible for 42% of global e-commerce alone, the nation’s success in dealing with the regulatory needs and hurdles of this fast changing digital economy will undoubtedly have a deep influence on Hong Kong’s own development of the new economy.

In Corporate Tips, Timothy Loh and Greg Heaton discuss D&O Liability Insurance and whether these policies indemnify corporate officers from disciplinary or criminal proceedings under the Securities and Futures Commission.

In Talking Points, Corporate Strategist Nalin Jay discusses what kind of guidance is valuable to improve leadership – and overcome problems – in any arena, from professional sports, to global banks and multinational companies.

And in this issue’s FRA Column, Vincent Kwan offers an update on the Hong Kong Stock Exchange Market Consultations regarding the New Board Concept Paper, the GEM and Main Board Listing Requirements and the reviews on the Corporate Governance Code (to name a few issues). As ever, Vincent’s information is timely and succinct.

Finally, our Winter issue of Momentum features one of the world’s largest investment service providers, State Street, in Hong Kong. Albert Yip, Senior Vice President and Regional Head of Corporate Audit (APAC) at State Street is passionate about Corporate Social Responsibility and believes the CHKLC’s dedication to excellence in corporate governance is powerful contributor to Hong Kong’s market reputation.

In closing, we wish you well in your reading and we are certain you will join us in congratulating the 2017 Corporate Governance Excellence Awards winners and wishing a happy 15th Anniversary to the CHKLC.

Yours sincerely,

Gina MillerEditor

香港初冬寒潮退去，本刊今期欣然報導 2017 年度香港

公司管治卓越獎的各獲獎公司，它們來自本港及內地，

獲獎是實至名歸。

本屆頒獎典禮正值獎項設立第11週年及香港上巿公司

商會成立第15週年，並邀得香港特別行政區政府財政

司司長陳茂波先生擔任主題演講嘉賓。

獎項於 2017 年推陳出新，新增兩個獎項類別：恆生中

國（香港上市）100 指數成分股公司及新上市公司。獲

獎公司名單詳見於內文。

在我們的定期專欄中，另有一篇令人深思的《經濟透

視》文章，討論中國在數碼經濟中所面對的挑戰。中國

佔全球電子商貿 42%，國家能否成功應對此瞬息萬變的

數碼經濟的監管需求及障礙，無疑將對香港自身新經濟

的發展產生深遠影響。

在《企業啟示》一欄，作者Timothy Loh 及 Greg Heaton 討論了董事及高級職員責任保險，以及有關保

單能否就證券及期貨事務監察委員會下的紀律或刑事訴

訟向企業高級職員作出彌償。

在《論點》一欄，企業策劃家 Nalin Jay 論述了一些有

助提升領領導才能及解決問題的指引，當中包括專業體

育以至環球銀行和跨國公司等各個領域。

今期《財經事務及監管政策委員會專欄》中，關保銓討

論了香港交易所的若干市場諮詢的最新情況，包括關於

設立創新板框架諮詢文件、創業板及主板上市要求以及

檢討《企業管治守則》（僅舉其中幾例）。關先生所提

供的資訊一如既往地及時、簡潔。

今期冬季刊還介紹了全球最大的投資服務提供商之一道

富集團。道富香港高級副總裁兼亞太區企業審計總監葉

仕偉先生熱心於企業社會責任，並認為香港上市公司商

會致力提升公司管治水平對香港市場的聲譽貢獻良多。

最後，願您閱覽愉快，也讓我們一同祝賀2017 年度公

司管治卓越獎各獲獎公司，並恭賀香港上市公司商會成

立15 週年誌慶。

誠致謝意。

Gina Miller主編

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Cover Story 封面故事

6 Momentum

香港公司管治卓越獎

The Hong Kong Corporate Governance Excellence Awards

7Momentum

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Each year, the Hong Kong Corporate Governance Awards go from strength to strength, and the 2017, Eleventh Awards celebration

proved no exception to this rule.

Since 2007, the Chamber of Hong Kong Listed Companies and the Centre for Corporate Governance and Financial Policy, at the Hong Kong Baptist University, have awarded the Corporate Governance Excellence Awards to listed companies that have proven their outstanding commitment to shareholder rights, compliance, integrity, fairness, responsibility, accountability, transparency, board independence and leadership, and corporate social responsibility.

The goal of the awards has been to foster the highest standards in corporate governance, business ethics and board leadership in Hong Kong; recognise excellence; showcase best practices and accomplishments; and promote a strong corporate governance culture.

The 2017 Awards ceremony marked three special occasions: first, the awards’ entry into a second-decade; second, the 15th Anniversary of awards organiser, CHKLC; and third, the creation of two new award categories: the Hang Seng China (Hong Kong-listed) 100 Index Constituent Companies and Newly-listed Companies.

Hosted at the Ballroom of the Conrad, Hong Kong, the 2017 Corporate Excellence Awards featured special guests of honour, Madam Qiu Hong, Deputy Director, Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region and the Honourable Mr Paul Chan, Financial Secretary of the Government of the Hong Kong Special Administrative Region. As keynote speaker, Mr Chan generously praised the CHKLC’s positive contributions to development of the securities markets.

香港公司管治卓越獎的水準逐年提高，而 2017 年舉

行的第十一屆頒獎典禮再度見證另一批卓越的得

獎者誕生。

香港上市公司商會與香港浸會大學公司管治與金融政策

研究中心自 2007 年起向表現出色的上市公司頒發公司

管治卓越獎，嘉許該等公司對股東權益、合規、誠信、

公正、責任、問責、透明度、董事會獨立性和領導能

力、以及企業社會責任方面的承諾。

頒發獎項旨在提倡香港公司管治、商業道德及董事會領

導能力的最高標準、表揚出色表現、展示最佳實務和成

就，以及提升公司管治文化。

2017年的頒獎典禮具有三重特殊意義：第一，獎項活

動邁進第二個十年；第二，主辦機構香港上市公司商會

成立十五週年；第三，新增了兩個獎項類別：恒生中國

（香港上市）100 指數成份股公司及新上市公司。

2017年度香港公司管治卓越獎於香港港麗酒店宴會廳

舉行，並特別邀請到中央人民政府駐香港特別行政區聯

絡辦公室副主任仇鴻女士及香港特別行政區財政司司長

陳茂波先生擔任主禮嘉賓。陳司長同時擔任主題演講嘉

賓，在發言時大力讚揚香港上市公司商會對證券市場發

展所作出的貢獻。

他表示：「過去十五年，商會為證券市場的發展作出了

巨大貢獻，加強了上市公司之間的聯繫，以及上市公司

與監管機構之間的溝通。

商會的會員佔香港市場總市值逾三分之一，具深厚經驗

及影響力。」

The Hong Kong Corporate Governance Excellence Awards

8 Momentum

特別歷史商會主席梁伯韜先生致辭歡迎會員、得獎項公司代表和

特別嘉賓出席是次活動，為當晚的典禮揭開序幕。當晚

亦適逢商會成立十五週年誌慶，梁先生在其致辭中亦回

顧了商會從成立至今的核心宗旨。

梁先生指出：「互動和溝通可以說是我們機構的 DNA。我們認為，如果大家希望聽取不同的意見、化解分歧及

就市場的整體利益達成共識，便應該給予市場參與者發

表意見的機會，並且鼓勵他們發聲，這樣我們才能使市

場更為和諧。」

梁先生表示，商會最重要的里程碑是於 2007 年創辦香

港公司管治卓越獎。

「我們很清楚公司管治是所有股市賴以成功的基石。在

香港浸會大學的幫助下，我們制定了一個結合市場角度

和學術活力的計劃。」

梁先生指出，在過去十五年，香港上市公司商會促進了

香港與內地上市公司之間的聯繫。商會先後於 2012 年

（香港交易所推出股票市場互聯互通計劃前）及 2014

年於上海及深圳分別舉行論壇。

梁先生稱：「舉辦這些論壇，說明了我們具有遠見和能力

識別出市場的重大議題，且率先帶出這些議題引發市場關

注。受惠於『一帶一路』和粵港澳大灣區，中港融合正

進一步向前推進。目前我們亦正在籌備2018年度香港論

壇，以討論這些和其他市場議題。」

「感謝各位在過去十五年對商會的鼎力支持。沒有這些

支持，我們不可能完成促進溝通和加強了解的目標。」

“Over these 15 years, the Chamber has contributed immensely to the development of our securities markets, enhancing the links between listed companies, as well as the communication between listed companies and regulators”, said Mr Chan.

“Your membership, which accounts for more than one-third of Hong Kong’s total market capitalisation, is a voice of experience and influence”.

Special HistoryMr Francis Leung Pak To, CHKLC Chairman opened the evening by welcoming members, award winners and special guests to the event. Given that the evening also celebrated the 15th Anniversary of the CHKLC, he took a moment to reflect on the core of the Chamber’s purpose, from its inauguration to the present day.

Winners of the Hong Kong Corporate Governance Excellence Awards 2017

Corporate Governance Excellence Awards

Category for Hang Seng Index Constituent Companies

AIA Group Limited (Stock Code: 1299)

China Life Insurance Company Limited (Stock Code: 2628)

China Mobile Limited (Stock Code: 941)

Link Real Estate Investment Trust (Stock Code: 823)

Category for Hang Seng Composite Index Constituent Companies

CRRC Corporation Limited (Stock Code: 1766)

Hysan Development Company Limited (Stock Code: 14)

Category for Hang Seng China (Hong Kong-listed)100 Index Constituent Companies

China Pacific Insurance (Group) Company Limited

(Stock Code: 2601)

China Merchants Bank (Stock Code: 3968)

Category for Newly-listed Companies

Postal Savings Bank of China Co., Ltd. (Stock Code: 1658)

Sustainability Excellence Awards

China Everbright International Limited (Stock Code: 257)

China Mobile Limited (Stock Code: 941)

9Momentum

冬Winter 2017/18

“It is fair to say engagement and communication is in the DNA of this organisation”, said Mr Leung. “We believe that market participants should be given opportunities, and be encouraged, to voice their views if we wish to hear different opinions and have the differences ironed out and reach a consensus for the good of the market as a whole. Only then can we move forward towards a harmonious market”.

Mr Leung said that a major milestone of the Chamber was the initiation of this Corporate Governance Excellence Awards in 2007.

“We understand too well that corporate governance is the cornerstone of success of any stock market. With the help of the Hong Kong Baptist University, we put together a programme that combines market perspective and academic vigour”.

Mr Leung noted that over its 15-year history, the CHKLC has fostered links between Hong Kong and Mainland listed companies. It organised a forum in Shanghai in 2012 (prior to the Share Connect Scheme of HKEX), and followed that with a Shenzhen Forum in 2014.

“These forums illustrated our foresight and ability to identify important market issues and the Chamber being the first one to bring these issues to the attention of the market. The integration of Hong Kong and the mainland is gaining further momentum with the ‘One-Belt-One-Road’ and the Guangdong-Hong Kong-Macau Greater Bay Area initiatives”, said Mr Leung. And now, “we are in the process of organising a Hong Kong Forum in 2018 to discuss these and other market issues”, he said. “I thank you all for the support you have shown to the Chamber in the past 15 years, without which we could not fulfil what we set out to do, which is to facilitate communication and foster understanding”.

View from the TopWhilst Hong Kong's GDP showed strong growth in 2017, and the securities market grew by 30%, Mr Paul Chan warned that given the mercurial state of global economy, Hong Kong has no time to rest on its laurels.

“We will play an increasingly important role in connecting the financial markets of China and the rest of the world. I don’t have to tell anyone here about Hong Kong’s financial services strengths. Many of you are driving them”, said Mr Chan.

“Among other things, we will explore the possibility of expanding the range of investment products, including exchange-traded funds, in our mutual access schemes with the Mainland. We will also extend Bond Connect to cover south-bound trading”, he said. “In short, we hope to provide investors with more choices and channels, accelerating cross-border investment flow.”

“While we strive for a strategic role in the region, we must continuously develop our markets if we are to remain relevant.”

宏觀審視陳茂波先生表示，雖然 2017 年香港本地生產總值增長

強勁，證券市場錄得 30% 增長，但他警告，全球經濟反

覆無常，香港不能有絲毫鬆懈。

陳先生指出：「我們將在連接中國與世界各地金融市場

方面扮演愈來愈重要的角色。香港的金融服務實力大家

有目共睹，在座很多都為此作出貢獻。」

他續稱：「我們其中一項工作是在與內地股票市場互聯

互通機制下，探討擴大投資產品範圍的可能性，包括

交易所買賣基金。我們亦會將債券通擴展至涵蓋南向交

易。總括而言，我們希望為投資者提供更多選擇和渠

道，從而加快跨境投資流動。」

「若要保持實力，我們必須在爭取區內戰略地位的同時

繼續發展市場。」

「為此，香港交易及結算所有限公司就擴寬資本市場准

入門檻進行市場諮詢，研究向更多元化的發行人開放

市場及加強上市平台競爭力的可行性。我們的目標是在

2018 年下半年讓新經濟公司採用同股不同權結構在本

地市場上市。」

陳司長表示，他明白維持市場質素並非易事，單靠政府

和監管機構是無法完成的。他指出：「我們需要每個市

場參與者同心協力。在這方面，我很高興商會一直鼓勵

上市公司超越固有標準。」

「商會創辦的公司管治卓越獎無疑是表彰了在此範疇表

現卓越的上市公司。」

10 Momentum

“To that end, Hong Kong Exchanges and Clearing Ltd. has conducted market consultation on widening capital market access by opening up to a more diverse range of issuers and enhancing the competitiveness of our listing platform. Our target is to have new economy companies adopting weighted voting structure to list in our market in the second half of 2018.”

Mr Chan said the he understands that upholding market quality is no easy task and Government and regulators alone cannot accomplish it alone. “We need the concerted efforts of every market participant. In that regard, I am delighted that the Chamber has been encouraging listed companies to go beyond what is required”, he said.

“Certainly, your Corporate Governance Excellence Awards recognise listed companies that achieve outstanding results in this area”.

An Exacting EyeFor the 2017 Awards, Mr Philip Tsai, Chairman of Deloitte China, took over as the Chairman of the Judging Panel from Dr Eddy Fong and Dr Anthony Neoh.

Mr Tsai said that he had been left with very big shoes to fill, but that it was the result of Dr Fong’s and Dr Neoh’s good work that a solid foundation for the Excellence in Corporate Governance Awards had been established.

“Corporate Governance is not just about financial disclosure but a holistic framework under which a company could operate to a high standard of integrity and ethical values, respect shareholders’ rights, execute effective internal control and risk management, and ultimately achieve financial success and create long term value for all its stakeholders. And these are some of the pertinent qualities that the judging panel were looking for when selecting the award winners”, said Mr Tsai.

The addition of two new categories, that of the Hang Seng China (Hong Kong-listed) 100 Index Constituent Companies and Newly-

2017 年度香港公司管治卓越獎得獎公司

公司管治卓越獎

恒生指數成份股公司類別

友邦保險控股有限公司（股份編號：1299）

中國人壽保險股份有限公司（股份編號：2628）

中國移動有限公司（股份編號：941）

領展房地產投資信託基金（股份編號：823）

恒生綜合指數成份股公司類別

中國中車股份有限公司（股份編號：1766）

希慎興業有限公司（股份編號：14）

恒生中國(香港上市)100指數成份股公司類別

中國太平洋保險（集團）股份有限公司

（股份編號：2601）

招商銀行股份有限公司（股份編號：3968）

新上市公司類別

中國郵政儲蓄銀行股份有限公司

（股份編號：1658）

持續發展卓越獎

中國光大國際有限公司（股份編號：257）

中國移動有限公司（股份編號：941）

嚴格篩選蔡永忠先生（德勤中國主席）繼方正博士及梁定邦博士

之後擔任 2017 年度獎項的評獎委員會主席。

蔡先生表示，前人的出色表現不可企及；有賴方博士和

梁博士的超卓領導，為公司管治卓越獎奠定了堅實的基

礎。

蔡先生說：「公司管治不僅僅是披露財務資料，同時亦

是一個整體框架，在這個框架下，公司可以按高標準的

誠信和道德價值觀營運、尊重股東權利、執行有效的內

部監控和風險管理，最終實現財務成功並為所有持份者

創造長遠價值。這些都是評獎委員會在挑選得獎公司時

所要求具備的部分素質。」

11Momentum

冬Winter 2017/18

listed Companies attracted a number of listed companies, including some entrants for the very first time, to participate this year, and the competition was as keen as ever, said Mr Tsai.

With a diverse background of local blue-chips, large H-shares, and mid-caps from both Hong Kong and the Mainland, Mr Tsai said that the 2017 winners manifested an all-rounded approach to their corporate governance, and performed well in key areas such as board leadership, risk management and shareholder communication.

And, he noted, many of the 2017 winners had integrated their sustainability strategy with their core businesses, allowing them to leverage on their core strength to achieve stronger results in their sustainability efforts.

Mr Tsai expressed his gratitude to the fellow judging panel members for their input and dedicated effort, offering “a special thank-you to Professor Aristotelis Stouraitis of the Hong Kong Baptist University and his team for performing the screening and managing the whole judging process.”

If this year’s Award Ceremony showcased anything, it is that Hong Kong’s regulatory stability, and it’s Excellence in Corporate Governance have promoted a secure base from which it can pursue greater opportunities in the financial services industry.

Financial Secretary Mr Chan summed up the business of the Award Celebration well: “I wish to congratulate the well-deserved awards winners. And I applaud The Chamber of Hong Kong Listed Companies for expanding the categories and, in doing so, broadening the expectations we all have for corporate excellence in Hong Kong”, he said. M

Gina MillerEditor

蔡先生稱，本屆新增的兩個獎項類別—恒生中國（香港

上市）100 指數成份股公司及新上市公司—別吸引了多

家上市公司參與角逐，包括一些首次參賽的公司，競爭

與往年同樣激烈。

蔡先生表示，2017年度的得獎公司包括本地藍籌股、

大型 H 股及來自中港兩地的中型股，背景多元化，且展

示了全面的公司管治方針，並在董事會領導能力、風險

管理和股東溝通等重點範疇表現出色。

他亦指出，本屆許多得獎公司將持續發展策略融入其核

心業務，令他們能夠利用本身的核心優勢在可持續發展

方面取得更佳成果。

蔡先生感謝評獎委員會各成員竭誠努力，並特別感謝香

港浸會大學的 Aristotelis Stouraitis 教授和他的團隊跟進

篩選工作和管理整個評審過程。

本屆頒獎禮無疑展示了香港在監管方面的穩健性，卓越

的公司管治亦奠定了堅實的基礎，使香港能把握更多金

融服務業機遇。

財政司司長陳茂波先生為頒獎禮總結時表示：「我衷心

祝賀各家得獎公司，他們確是實至名歸。另外，我亦讚

揚香港上市公司商會增設了新的獎項類別，此舉擴闊了

我們對香港卓越企業的期望。」M

Gina Miller主編

12 Momentum

TALKINGPOINTS

論點

Ifeel privileged to have advised leaders from a wide variety of fields, from former British Prime Ministers (David Cameron) and Chairmen/

CEOs of global banks, multinational corporations and ultra high net worth individuals, to elite Premier League football managers and players (Roberto Martinez, Aaron Ramsey and Chris Hughton).

People often ask me what qualities these people have in common and if there are any lessons in leadership that cross over all fields. The answer to that question is, of course, “Yes!” But let me give you some concrete examples.

One thing I would say is there is no standard template as to what makes a great leader. There are great leaders who are quiet and self-contained and there are great leaders who are larger-than-life characters. The secret to increasing your leadership qualities is to build a leadership style that fits with your character and personality and is authentic.

The Measure of Leadership in SportFor a strategist, working in sport is great; your impact is immediately measurable because all aspects of an individual or team’s performance are examined under a microscope. Also, ultimate success is binary: the team or the individual wins, loses or draws. I always assessed our ultimate success on the extent to which I was able to change the final results for a client.

Here's a good example: Roberto Martinez was a young and highly regarded football manager who had been given his dream job of managing a Premier League Football Team. He had one problem; the team he was managing was the worst in the Premier League. On every conceivable measure, his team was destined to finish bottom of the Premier League and get relegated.

Prior to bringing me in, Roberto’s team had won a single game in the last 13 matches. They were bottom of the Premier League and had both the worst attacking and defensive record.

我曾向各行各業的領袖人物提供意見，從英國前首

相（卡梅倫）、全球各大銀行、跨國企業的總裁

／行政總裁及超高淨值人士，到英超聯賽球會經理及球

員（羅拔圖．馬天尼斯、艾朗．藍斯及基斯曉頓），對

此我倍感榮幸。

經常有人問我這些人有什麼共同特質，當中可有讓所有

範疇的領袖都能借鑒的經驗。答案當然是「有！」。讓

我為您介紹一些具體例子。

其中一點我要說的是，優秀的領袖沒有標準樣版。有些

好領導者沉穩內斂，有些好領導者則充滿傳奇色彩。提

升領導才能的秘訣，在於建立既符合您性格及個性又真

實的領導風格。

體育範疇中的領導才能指標對於策略家而言，從事體育運動很棒；您的影響力可以

立即衡量得到，因為個人或團隊在各方面的表現都可以

一目了然。另外，最終的成功屬二次元命題：團隊或個

人贏、輸或和局。我一向以自己在多大程度上改變了客

戶的最終成果，來評估我們的最終成績。

有一個很好的例子：羅拔圖．馬天尼斯是一位年輕而備

受推崇的足球經理，效力於一支英超聯賽球隊，這是他

夢寐以求的工作。他面對一個難題；他所管理的球隊在

英超聯賽中位居末席。在每一個可以想到的指標上，他

的球隊總是在英超聯賽中排名榜尾，最後更遭降級。

在我加入前，馬天尼斯的球隊在過去13場比賽中僅贏過

一場。他們在英超聯賽中敬陪末席，進攻與防守紀錄均

屬最差。

啟示 1：自負阻礙成功。要善於尋求幫助馬天尼斯很聰明，知道自己無法解決所有問題，向外尋

求專家意見可能會帶來改變。他沒有讓自負阻礙他邁向

成功之路。在我看來，自負是成功的最大障礙之一。

Lessons in Leadership領導才能的啟示

Nalin Jay CEO Carnegie StewartNalin JayCarnegie Stewart行政總裁

13Momentum

論點

冬Winter 2017/18

Lesson 1: Ego Can Limit Success. Get Help Roberto was smart enough to know that he didn’t have all the answers and that expert advice from outside could make a difference. He didn’t let his ego prevent his success. Ego is one of the biggest barriers to success in my view.

Many leaders perceive it as weakness to hire an outside advisor or strategist. What they fail to realise is that many of their competitors already have one! For example, Paul Tudor Jones, one of the world’s most successful hedge fund managers, has been working with a leadership coach for years. Unlike many of his contemporaries, he realised that there are people out there who can help make you more successful than you are now.

From our first meeting, I found Roberto an engaging and intelligent companion who was more than willing to do whatever it took to keep Wigan in the Premier League.

Lesson 2: Fully Commit or Don’t Start Until You CanUnless you put the time in and value the process, you are very unlikely to be successful.

Some of my early meetings with Roberto lasted two hours or more. We went through every aspect of his team: how he handled training, how he communicated with the players, which players responded to what sort of coaching, how we could rid the team of their losing mentality, etc.

Our approach was diligent and creative. We left no stone unturned and I forced him to consider options he was reluctant to even think about!

Lesson 3: Don’t Take Negative News Personally No one likes hearing bad news. There is a popular saying in consulting that the messenger is the one who usually gets shot. This is often true and the reason why people inside your organisation may be very reluctant to tell you what they really think.

In Asia, the challenge is even greater. Because of a deeper respect for the hierarchy of an organisation, junior staff members often feel it is inappropriate for them to criticise or even make a suggestion to a CEO or Director.

Having identified what we agreed were the key issues, we put together a key team to help Roberto revolutionise his approach.

Lesson 4: Execution, Execution, and ExecutionHaving great plans is important, but unless you have the skills and team in place to execute that plan, it is a waste of time. We brought in additional expertise in the specific areas where we needed it. We also identified who in Roberto’s existing team we could entrust to execute the plan and then promoted them accordingly.

The outcome of all this was that in the next six games, Wigan beat Liverpool and Arsenal and only lost one game. From that point on,

許多領袖認為聘請外部顧問或策略家是無能的表現。他

們沒有意識到許多競爭對手其實早已聘請了！以很成功

的對沖基金經理 Paul Tudor Jones 為例，多年來他身邊

一直有一位領導才能導師。有別於他的許多同輩，他意

識到有些人可以幫助您取得更大的成功。

打從第一次見面起，我便發現馬天尼斯是一個富有魅

力、充滿智慧的人，他願意為保住韋根的英超席位做任

何事情。

啟示 2：全面投入，不然不做除非您投入時間並重視這個過程，否則您不太可能取得

成功。

我初期與馬天尼斯會面時，每次動輒交談兩個小時或以

上。我們全面審視球隊的每個範疇：他如何管理訓練、

如何與球員交流、哪些球員適合哪種訓練、如何令球隊

回復士氣等。

我們的方法踏實而富有創意。我們想盡辦法，我促使他

考慮一些他之前想也不願想的方案！

啟示 3：對事不對人沒有人喜歡聽壞消息。在顧問界有一個流行的說法，誰

傳遞訊息誰遭殃。這是常有的事，正因如此，組織內的

人可能不願意把他們真正的想法告訴您。

在亞洲，這個問題更加嚴重。由於組織內等級分明，初

級員工往往認為自己批評行政總裁或主管並不恰當，甚

至不該向他們提出建議。

在識別出我們一致認為存在的主要問題後，我們組織了

一支關鍵團隊來幫助馬天尼斯改變做法。

14 Momentum

Case Study: Aaron Ramsey – A Superstar in the Making

Aaron Ramsey came to work with us when the fans at Arsenal were booing him. Everyone knew he had lots of talent but his on-field performances were either bad or shockingly bad. This wasn’t a case of poor coaching or poor management. He was at one of the biggest and most successful football teams in the world with world-class facilities and world-class management.

The first point is that Aaron knew he needed outside assistance if he was ever to reach his potential (Lesson 1). Having identified the fact that he needed help, he came to us because of our track record in elite football.

Our immediate approach with Aaron was to evaluate the sources of his poor on-field performance. What changes did he need to make in order to reach his potential? Confidence was obviously an issue but how do you get your confidence back as a player when millions worldwide watch your every move? What steps did we need to make in order to immediately address that?

The Short-term StrategyHaving fixed his immediate on-field performance issues, we put together a plan with Aaron to help him become one of the best performing midfielders in Europe. This was a multi-year plan and would require considerable commitment from both him and us, to make it a reality (Lesson 2).

I’m pleased to report that our plan of action has been executed well (Lesson 4). Aaron was selected for the Best XI in last year’s European Championships and scored the winning goal in this year’s FA Cup final against Chelsea.

We've worked with elite sportspeople who most people don’t realise have ever received help from anybody, including:

� Gianfranco Zola – Voted Chelsea’s greatest ever player and considered one of the greatest footballers of all time;

� Lee Grant – Probably the most improved player in British football. When we started working with him he was an unwanted Goalkeeper at Championship team Derby. He is now the goalkeeper with the highest shot to save ratio this season in the Premier League; and

� Chris Hughton – Manager of Brighton and has just successfully been promoted to the Premier League this season which is conservatively worth 200 million Pounds Stirling.

confidence soared throughout the team and they went on to avoid relegation quite comfortably. Many in the UK media called it “a miracle”. Certainly the bookmakers were astounded!

From our perspective it was none of these things. It was simply a direct result of a huge combined effort. If you think about it, none of the other teams at the bottom of the Premier League were doing

啟示 4：執行、執行、執行制定完善的計劃非常重要，但除非您有足夠的能力及

人手去執行，否則純屬浪費時間。我們在需要的特定

領域引入了額外的專業知識。我們亦在馬天尼斯現有

的團隊中找出可以執行計劃的人，然後給予他們相應

提拔。

結果在接下來的六場比賽中，韋根擊敗利物浦及阿仙

奴，僅負一場。自此，整個球隊士氣大振，他們一鼓作

氣，輕鬆護級。英國許多媒體稱之為「奇蹟」。博彩公

司當然也大吃一驚！

從我們的角度看，這與奇蹟無關。這純粹是大家齊心協

力、共同努力的直接成果。細想一下，英超聯賽排名落

後的其他球隊都沒有做我們所做過的事情。這給了我們

一個巨大的競爭優勢。這競爭優勢足以改變韋根的命

運。

在接下來的賽季中，馬天尼斯採用同樣的方法，最終帶

領韋根贏得足總盃決賽。對於一支成本不及對手（曼

城）5% 的球隊而言，這個成績非常了不起。

如何實踐四個不算容易的步驟有效的溝通 — 領導風格因人而異，但一個顛撲不破的

真理是，要成為一位有效的領袖，您要能夠與組織內外

形形色色的人進行有效溝通。

與想法相近者溝通很容易。與想法南轅北轍者溝通則甚

具挑戰性！您可以學習一些具體技巧，提升您與不同性

格、背景或文化的人溝通的能力。

理解「為什麼」的重要性 — Simon Sinek 撰寫了多篇出

色文章，探討「為什麼」在商業中的價值。我們長久以

來一直認為這具有重要意義。他人知道您做「什麼」，

但如果您能夠傳達「為什麼」這樣做，您便會更加成

功。

統一 — 對我們來說，這是「為什麼」問題的關鍵下一

步。如果您清楚自己為什麼要做您所做的事情，那麼便

能集中精力確保策略的所有其他範疇保持一致。您的組

織是否反映出你們的價值觀及你們關於何謂成功企業的

信念 ? 您的團隊呢 ? 您自己呢 ? 成功回答這些問題可以

改變一個組織。

自信 — 許多與我們合作的人往往缺乏自信。我們發

現，許多女性領導者尤其如此。她們往往心底裡認為自

己不配獲得現有的成就。但研究顯示事實剛好相反。

例如，女性基金經理的表現遠勝男性同事。在決定由誰

來管理您的錢時，這一點值得考慮。自信不可能憑空產

生，必須建立在穩固的基礎上，否則便是虛假的，很快

就會蕩然無存。

不過我們可以建立一種良性循環，透過增強信心帶來更

大的成功，再藉著成功來提升信心。

15Momentum 15Momentum

冬Winter 2017/18

what we were doing. This gave us a massive competitive edge. That competitive edge proved to be big enough to change the fate of Wigan.

In later seasons, using the same approach, Roberto would lead Wigan to victory in the FA Cup. A quite incredible achievement for a side that cost less than 5% of the team (Manchester City) they would beat in the final.

How to Lead in Four Not-So-Easy StepsEffective Communication – Leadership styles vary enormously but what doesn’t change is that to be an effective leader you need to be able to communicate effectively with lots of different people both within your organisation and outside it.

Communicat ing wi th people who th ink l ike you is easy. Communicating with people who think in a diametrically opposite way is more of a challenge! There are specific techniques you can learn that will transform your ability to communicate with anyone whatever their personality, background or culture.

The Importance of Understanding of “Why” – Simon Sinek has written many excellent papers on the value of “why” in business. We have viewed this as critically important for a long time. People understand “what” you do but if you can convey “why” you do it, you will be a lot more successful.

Alignment – To us this is a key next step from the “why” question. If you are clear about why you do what you do, you can then focus on making sure all other aspects of your strategy are in alignment. Does your organisation reflect your values and your beliefs about what a successful business should be? Does your team? Do you? Successfully answering these questions can transform an organisation.

Confidence – Confidence is often the missing ingredient with many people we work with. We find that this is especially the case with many female leaders. They often privately think they are unworthy of their success. Our research shows that often the opposite is true.

For example, female fund managers outperform their male colleagues by a significant level. This is something worth considering when deciding whom to entrust with managing your money. Confidence can’t just be produced out of thin air. It has to be built on solid foundations. Otherwise it is false and dissipates very quickly.

The great thing is that we can create a virtuous circle, where increased confidence leads to greater success which in turn leads to increased confidence.

A lot of our work is about bringing all these elements together to help clients not only to be more successful in their professional lives but also to give them greater satisfaction in other aspects of their lives. That’s probably the thing I am most proud of. M

案例分析：

艾朗 • 藍斯 — 一顆冉冉升起的超級巨星

艾朗 • 藍斯也來找我們幫忙，其時阿仙奴球迷對

其噓聲一片。大家都知道他才華橫溢，但他在球

場上的表現卻極為差勁。這並非訓練不當或管理

不善的問題。他所屬的球隊是全球最大、最成功

的足球隊之一，擁有世界一流的設施與管理。

首先藍斯知道要發揮自己的潛力，必須找外界幫

忙（啟示 1）。明白到自己需要尋求協助的事實

後，他因知道我們在足球精英方面的往績而來找

我們。

我們對藍斯做的第一件事是評估他在球場上表現

差勁的原因。他需要作出哪些改變才能發揮潛

能? 信心顯然是一個問題，但當全球數百萬人注

視著您一舉手一投足的時候，您如何重拾作為一

名球員的自信 ? 我們需要怎樣做才能立即解決這

個問題 ?

短期策略處理好他最迫切的出賽表現問題之後，我們與藍

斯一起制定計劃，幫助他成為歐洲表現最好的中

場球員之一。這是一個持續多年的計劃，需要

他和我們均付出相當大的努力才能實現（啟示

2）。

我很高興告訴大家，我們的行動計劃完滿執行

（啟示4）。藍斯在去年的歐洲國家盃中入選最

佳11人名單（Best XI），並在今年足總盃對車路

士的決賽中踢入了致勝一球。

我們曾與很多體育界精英合作，大多數人都沒有

意識到他們曾得到別人的幫助，包括：

� 基安法蘭高 • 蘇拿 — 被評為車路士歷史上

最偉大的球員，亦被視為史上最偉大的球

員之一；

� 李 • 格蘭特 — 可能是英國足球史上進步最

快的球員。當我們開始與他合作時，他只

是英冠球隊打比郡中一名無足輕重的守門

員。如今他已成為本賽季英超聯賽中撲救

成功率最高的門將；及

� 基斯 • 曉頓 — 白禮頓經理，本賽季剛剛成

功升班到英超聯賽，保守估計身價高達 2 億

英鎊。

我們大部分工作是將所有這些元素結合在一起，協助客

戶不僅在其職業生涯中取得更大成功，還在生活的其他

方面也更加滿意。這可能是我最為自豪的事情。M

Corporate Tips 企業啟示

16 Momentum

Do D&O Liability Insurance Policies Cover SFC Enforcement Action?

D&O責任保險是否涵蓋

證監會的執法行動 ?

17Momentum

冬Winter 2017/18

Do D&O Liability Insurance Policies Cover SFC Enforcement Action?

涉及上市公司的不當行為現已成為證券及期貨事務

監察委員會（證監會）的執法重點。即使個人沒

有不當行為，隨著對高級管理人員問責的關注增強，董

事及高級職員所面對來自監管調查及紀律或刑事訴訟的

個人風險亦會更大。抗辯費用動輒以百萬計，因此上市

公司的高級行政人員應該考慮自己的保險是否涵蓋了證

監會的執法行動。

在某些情況下，上市公司可以直接支付針對其員工之執

法行動的相關費用。但在其他情況下，費用須由個人承

擔。高級職員可以透過兩種方式在財務負債方面獲得

保障：透過公司的彌償或透過董事及高級職員責任保險

（D&O 保單）。

來自公司的彌償公司彌償可能具有重大法定限制，具體視公司成立所在

地的法律而定。香港法律並無限制公司向其高級職員作

出彌償，但董事除外。香港公司不得就以下法律責任向

董事作出彌償：

� 因疏忽、違約、失職或失信（違規）而對公司或

任何關聯公司負有的法律責任；

� 支付在刑事訴訟中或因不遵守任何監管規定而被

處以的罰款；

� 在抗辯董事被判有罪的刑事訴訟中產生的刑事責

任；或

� 在公司（或關聯公司或股東）自行提出、董事被

判敗訴的民事訴訟中產生的刑事責任（注意法院

可命令上市公司以本身名義針對董事或前董事提

出訴訟）。

因此，香港公司不得就董事在抗辯公司提起的刑事訴訟

或民事訴訟中產生的法律費用向董事作出彌償，直至董

事獲免除法律責任。否則，如（最終）有裁定董事敗訴

的判決，任何已提供的彌償均屬非法。因此，如產生法

律費用，董事通常需要自行承擔。

透過 D&O 保單作出彌償透過保險，可以在一定程度上化解對公司彌償的限制。

香港公司法明確准許公司投購 D&O 保單，就關乎公司

任何違規行為（欺詐除外）所產生對任何人士的法律

責任向董事作出彌償。香港公司法亦明確准許公司投

購 D&O 保單，就在抗辯關乎公司被指有任何違規行為

（包括欺詐）的刑事或民事訴訟時所產生的法律責任向

董事作出彌償。

換言之，即使香港公司本身不能就刑事訴訟（或由公司

提出的民事訴訟）向董事墊付抗辯費用，公司可以投購

D&O 保單，該保單便會代為墊付。

香港法律並無禁止公司就證監會提出的民事訴訟所產生

的費用直接向董事作出彌償。但是否民事及刑事訴訟均

受保非常重要，因為證監會的調查往往是開放式；證監

會可能最終同時追究刑事責任及民事賠償，或僅追究刑

事責任。

Misconduct involving listed companies is now a key enforcement priority for the Securities and Futures Commission (SFC).

Alongside an increased focus on senior manager accountability, this exposes directors and officers to greater personal risk from regulatory investigations and disciplinary or criminal proceedings, even in the absence of personal misconduct. Defence costs can easily run into millions of dollars, so senior executives of listed companies should consider whether their insurance covers SFC enforcement action.

In some circumstances, listed companies can pay directly for costs associated with enforcement actions against their staff. Otherwise, costs must be borne upfront by the individual. Officers can obtain protection from financial liabilities in two ways: through an indemnity from the company, or through directors and officers liability insurance (D&O policies).

Indemnity from the CompanyDepending on the laws of the place where the company is formed, indemnities from companies may be subject to significant statutory limitations. Hong Kong law places no restrictions on a company to indemnify its officers, other than its directors. A Hong Kong company cannot indemnify a director against liability:

� To the company or any associated company in connection with any negligence, default, breach of duty or breach of trust (default);

� To pay any fine imposed in criminal proceedings or for non-compliance with any regulatory requirement;

� Incurred in defending criminal proceedings in which the director is convicted; or

� Incurred in civil proceedings brought by the company itself (or an associated company or a shareholder) in which judgment is given against the director (note that a court may order that a listed company bring proceedings in its own name against a director or former director).

Consequently, a Hong Kong company cannot indemnify its director against legal costs incurred to defend him/herself in criminal proceedings, or civil proceedings brought by the company, until the director has been exonerated. Otherwise, if there is (ultimately) judgment against the director, any indemnity already provided would have been unlawful. Therefore, the director will him/herself typically need to pay legal bills as they are incurred. Indemnity Through a D&O PolicyThe restrictions on indemnities from companies may be overcome to an extent through insurance. Hong Kong company law expressly permits a company to take out a D&O policy indemnifying its directors for liability to any person incurred in connection with any default in relation to the company, except for fraud. The law also expressly permits a company to take out a D&O policy indemnifying its directors for liability incurred in defending criminal or civil proceedings alleging any default (including fraud) in relation to the company.

In other words, even though a Hong Kong company cannot itself advance defence costs to a director in respect of criminal proceedings (or civil proceedings brought by the company), the company may take out a D&O policy that would do so.

18 Momentum

Hong Kong law does not prohibit a company from directly indemnifying a director for the costs incurred in civil proceedings brought by the SFC. But the ability to insure for civil and criminal proceedings is important because SFC investigations are often open-ended; the SFC could ultimately pursue criminal prosecution as well as or instead of civil remedies. An allegation that a listed company failed to disclose inside information, for example, could result in a criminal prosecution for market misconduct, or civil proceedings through the Market Misconduct Tribunal. The company arguably could not indemnify a director for costs incurred in connection with any related SFC investigation, because these costs might amount to liability incurred by the director in defending criminal proceedings in which the director is subsequently convicted.

Insured PerilsD&O policies can provide coverage for a range of costs, such as liability to the company for breach of duty, and costs incurred responding to:

� Criminal proceedings; � Civil proceedings; � Investigations conducted by a regulatory body; � Pre-investigation enquiries that fall short of an investigation.

Given the range of options available to the SFC to pursue its enforcement objectives, it is important to understand precisely what a particular D&O policy covers. For example, the SFC may require a listed company to provide documents, and require an officer to provide an explanation in respect of those documents. Whether that constitutes an investigation for the purposes of determining D&O coverage will depend upon the particular language of the D&O policy.

On the other hand, the SFC may make enquiries without invoking its statutory powers. An officer responding to such enquiries does so voluntarily but under the unstated threat that a failure to respond may result in an escalation of enforcement action. A D&O policy might not regard such an enquiry as being an investigation and, as a result, might not cover the costs incurred in responding.

D&O policies often exclude coverage for regulatory fines. In many jurisdictions, including Hong Kong, such coverage is prohibited. As the SFC typically does not settle enforcement actions without an admission of liability, settlements may constitute a regulatory fine.

CoverageThere are three forms of coverage. “Side A” directly covers officers for losses suffered by them. In “Side B” coverage, the insurer reimburses a company for sums paid by the company to indemnify its officers. In “Side C” coverage, the insurer indemnifies the company from its own liability.

例如，對於上市公司未有披露內幕消息的指控可導致市

場失當行為的刑事檢控，或透過市場失當行為審裁處提

出民事訴訟。由於這些費用可能構成相關董事在抗辯其

隨後被定罪的刑事訴訟時所招致的法律責任，公司或不

能就證監會相關調查產生的費用向董事作出彌償。

受保風險D&O 保單可以為一系列費用提供保障，例如公司對失

職的法律責任，以及因應下列情況所產生的費用：

� 刑事訴訟；

� 民事訴訟；

� 由監管機構展開的調查；

� 未進行調查之前的調查前查詢。

鑒於證監會可採取一系列措施以達到執法目標，準確理

解 D&O 保單的具體保障非常重要。舉例而言，證監會

可要求上市公司提供文件，並要求一名高級職員就該等

文件提供解釋。就確定 D&O 保障範圍而言，這是否構

成調查將取決於 D&O 保單的特定條文。

另一方面，證監會可不引用其法定權力而作出查詢。高

級職員回覆有關查詢屬自願性質，但若不回覆則有可能

導致執法行動升級。D&O 保單可能不將有關查詢視為

調查，因此可能不涵蓋因回覆而產生的費用。

D&O 保單的保障範圍通常不包括監管罰款。很多司法

管轄區包括香港均禁止有關保障。由於證監會通常不會

在沒有承認法律責任的情況下就執法行動達成和解，和

解可能會構成監管罰款。

19Momentum

冬Winter 2017/18

A D&O policy may provide coverage to officers of a corporate group, though in that case, officers of newly acquired or newly formed subsidiaries should confirm whether the policy extends to officers of companies which were not subsidiaries at the time coverage was effected.

Generally, the policyholder of a D&O policy is the company itself, with directors and other officers being named as assured parties. Officers should seek to ensure that if relations with their company become hostile, they will nevertheless be able to rely upon a D&O policy. Under some policies, assured parties cannot enforce the policy themselves, but must rely on the company to do so.

Claims D&O policies are generally written on a “claims made” basis, meaning claims may only be made during the currency of the policy. By contrast, a “losses occurring” policy provides coverage so long as the claim relates to an event during the currency of the policy. By the time the SFC investigates a particular individual, he may have ceased to be an officer. Accordingly, under a “claims made” policy, the assured parties should include present and past officers of the company.

Like all liabilities policies, D&O policies are subject to monetary limits, normally shared between all the assured parties. Where the SFC takes enforcement action against a company as well some of its officers, several parties may be drawing down on the policy. Each party may be unaware of the extent to which the others are drawing down on the policy, leaving uncertainty as to how long coverage will last.

Where the SFC invokes its statutory powers to compel cooperation in the context of an SFC enforcement action, the secrecy provisions of the SFO will likely apply. That will prohibit a person from disclosing any matter coming to his knowledge by reason of assisting the SFC in its enforcement process, unless otherwise exempted. An officer may breach the SFO where, in filing a claim, he notifies the insurer of the enforcement action. However, the SFC has given standing consent to notify an indemnity insurer of the general nature of the enforcement action. If the insurer requires specific details of the action, the officer will need to seek specific consent from the SFC.

ConclusionConsidering the real and unpredictable risks of enforcement action, directors and other officers of listed companies would be well advised to ensure that they understand the extent of any indemnity afforded to them by the company, and to consider whether their D&O policies provide sufficient coverage. M

Timothy LohManaging PartnerTimothy Loh LLP

Greg Heaton Senior ConsultantTimothy Loh LLP

保障保障形式有三種。「Side A」直接涵蓋就高級職員蒙受

的損失。在「Side B」保障中，保險公司就公司為彌償

高級職員而支付的款項向公司作出彌償。在「Side C」

保障中，保險公司就公司本身的法律責任向公司作出彌

償。

D&O 保單可以為企業集團的高級職員提供保障，但在

這種情況下，新收購或新成立附屬公司的管理人員應確

認該保單能否涵蓋在保障生效時未成為附屬公司之公司

的高級職員。

一般而言，D&O 保單的投保人通常是公司本身，董事

及其他高級職員則為受保方。高級職員應設法確保其

與公司的關係變得敵對時，他們仍然可以依靠 D&O 保

單。在一些保單下，受保方不能自行執行保單，而必須

依靠公司。

索償

D&O 保單通常採用「提出索償」制，這意味著只能在

保單有效期間提出索償。相反，索償所涉及的事件在保

單有效期間發生，「損失產生」保單就會提供保障。在

證監會調查某些人士時，他可能不再是高級職員。因

此，在「提出索償」保單下，受保方應包括公司的現任

及前任高級職員。

與所有責任保險一樣，D&O 保單亦有金額上限，通常

在所有受保方之間平分。如果證監會對一家公司及其部

分高級職員採取執法行動，可能有多方動用該保單的保

額。各方可能不知道其他人對保單的動用金額，使保障

的持續時間存在不確定性。

如證監會在執法行動中引用其法定權力而強制合作時，

《證券及期貨條例》的保密規定很可能會適用。除非另

有豁免，否則將禁止任何人披露因協助證監會行使執法

程序而知悉的任何事宜。如高級職員在提出索償時告知

保險公司該執法行動，可能違反《證券及期貨條例》規

定。然而，證監會已同意允許將執法行動的一般性質告

知彌償保險公司。如果保險公司詢問行動的具體細節，

則高級職員需徵求證監會的具體同意。

結語考慮到執法行動具有真實存在而不可預測的風險，上市

公司董事及其他高級職員應瞭解公司向他們所提供彌償

的程度，並考慮他們的 D&O 保單是否提供了足夠的保

障。M

Timothy Loh

Timothy Loh 律師事務所

合夥人

Greg Heaton

Timothy Loh 律師事務所

高級顧問

20 Momentum

SPONSORED FEATURE 贊助特稿

之前曾經寫過一篇文章叫做《個人成長五行佈局》，在

網上引起了一些反響。很多企業家也問我企業是否需

要五行佈局，我後來想想還是需要的。對個人來說：俗人處

處是考場，高手處處佈道場；對企業來說：先佈局再開局才

不會進入迷局。很多企業會用戰術上的勤奮來掩蓋戰略上的

懶惰，看上去很忙，其實是盲和芒。中國文化博大精深，其

大無外，其小無內，文化沒有大小，企業也應該摒棄大小之

見，以終為始，站在後天看明天，把“五行佈局”放在頂層

設計的戰略高度去對待。

企業的五行分為：資本屬金，模式屬水，路演屬木，通路

屬火，風控屬土（下圖）。我研究《周易》長達七年，發

現企業和個人的五行佈局驚人地相似，都是按照五行相生

的路徑來發展的：金生水，水生木，木生火，火生土，土

生金，接下來我們逐一分析一下。首先金生水，資本時代

企業必須先做金融模型策劃，然後商業模式才能閉環，沒

有金融模型的商業模式都有泡沫；資本被稱為“門口的野

蠻人”，你不上市，資本就會通過扶持你的競爭對手上市

從而把你邊緣化，所以企業成立第一天就應該確定上市路

徑，資本時代企業是否上市，不是一道選擇題，而是一道

是非題。水生木，商業模式策劃之後必須要有專業團隊來

宣講商業模式，我稱之為路演系統，路演就是在奮鬥的路

上演繹人生，中金國際集團獨家運營全國首張《職業路演

師等級證書》，為中國多層次資本市場的規範作出了前瞻

企業成長的五行佈局

周思磊中金國際集團執行董事

中華產業鏈投資促進會會長

21Momentum

五行佈局很重要，誰來佈局更重要，投行時代企業家需要

有投行思維，更需要專業投行來做頂層設計。中金國際集

團 —— 產業鏈革命時代為中小企業提供免費快速上市流水線

服務的創新型投行，因為敢於在投行界創新也讓它榮獲了

CCTV2016 年度最具影響力創新品牌大獎，中金國際集團的

執行董事周思磊先生也受聘為央視品牌影響力欄目的傳播大

使。終於有一家投行願意從神壇上走下來，服務中小企業，

先為中小企業雪中送炭，再為中小企業錦上添花，這是中國

轉型期中小企業的福音，中金國際認為：只有中小企業成功

了，中國經濟才能成功，畢竟中小企業貢獻了中國 GDP 的

60% 和就業率的 80%。中金國際集團和旗下的中華產業鏈投

資促進會一直奉行內聖外王的聖雄精神，其服務理念是：若

同行，必不負。既然同路，那就攜手，中金國際希望中國所

有的中小企業抱團取暖，通過中金國際的上市流水線系統快

速登陸香港主板市場，通過香港這個一帶一路的關鍵節點和

人民幣離岸的橋頭堡走向國際舞台。最後我也呼籲致力於推

動中國產業鏈革命的朋友們，讓我們一起打造中國經濟轉型

的藍本，打造民族產業復興的神話！讓中國影響世界，讓世

界尊重中國！

性的貢獻，企業創始人更應該親自學習路演，因為職業經

理人無法路演出創始人的情懷和匠心。木生火，有人講還

得有人聽，所以通路系統負責邀約精準客戶來聽路演，由

於通路系統負責銷售和成交，所以必須“火”，銷售的五

行也屬火；這個時代，金融通路已經取代傳統通路成為未

來企業最強有力的銷售雲外包團隊。火生土，市場火了，

可別忘了法務、財務、稅務三大風控架構，因為沒有風控

的企業家就像駕駛員在高速公路上一邊踩油門、一邊踩剎

車，沒有風控的企業，通路中的精英們也不敢敞開做市

場，所以風險控制是金融的核心，是企業穩步發展的定海

神針。土生金，風控都過關了，這個時候企業就可以非常

順利地走上市流程了。至此，五行閉環，生生不息。

企業成長的五行佈局

風控 模式

通路

資本

路演

Economic Insights 經濟透視

22 Momentum

中國數碼經濟的

機遇與挑戰

The Challenges Confronting China’s Digital Economy

23Momentum

冬Winter 2017/18

China’s digital economy is a force to be reckoned with. The country now accounts for 42% of global e-commerce, boasts

one-third of the world’s most successful tech start-ups, and conducts 11 times more mobile payments than the United States per year. But there are major challenges ahead.

To be sure, China is on track for continued progress, thanks to its rich ecosystem of innovators, a tech-friendly attitude among regulators and government, and its massive consumer market. China’s 731 million Internet users outnumber those in the European Union and the US combined.

These factors underpin projections of rapid growth in China’s fintech market. From 2016 to 2020, Goldman Sachs expects consumption-related third-party payment value to grow from $1.9 trillion to $4.6 trillion, with lending by non-traditional players soaring from $156 billion to $764 billion and new online-oriented asset management increasing from $8.3 trillion to $11.9 trillion.

Moreover, China is accelerating investment in artificial intelligence. In its report “Artificial Intelligence: Implications for China”, McKinsey estimates that AI technology in China could add 0.8 to 1.4 percentage points to China’s annual GDP growth, depending on the speed of adoption. Early this month, Google AI China was launched in Beijing by the company’s Chinese-born chief scientist for cloud computing, Fei-Fei Li.

Yet China still has a long way to go. As another recent McKinsey study, “Digita l China: Powering the Economy to Global Competitiveness”, points out, the US remains 4.9 times more digitised than China. And, within China, there are large variations in various sectors’ level of digitisation.

China will confront serious risks as it closes these gaps. As McKinsey notes, digitisation promises to shift and create value equivalent to anywhere from 10% to 45% of total industry revenues in four key sectors (consumer and retail, automotive and mobility, health care, and freight and logistics) by 2030. This implies significant disruptions to value chains and uncertainty about jobs, consumption, and the socio-political context.

If China is to ensure the continued development of its digital economy, while containing the risks associated with disruption, its leaders will need to implement smart regulations. And that will require careful consideration of the factors that have contributed to – and impeded – its progress so far.

As recently as a decade ago, few expected China’s remarkable digital breakthrough. In fact, both of the country’s key Internet pioneers, Jack Ma of Al ibaba and Pony Ma of Tencent, experienced early failures. But thanks to the Chinese leadership’s willingness to experiment, allowing access to foreign capital and technology, these pioneers were able to pursue initial public offerings elsewhere – Tencent in Hong Kong and Alibaba in New York.

中國數碼經濟的崛起勢如破竹：中國佔全球電子商

務的比重已經高達42%；全世界最成功的科技初

創企業有三分之一在中國；中國每年的移動支付總額更

是美國的11倍；但未來發展面臨巨大挑戰。

中國數碼經濟的迅猛發展要歸功於其豐富多樣的創新創

業生態系統、監管機構和政府對技術發展的友好態度、

以及巨大的消費市場。中國有 7.31 億互聯網用戶，比歐

盟和美國的總和還要多。

這些因素為中國金融科技（FinTech）市場的高增長預

期奠定了基礎。高盛公司預測，2016-2020年間，與消

費有關的第三方支付量將從 1.9 萬億美元增長到 4.6 萬億

美元；非傳統貸款人貸款將從 1,560 億美元增加到 7,640

億美元；新的在線導向的資產管理規模將從 8.3 萬億美

元增加到 11.9 萬億美元。

中國也正在加快人工智能（AI）方面的投資。根據麥肯

錫公司（McKinsey）的報告《人工智能：對中國的影

響》（Artificial Intelligence: Implications for China）測

算，取決於採用 AI 的速度，AI 技術將為中國 GDP 增長

帶來 0.8-1.4 個百分點的增量。本月早些時候，谷歌 AI

中國在北京成立，由在中國出生的谷歌雲計算首席科學

家李飛飛主持。

但中國仍有很長的路要走。麥肯錫公司的最新研究

《數碼中國：賦予經濟全球競爭力》（Digital China: Powering the Economy to Global Competitiveness）指出，美國數碼化程度仍比中國高4.9倍，而且，在中

國內部，不同行業的數碼化水平和參差不齊。

在追趕及縮短差距的過程中，中國將面臨嚴峻挑戰。麥

肯錫公司指出，到 2030 年，數碼化有望改變四個關鍵

行業（消費和零售、汽車和交通、醫療、及物流）並創

造相當於全行業 10%-45% 的收入。這將對現有的價值

鏈體系造成巨大衝擊，提升就業、消費和社會政治環境

的不確定性。

為了確保數碼經濟的持續健康發展，應對突破性技術進

步所帶來的產業與社會風險，中國需要實施明智的監管

機制。而這就需要審慎思考推動及製約科技進步的各種

因素。

十年前，幾乎沒人預測到中國會發生如此引人注目的數

碼經濟突破。事實上，中國的兩位互聯網先鋒，阿里

巴巴的馬雲和騰訊的馬化騰，創業之初都經歷過失敗。

受益於中國對外開放及鼓勵試驗與創新的政策，這兩家

公司才能獲得外國資本和技術，並在海外進行首次公開

招股（IPO）— 騰訊在香港上市，阿里巴巴則在紐約上

市。

他們利用新數碼技術以及中國高質量的電訊及物流公共

基礎設施來撬動和構建以互聯網為基礎的數碼服務業，

成為中國數碼經濟崛起的先鋒。阿里巴巴的電子商務平

台降低了交易成本、開拓了新市場、擠出了製約生產率

24 Momentum

As they took advantage of emerging digital technology – not to mention China’s high-quality public infrastructure – to leverage and build services, these pioneers spearheaded rapid progress in China’s digital economy. Alibaba’s e - c o m m e r c e p l a t f o r m expanded market access and reduced transaction costs, c rowding out t rad i t iona l middleman who undermined p r o d u c t i v i t y . T e n c e n t ’ s WeChat reduced the costs of communication, interaction, coordination, and socialisation among individuals, stimulating innovation across industries. Both broke down barriers a m o n g m a n u f a c t u r i n g , distribution, media, and finance, thereby achieving scale, expanding scope, and increasing speed.

These achievements – which produced major productivity, income, and wealth gains – are a testament to private sector ingenuity. But they were facilitated by the state, which pursued a policy of flexible non-enforcement of functional rules and regulations that enabled not only the expansion of private markets in China, but also the integration of those markets into the global economy.

Yet market-based innovations are intrinsically unpredictable, and expectations regarding innovations often overshoot. In the case of China’s digital economy, imperfect and lagging regulations and enforcement exacerbated the effects of imbalances in the business environment, which enabled the emergence of severe vulnerabilities, from financial and debt risk to pollution and inequality.

Under China’s current system, it is up to the government to deal with these problems. And, over the last five years, it has attempted to do just that, often using old, imperfect, but already-available administrative tools. Over the last year alone, China’s authorities have steadily tightened regulations governing the crypto-currency Bitcoin, B2C financing platforms, shadow banking, cross-border capital flows, and debt and securities markets.

But such changes do not address the underlying weaknesses that allow risk to proliferate. For that, China must build more effective institutions to deal with business failures, absorb losses, and manage risks and uncertainty. In particular, China needs improved bankruptcy procedures, multilevel capital markets, an effective social-security system, reliable public housing, and a progressive tax regime that aims to reduce inequality. At the same time, to counter market abuses, China should introduce more robust competition laws, anti-corruption mechanisms, and stronger environmental regulations.

提升的傳統中介。騰訊的微信降低了個體之間通訊、交

流、協作和社會活動的成本，刺激了跨行業創新。兩家公

司的創新成功推翻了製造、分銷、媒體和金融之間的壁

壘，幫助中國經濟在規模、範圍、與速度維度同步提升。

中國迅速崛起的新經濟帶來了巨大的生產率、收入和財

富提升，是民營企業活力與市場創造力的寫照。但各級

政府也為市場創新提供了便利，明智地選擇了在市場發

展的初期對新生事物採取網開一面的靈活政策，監管措

施不但允許民企及市場不斷擴張，還讓這些市場成功融

入全球經濟。

但基於市場的創新具有內在不可預測性，而與創新有關

的預期常常會過度高估或低估現實可能。對於中國的數

碼經濟，監管和執法的滯後和漏洞加劇了營商環境的失

衡，導致金融和債務風險、污染和收入不平均等社會問

題。

在中國現行體制下，需要政府來解決這些社會問題。在

過去五年中，政府也確實在嘗試解決這些問題，但通常

會使用傳統、非系統性、及現成的行政管理工具。在過

去一年，中國有關當局逐步收緊了對加密數碼電子貨幣

（比特幣）、互聯網融資平台、影子銀行、跨境資本流

動、地方債務及證券市場的監管。

但這些應急措施在短期有其必要，卻無法根除導致風險

與不確定性的一些更基本的制度因素。因此，中國需要

構建更有效的制度與機制來應對企業破產、吸收損失、

及管理風險和不確定性。特別是，中國需要健全的破產

流程、有活力的多層次資本市場、有效的社會安全體

系、可靠的公共住房體系、以及一個旨在降低收入與財

富不平等的累進稅制。與此同時，為了遏制一些市場舞

弊行為，中國需要引入更強的競爭法、反腐敗機制以及

環境監管。

25Momentum

冬Winter 2017/18

The digital economy is naturally pro-market, pro-productivity, and pro-globalisation. Yet, without effective management, it can generate significant economic imbalances that foster political and social instability. This is all the more true at a time of large-scale disruptions, owing to rapid technological progress, demographic shifts, and climate change.

The only way to harness the digital economy’s potential while avoiding downside risks is to build fair and inclusive social institutions that protect property rights and ensure efficient markets. In other words, it all comes down to delineating clearly, appropriately, and effectively the roles of the state and the market. M

Andrew ShengDistinguished FellowAsia Global Institute at the University of Hong KongMember of the UNEP Advisory Council on Sustainable Finance

Xiao GengPresidentHong Kong Institution for International FinanceProfessorUniversity of Hong Kong

Copyright: Project Syndicate, 2017. www.project-syndicate.org

Jennifer Luk Frank PaulE: jennifer@ninehillsmedia.com E: frank@ninehillsmedia.com

MakingBusin ssSenseTargeting Your Customers for MAXIMUM Results

T: +852 3796 3060W: www.ninehillsmedia.com

For advertising in Momentum, the official publication of CHKLC,please contact:

數碼經濟誠然有利於市場、有利於提高生產率、有利於

全球化，但如果缺乏有效的監管，數碼經濟可能會導致

嚴重的經濟失衡，甚至影響到社會穩定。在新經濟對傳

統經濟具有大規模衝擊力的時代，在突破性技術進步、

人口老化和氣候變化等因素相互作用的環境下，這一點

尤其重要。

為了實現數碼經濟的潛力，並避免其可能的弊端，中國

需要構建公正包容的社會制度來保護產權及確保有效率

的市場。換句話說，一切都取決於清楚、合理、有效地

界定政府與市場的角色。M

沈聯濤

傑出研究員

香港大學亞洲環球研究所

UNEP 可持續金融顧問委員會成員

肖耿

會長

香港國際金融學會

教授

香港大學

版權：Project Syndicatewww.project-syndicate.org

26 Momentum

Member in the Spotlight 會員聚焦

美國道富集團視

企業社會責任為企業基石

For State Street,

CSR as a

Corporate Keystone

— 專訪美國道富集團 高級副總裁兼亞太區企業審計總監

葉仕偉先生

– An Interview with Albert Yip Senior Vice President and Regional Head of Corporate Audit (APAC)

In the financial world, corporate social responsibility (CSR) has become an integral part of the strategic decision-making process

of financial institutions, as they are more concerned about their corporate values and how they can better contribute to sustainable social and economic growth. The iconic “Fearless Girl” statue standing in front of a Wall Street bull in Manhattan, erected by State Street Global Advisors, is just one good example of the industry’s devotion to gender diversity.

By establishing the Lions Club of Hong Kong IFC, Albert Yip, senior vice president and regional head of Corporate Audit (APAC) at State Street in Hong Kong, would like to prove that not only are they willing to roll up their sleeves to volunteer, they also want to achieve a wider social impact by offering their expertise and assistance to save disadvantaged or even distressed non-governmental organisation (NGOs) by acting as an “NGO White Knight”.

在金融界，企業比以往更重視企業價值觀，以及如

何為社會及經濟可持續發展作出更大貢獻，因此

企業社會責任（CSR）成為他們在策略決策過程中的重

要部分。道富環球投資管理在曼克頓華爾街公牛像前豎

立《無畏的女孩》這個標誌性的銅像，是業界致力推動

男女性別多樣性的其中一個好例子。

美國道富集團高級副總裁及亞太區企業審計總監葉仕偉

先生，任職香港。希望透過成立香港國金獅子會，證明

他們不但願意親力親為投身義工服務，亦期望成為「社

企白武士」，為弱勢甚至陷入困境的非政府機構及社企

提供專業知識和協助，從而對社會帶來更廣泛的影響。

紮根亞太區美國道富集團已成立 225 年，於 1982 年在香港成立分公

司，在區內紮根多年。集團在亞太區11個國家共有超過

27Momentum

冬Winter 2017/18

Asia Pacific PresenceState Street is celebrating its 225th anniversary. It has a long-time presence in the region and established the Hong Kong office in 1982. With more than 4,000 employees in 11 countries throughout Asia Pacific, State Street offers local investors a complete range of financial services across the investment spectrum, including investment servicing, investment research and trading, and investment management.

“The key to our success has been our ability to keep ahead of change by listening to our clients and other stakeholders, understanding their needs, and anticipating where the market’s going next,” Yip says. “Over the past decades, we’ve gone through two major milestones, with the first taking place in the 1970s when State Street evolved from servicing retail clients to servicing institutional clients with a custodial focus. The second was our global expansion beginning in the 1970s and accelerating in 1980s.”

Today, State Street is one of the world’s largest investment service providers, with US$32 trillion in assets under custody and administration, and the third largest asset manager. The asset manager also has a strong portfolio of exchange-traded fund (ETF) products, including the Tracker Fund of Hong Kong (code: 2800).

Rise of Passive InvestingEver since the global financial crisis, passive investing – such as by investing in plain-vanilla index-tracking ETFs – has become more popular among institutional and retail investors as they seek to reap the benefits of benchmark-tracking performance, low costs of ownership and trading and liquidity. As a result, financial markets have seen a stronger demand for passive investment in the past ten years.

And thanks to their flexibility and low-cost features, Yip also acknowledges that institutional investors are increasingly using ETFs as versatile tools to support active portfolio management. At the end of the day, he believes that both passive and active investment strategies are not contradictory among themselves but actually complement each other.

Pioneer in Fintech RevolutionFor financial service providers, fintech is not an option. Rather, fintech – including artificial intelligence, machine learning, cloud computing and advanced data analytics – is a revolution that they must embrace if they want to continue to grow and evolve.

“Financial f irms have litt le choice but to embrace digital transformation – or face disruption and eventual obsolescence. We’re working hard to position ourselves to be a digital leader in financial services and help our clients navigate the digital transformation that our industry is undergoing,” says Yip.

State Street is now half way through a 10-year initiative to further digitise the company. Thus far, it has spent five years on system upgrades, process automation, and global platform integration. It is now in the second phase of the journey as it seeks to become a leader in digital financial services, known as State Street Beacon.

4,000 名員工，為當地投資者提供全方位跨領域金融服務，

包括投資行政服務、投資研究和交易，以及投資管理。

葉先生指出：「我們成功的關鍵在於聆聽客戶和其他持

份者，了解他們的需要，同時預測市場未來走勢，使我

們能駕馭各種轉變。過去數十年間，我們經歷了兩大里

程碑。第一個是美國道富集團於 1970 年代從服務零售

客戶轉型為服務機構客戶，並以託管服務為重點；第二

個則是我們於 1970 年代開始向全球擴張，並在 1980 年

代加快步伐。」

今天，美國道富集團是全球最大型的投資服務供應商

之一，託管及負責行政管理的資產達 32 萬億美元，亦

是全球第三大資產管理公司。集團在交易所買賣基金

（ETF）方面亦有強大的產品組合，包括管理在香港上

市的盈富基金（股票代號：2800）。

被動投資崛起自環球金融危機後，被動型投資（如追蹤指數的傳統交

易所買賣基金）在機構和零售投資者間越來越受歡迎，

因為投資者認為這些投資工具可追蹤基準表現、成本較

低和及流動性較高。因此，金融市場在過去十年對被動

型投資有更強勁的需求。

葉先生亦指出，歸因於其彈性和低成本特點，越來越多

機構投資者利用交易所買賣基金作為多用途工具來管理

他們的主動型投資組合。說到底，他相信被動和主動型

的投資策略之間並無衝突，反而能夠互補。

金融科技革命的先鋒對金融服務供應商來說，金融科技是不容忽視的。如果

他們希望繼續發展和進化，金融科技（包括人工智能、

機器學習、雲端計算和先進數據分析）是他們必須欣然

接受的革命。

葉先生說：「金融企業別無他選，必須接受數碼轉型，

否則發展便會受阻，最終被淘汰。我們致力保持在金融

服務界數碼發展方面的領袖地位，並幫助客戶成功渡過

業界正在經歷的數碼轉型。」

美國道富集團進一步數碼化的十年計劃已完成了一半。

目前為止，集團花了五年時間進行系統升級、程序自動

化和環球平台整合。現在集團已進入名為 State Street Beacon 的第二階段，致力成為數碼化金融服務的龍頭。

Beacon 將成為集團整合的中央平台，以實時方式處理

公司所有數據，完成後客戶便可更能掌握風險管理、投

資表現和合規活動。

參與香港上市公司商會以推動企業管治文化葉先生相信商會是一個很好的平台，讓他與持份者有更

緊密的聯繫，而且有助在金融業界推廣出色的企業管治

措施。

葉先生指出，商會每年頒發的香港公司管治卓越獎亦可有

效表揚香港上市公司在企業管治措施方面的出色成就。

28 Momentum

Beacon is earmarked to be an integrated platform that centralises all the company’s data in a real-time setting, enabling clients to access a full range of risk management, investment performance and compliance activities when it is up and running.

J o i n i n g C H K L C t o P r o m o t e C o r p o r a t e Governance ExcellenceYip believes the Chamber is a good platform for him to connect and get closer to his stakeholders, and it helps promote good corporate governance practices across the financial industry.

The annual Hong Kong Corporate Governance Excellence Awards organised by the Chamber are also an effective way of recognising the outstanding achievement of Hong Kong-listed companies in their corporate governance practices, Yip said.

As a role model of corporate governance for other financial institutions, State Street won “Best of the Best Awards, Asia Asset Management (2017)”, and has been named the Best Fund Administrator for Pooled Products and Best Securities Financing House.

Company-wide, State Street has well established corporate governance guidelines to assist the board in the exercise of its duties and responsibilities and to serve the best interests of State Street and its shareholders.

What is a “Good” Financial Institution?“As the Governor and Chairman of Professional Committee of Institution of Internal Auditors (IIA) (HK Chapter) and the Chairman of Financial Services Committee of CPA Australia (Greater China), I expect all financial institutions to conform with the IIA standards, which is the best practice and international guideline for all internal audit functions globally”, said Yip.

IIA HK Chapter worked with KPMG on a survey last year. To Yip, 2017 offers a moment of reflection, a landmark year during which Hong Kong’s Corporate Governance Code was updated to incorporate a new Code Provision C.2.5, requiring listed issuers to maintain an internal audit function, within the Code’s comply-or-explain framework, and a revision to Code Provision C.2.2 requiring the board to ensure adequacy of resources, staff qualifications and experience, training programs and budget of the issuer’s internal audit function.

“For a financial institution, especially if it is listed, an effective internal audit function is essential to sound corporate governance. Internal audit should be independent from the business units to ensure effectiveness of risk management and internal control functions”, said Yip.

“Since Hong Kong is an international financial centre, we expect good financial institutions should properly comply with this code to strengthen their internal audit functions under the Corporate Governance model and a framework comprised of three lines of defence.” (The “three lines of defence” is a globally recognised

作為其他金融機構在企業管治方面的榜樣，美國道富集

團曾獲《Asia Asset Management》雜誌 2017「Best of the Best」的「最佳匯集投資基金行政服務供應商」及

「最佳證券融資公司」兩大獎項。

美國道富集團訂立了企業管治指引，以協助董事會履行

職務和責任，為美國道富集團及其股東爭取最大利益。

怎樣才算「優秀」的金融機構 ?葉先生說：「作為國際內部審計師協會（IIA）（香港分

會）總監兼專業委員會主席及澳洲會計師公會大中華區

財務委員會主席，我期望所有金融機構遵守 IIA 標準，

有關標準對於全球所有內部審核工作都是最佳的實踐和

國際指引。」

去年，IIA 香港分會與畢馬威合作進行了一項調查。對

葉先生來說，2017年帶來反思機會。在這標誌性的一

年，香港聯合交易所更新了《企業管治守則》，加入新

的守則條款 C.2.5，要求上市發行商按照守則的「不遵

守就必須作出解釋」機制維持內部審核功能，並修訂守

則條款C.2.2，要求發行商董事會確保內部審核功能有

充分的資源、員工資歷和經驗、培訓計劃及預算。

葉先生表示：「對於金融機構，尤其是上市公司，有效

的內部審核功能對穩健的企業管治來說不可或缺。內部

審查應獨立並於業務單位及與其他內部監控功能部門分

隔，以提供獨立檢驗，確保風險管理及內控的成效。」

「香港是國際金融中心，因此我們認為一間出色的金融

機構應該妥善遵守此守則，在企業管治模式和三重防禦

機制下鞏固其內部審核功能。」（「三重防禦」是獲

全球認可的機制。三重防禦線的功能包括：1）承擔並

管理風險，2）監管或專門從事風險管理及合規，以及

3）提供獨立驗證，即內部審核。）

金融機構的企業社會責任更重要葉先生說：「對於美國道富集團，社會企業責任政策是

我們對客戶、員工、股東和社會作出承擔企業責任的長

期承諾。我們承諾營造一個良好環境，使員工受重視，

能夠投入工作。我們承諾進行負責任的投資、保護環

境，並與社區聯繫。最重要的是企業社會責任是我們企

業策略的基礎。」

29Momentum

冬Winter 2017/18

governance framework. The functions of the three lines include: 1) functions that own and manage risk, 2) functions that oversee or specialise in risk management and compliance, and 3) Internal audit – the function that provides independent assurance).

CSR in Financial Firms More Important“For State Street, CSR is a long-term commitment we’ve made to our clients, employees, shareholders and communities to conduct our business responsibility. It’s a commitment to creating an environment where employees are valued and engaged,” said Yip. “It’s investing with impact, protecting our environment and connecting with our communities. Most importantly, CSR is at the foundation of our corporate strategy.”

Investors are increasingly using environmental, social and governance (ESG) strategies to align their investment needs with their values – and they are looking for new opportunities to do so. Over the past year, State Street has continued to deliver solutions that help clients further integrate ESG practices into their own business.

For instance, to demonstrate its commitment to gender equality, State Street Global Advisors (SSGA) introduced the SSGA proprietary gender diversity index. Focused on increasing gender diversity in Corporate America, the index helps investors align their investments with companies that value gender-diverse leadership. With an eye towards helping slow global warming, SSGA also launched new fossil fuel, reserves-free ETFs in 2016.

Lions Club of Hong Kong IFCOn a personal level, Yip is enthusiastic about extending the social impact of the financial sector. Last year he established the Lions Club of Hong Kong IFC, chartered under the Lions Club International (LCI) District 303 (Hong Kong & Macao, China), along with 32 other founding members. By the end of 2017, more than 20 new members joined, expanding its membership to more than 50.

Like Yip, the Club members are mainly professionals from the banking and finance sector, including senior executives of investment banks and financial institutions, partners of “Big 4” accounting firms, chief financial officers of listed companies, and chiefs of public organisations.

These normally sharp-suited professionals do not mind rolling up their sleeves for the community. But beyond physically volunteering, they also believe they could deliver a wider social impact by contributing their expertise in areas like fundraising, business matching, financial management and corporate governance to NGOs in need of extra help with fundraising, strategic planning, and more.

“Large NGOs tend to receive most funding support, resources and attention from the government, corporate sponsors and individual donors. By contrast, small NGOs are underprivileged and very often they lack the exposure they deserve to raise funds to support their charitable causes. At the Lions Club of Hong Kong IFC, we aim to offer our expertise and support to help smaller NGOs and rescue those in a desperate situation as ‘NGO White Knight’.”

越來越多投資者會透過環境、社會和管治（ESG）投資

策略，根據他們的價值觀來調整投資需要，而他們亦為

此尋求新機遇。過去一年，美國道富集團繼續提供解決

方案，協助客戶在其業務中進一步整合 ESG 措施。

舉例說，為展示集團對性別平等的承擔，道富環球投資

管理（SSGA）推出專利的男女性別多樣性指標。該指

標集中投資於一些增加男女性別多樣性的美國企業，有

助投資者投資於那些重視性別多樣性的公司。為協助減

慢全球暖化，道富環球投資管理亦於 2016 年推出無化

石燃料交易所買賣基金。

香港國金獅子會葉先生本人亦積極擴展金融業界對社會的影響。他於去

年與另外 32 位創會成員一同在國際獅子總會中國港澳

303 區之下註冊成立香港國金獅子會。截至 2017 年底，

已有超過 20 名新會員加入，會員人數超過 50人。

與葉先生一樣，該會會員主要來自銀行及金融界的專業

人士，包括投資銀行和金融機構的高級行政人員、四大

會計師事務所的合夥人、上市公司財務總監和公共機構

領導。

這群通常西裝革履的專業人士不介意捲起衣袖為社區服

務。除了親身參與義務工作外，他們亦相信自己能向在

籌募經費、策略發展及其他方面有需要的非政府機構，

貢獻他們對於集資、業務配對、財政管理和企業管治方

面的專業知識，為社會產生更大影響。

葉先生說：「大型非政府機構往往獲得最多政府、企業

贊助商和個人捐贈者的資金援助、資源和關注。相反，

小型非政府機構則處於弱勢，他們一般缺乏應有的知名

度，難以籌集善款支持他們的慈善事業。香港國金獅子

會的目標是向小型非政府機構提供專業知識和支援，作

為『非政府機構白武士』拯救處於水深火熱的機構。」

葉先生表示，像「一帶一路」覆蓋的這些發展中國家有

很多非政府機構投身於有意義的事業，但極需要協助。

他相信透過國際獅子會的環球網絡，他們可以接觸這些

弱勢小型非政府機構，義務地為他們提供專業知識，

30 Momentum

Calling All Members 讓我們對你有更深認識

Since 2009, Hong Kong-listed companies from a wide range of industries have taken the opportunity to gain exposure by being profiled in Momentum’s “Member in the Spotlight” column. As a member of the Chamber of Hong Kong Listed Companies, you have the privilege of being featured in this column, too.

If you are interested in having your company profiled in Momentum, please contact the CHKLC Secretariat: Amy Leung, Tel: (852) 2970 0886; Email: amyleung@chklc.org

自2009年以來，在各個不同領域經營的香港上市

公司，有不少已透過 Momentum 的《會員聚焦》

專欄，向大家展示其企業的面貌。作為香港上市公

司商會的一員，你也可享有接受本欄專訪的機會。

會員如有意藉 M o m e n t u m 介紹貴公司近況，請與

商會秘書處梁小姐聯絡（電話﹕ (852 ) 2970 0886﹔

電郵﹕amyleung@chklc.org）

The Club also aligns the “Lions World Bankers” program with the One-Belt-One-Road (OBOR) initiative. There are many NGOs in developing countries, such as those covered by the OBOR initiative, that are working on worthy causes who badly need assistance, says Yip. By reaching out to these smaller, disadvantaged NGOs through the global LCI network, Yip believes the Club can volunteer its expertise by providing the board members of these NGOs with proper training and financial supports. The club has been organising activities since last year. The first station was Tirana, Albania in Europe.

“One initiative we’ve been working on is partnering with various universities and organisations in Hong Kong to offer remote eye-care and vision screening services to the poor communities in China’s mountainous regions through smart phone, app and contact lens. “We’ve also recruited volunteers to assemble mechanical arms and deliver them to underprivileged people with disabilities”.

Another plan is developing a CSR-matching platform for corporations and NGOs. Potential corporate sponsors and volunteers can search and view projects or NGOs based on certain criteria, such as geography, project focus, social impact, dollar value, and duration and decide whether participation at a deeper level (other than financial support) is possible. Recently, the Club is appointed as the supporting organisation to Center for Economic Sustainability and Entrepreneurial Finance (CESEF) of PolyU in promoting the “Sustainability Conference: Governance and Financial Health of NGOs” to be held in February 2018.

As financial institutions and listed companies are keener than ever to support charities, they need more ESG information as to what causes they could support, how their donation is spent, and whether employee volunteering opportunities are in line with their CSR goals, Yip says. A matching platform would provide answers to those critical questions, and send expertise and financial support where it has the greatest impact. M

Jimmy ChowJournalist

並為他們的董事提供合適的培訓及贊助。在過去一年，

香港國金獅子會已實行「獅子銀行家計劃」，第一站是

位於歐洲的阿爾巴尼亞。

「我們其中一項進行中的計劃是與香港多間大學及機構

合作，透過智能電話、應用程式和隱形眼鏡為中國貧困

山區提供遙距護眼及視力檢查服務。我們亦招募了義工

組裝機械手臂，並將之送贈給弱勢殘疾人士。」

另一項計劃則是為企業及非政府機構開發社會企業責任

配對平台。潛在企業贊助商和義工可根據地理位置、

計劃重點、社會影響，金額和持續時間等指定準則搜

尋並檢視計劃或非政府機構的資料，判斷是否可以更

深入參與（除財政支援外）。最近，香港國金獅子會

被委任為香港理工大學「可持續經濟與創業金融中心

（CESEF)」的支持機構，推廣其於 2018 年 2 月舉辦的

「NGOs 管治及財務穩健」可持續論壇。

葉先生表示，由於金融機構和上市公司較以往都更加熱

心支持慈善事業，因此他們需要更多 ESG 資訊，以了解

能夠支持哪些事業、捐款用途，以及員工的義務工作機

會是否配合其社會企業責任目標。配對平台能夠為這些

關鍵問題提供答案，讓專業知識和財務支持能發揮最大

作用。M

周振雄

記者

31Momentum

FRA Column 財經事務及監管政策委員會專欄 冬Winter 2017/18

香港證券交易所

市場意見徵詢的最新情況

Update on Hong Kong Stock Exchange Market Consultations

32 Momentum

Under section 21 of the Securities and Futures Ordinance, HKEx has a statutory duty to ensure an orderly informed and fair

market. Pursuant thereto, HKEx will review the Listing Rules regularly to ensure that the Listing Rules are up-to-date and will reflect the market expectation in Hong Kong and internationally. In the last few months, HKEx has been very active in consulting the market on various issues affecting listing companies and the listing regime. This article will review the current issues that are under consultation by HKEx.

New Board Concept PaperHKEx issued the New Board Concept Paper on 16 June 2017 pursuant to its holistic review that has identified certain gaps in our listing regime affecting our overall competitiveness in attracting companies from emerging and innovative sections. In its consultation conclusions issued on 15 December 2017, HKEx determined it would expand the existing listing regime by permitting the listing on the Main Board of (a) biotech issuers (Biotech Issuers) which are pre-profit or pre-revenue and, (b) issuers from emerging and innovative sections that have WVR (Weighted Voting Right) structures (WVR Issuers), each subject to additional disclosure and safeguards. WVR Issuers are required to have a minimum expected market capitalisation of $10 billion and if below $40 billion of market capitalisation will need to meet a higher revenue test of $1 billion in the year before listing. Biotech issuers are required to have a minimum expected market capitalisation of $1.5 billion. Save as exempted, these issuers are required to comply with the Listing Rules in full. In addition, a new concessionary secondary listing route is proposed to attract those issuers that are primary listed in the US and the UK. HKEx will further consult the market on the new listing regime in early 2018.

GEM and Main Board Listing RequirementsHKEx has on 15 December 2017 published its consultation conclusions on the review of the Growth Enterprise Market (GEM) and changes to the GEM and Main Board listing requirements. Key changes are:

� The name of “Growth Enterprise Market” will be changed to “GEM”;

� The streamlined process for GEM transfers to the Main Board will be removed;

� Sponsors will be required to be appointed for transfers of listing;

� The minimum expected market capitalisation of GEM applicants will be increased from $100 million to $150 million and the minimum public float will be increased from $30 million to $45 million;

� The minimum expected market capitalisation of Main Board applicants will be increased from $200 million to $500 million and the corresponding public float will be increased from $50 million to $125 million;

� The minimum cash flow requirement for GEM applicants will be increased from $20 million to $30 million;

� A public offering of at least 10% of the total offer will be mandatory for all GEM IPOs; and

根據《證券及期貨條例》第 21條，港交所有法定責

任確保市場有秩序、消息靈通而公平。據此，港

交所將定期檢討《上市規則》，確保上市規則與時並進

及反映香港與國際市場的預期。在過去數月，港交所就

影響上市公司和上市制度的各種問題積極徵詢市場意

見。本文將回顧港交所現時正在徵詢意見的議題。

設立創新板框架諮詢文件港交所對我們的上市制度進行了全面檢討，發現當中存

在若干不足之處，影響到香港吸引新興及創新型公司的

整體競爭力，故於 2017年 6月16日刊發設立創新板框架

諮詢文件。港交所在 2017年12月15日發表的諮詢總結

中決定擴闊現行上市制度，允許 (a) 尚未有盈利或未有

收入的生物科技發行人（生物科技發行人）及 (b) 具有

WVR（不同投票權）架構（WVR發行人）的新興及創

新產業發行人於主板上市，但須作出額外披露及遵守額

外規定。WVR 發行人的最低預期市值為100 億港元，如

果市值低於 400 億港元，則須在上市前年度通過10 億

港元的較高收入測試。生物科技發行人的預期最低市值

須達 15 億港元。除非獲得豁免，否則該等發行人須全

面遵守《上市規則》。此外，建議設立新的第二上市渠

道，吸引在美國和英國作第一上市的發行人。港交所將

於 2018年初就新上市制度進一步徵詢市場意見。

33Momentum

冬Winter 2017/18

� Post-IPO lock-up on controlling shareholders will be extended from one year to two years for GEM whilst there will be no change for the Main Board.

The relevant Listing Rules will be amended to reflect the new role of GEM as a market for small and mid-sized companies and to ensure that there is a clear distinction between issuers listed on GEM and the Main Board. The revised Listing Rules will become effective on 15 February 2018. Transitional arrangements are available for those issuers that are already listed and those applicants that have submitted their applications before 15 February 2018.

After-Hours Trading EnhancementsAfter the market consultation and issue of consultation conclusions on 11 August 2017, HKEx will implement the enhancements to after-hours trading in phases, and as follows:

� Phase 1: extension to 1:00am from 11:45pm of the T+1 session for equity index futures with effect from 6 November 2017;

� Phase 2: inclusion of index option contracts and a trading halt mechanism for index options in the T+1 session in the first half of 2018; and

� Phase 3: extension to 3:00am from 1:00am of the T+1 session and alignment of the T+1 session cut-off time with the close of trading hours in late 2018.

Capital Raising by Listed Issuers On 22 September 2017, HKEx has issued a consultation paper on capital raising by listed issuers to address potential abuses related to large scale deeply discounted capital raising activities.

In relation to highly dilutive capital raising, rights issues, open offers and specific mandate placings will be disallowed if such, individually or when aggregated within a period of 12 months, will result in a cumulative material value dilution (proposed to be 25% or more) unless there are exceptional circumstances.

In relation to rights issues and open offers, the following are proposed:

� All open offers are required to be approved by minority shareholders unless pursuant to the general mandate;

� Rights issues and open offers are not mandatory to be underwritten;

� Underwriters ( i f any) are required to be l icensed and independent;

� Controlling shareholders may act as underwriters if compensatory arrangements are in place and the connected transaction rules are complied with; the current connected transaction exemptions are removed;

� Issuers are required to adopt either excess application arrangements or the compensatory arrangements for unsubscribed shares; and

� Any excess applications made by controlling shareholders and their associates in excess of the offer size minus their pro-rata entitlements are disregarded.

創業板及主板上市要求於2017年12月15日，港交所刊發有關檢討創業板

（GEM）及修改創業板與主板上市要求的諮詢意見總

結。主要變化如下：

� 「創業板」將更名為「GEM」；

� 將取消 GEM 的簡化轉板程序；

� 須就轉板委任保薦人；

� GEM 申請人的最低預期市值將由 1 億港元調高至

1.5億港元，最低公眾持股價值將由 3,000 萬港元

調高至 4,500 萬港元；

� 主板申請人的最低預期市值將由 2 億港元調高至

5億港元，相應的公眾持股價值將由 5,000 萬港元

調高至 1.25 億港元；

� GEM 申請人的最低現金流規定將由 2,000 萬港元

調高至 3,000 萬港元；

� 強制所有 GEM 新股在上市時公開發售部分不少於

總發行量的 10%；及

� GEM 首次公開招股後控股股東禁售期規定由一年

延長至兩年，主板不變。

相關《上市規則》將予修訂，以反映 GEM 作為中小型

公司市場的新角色，並確保 GEM 與主板上市發行人之

間有明確區分。經修訂的《上市規則》將於 2018 年 2

月 15 日生效。已上市的發行人及在 2018 年 2 月 15日之

前提交申請者將獲提供過渡安排。

提升收市後交易時段在完成市場徵詢及於 2017 年 8 月11日刊發諮詢總結

後，港交所將分階段提升收市後交易時段，具體如下：

� 第一階段：自 2017 年11月 6 日起，將股票指數期

貨 T+1 時段交易結束時間由晚上11時 45 分延長至

淩晨 1 時；

� 第二階段：2018 年上半年將股票指數期權合約納

入 T+1 時段，並設立短暫停牌機制；及

� 第三階段：2018 年底將 T+1 時段交易結束時間由

淩晨 1 時延長至淩晨 3 時，並將 T+1 時段截止時

間與交易結束時間劃一。

上市發行人集資活動

於 2017 年 9 月 22 日，港交所刊發有關上市發行人籌集

資金的諮詢文件，以處理濫用大幅價格折讓的大規模集

資活動的潛在問題。

對於具高度攤薄效應的集資活動，禁止所有（個別計算

或 12 個月期內合計）會令累計價值攤薄效應達 25% 或

以上的供股、公開招股及特定授權配售，特殊情況除

外。

對於供股及公開招股，建議如下：

� 所有公開招股（使用一般性授權者除外）須取得

少數股東批准；

� 供股及公開招股不必作出包銷安排；

� 包銷商（如有）必須為持牌人士及獨立人士；

34 Momentum

In relation to placing of warrants or convertibles securities under general mandate, the placing of warrants is not allowed and the placing of convertible securities is restricted with an initial conversion price that is no less than the market price of the shares at the time of placing.

In addition, issuers are required to disclose the use of proceeds from capital raisings in the interim and annual reports. Sub-division and bonus issue of shares are not allowed if the theoretical share price after adjustment is less than $1 or $0.5.

The consultation period has been closed and the consultation conclusions are yet to be issued by HKEx.

DelistingIn the interest of maintaining market quality and reputation, on 22 September 2017 HKEx issued a consultation paper on delisting to improve the effectiveness of the delisting framework and to address the issue of prolonged suspension of trading.

Under the Main Board Listing Rules, the following are proposed:

� HKEx is empowered to delist an issuer after its continuous suspension for a prescribed period (proposed to be 12, 18 or 24 months);

� A new delisting process is introduced under which HKEx may (a) publish a delisting notice and give the issuer a period of time to remedy the relevant issues to avoid a delisting or; (b) delist the issuer immediately in appropriate circumstances; and

� PN 17 will be removed.

Under the GEM Listing Rules, a separate delisting criterion will be added to allow HKEx to delist an issuer after its continuous suspension for a prescribed period (proposed to be 6 or 12 months).

The consultation period has been closed and the consultation conclusions are yet to be issued by HKEx.

Review on Corporate Governance CodeAs a part of its on-going initiative to raise the overall standard of corporate governance in Hong Kong, on 3 November 2017 HKEx issued a consultation paper to consult the market on independent non-executive directors (INEDs) and board diversity.

On INEDs, HKEx puts forward the following proposals:

� On overboarding and INED time commitment, the current Code Provision (CP) will be revised to require the issuer to explain why it considers the proposed INED holding seven or more directorships can still devote sufficient time for the new appointment;

� On identification and nomination, a CP is revised to require disclosure of the process used for identifying, and the selection process for, the proposed INED and reasons for nomination; and

� On factors affecting independence, (a) the relevant Rule is revised to extend the cooling off period of former professional advisers and individuals with material interests in the issuer’s business

� 在有補償安排及符合有關關連交易的規定的前提

下，控股股東也可擔任包銷商；廢除現時的關連

交易豁免；

� 發行人必須採用額外申請安排或補償安排以處理

未被認購的股份；及

� 如控股股東及其聯繫人作出額外申請，且該等申

請加上其按股權比例所應得證券大於發行規模，

則毋須理會。

就使用一般性授權配售權證或可換股證券而言，禁止

配售權證，並限制配售可換股證券，其初步換股價不

得低於配售時股份的市價。

此外，發行人須在中期報告及年報內披露有關股本集

資所得款項的用途。禁止導致經調整後股價低於 1 港元

或0.5 港元的股份分拆或紅股發行行動。

諮詢期已經結束，有待港交所刊發諮詢總結。

除牌港交所於 2017 年 9 月22日刊發有關除牌的諮詢文件，

以改善除牌程序，解決長時間暫停買賣的問題，冀有

助維持市場質素及信譽。

根據《主板上市規則》，提出以下建議：

� 港交所可在發行人持續停牌滿一段時間（建議為

12、18 或 24 個月）後將其除牌。

� 引入一套新的除牌程序，在這個新的程序下，港

交所可 (a) 刊發除牌通知並給予發行人一段指定的

時間補救相關事宜以避免除牌；或 (b) 於適當情況

下即時將發行人除牌；及

� 刪除第 17 項應用指引。

在《創業板上市規則》下，新增一項除牌準則，令港

交所可在發行人持續停牌滿一段時間（建議為 6 或 12

個月）後將其除牌。

諮詢期已經結束，有待港交所刊發諮詢總結。

檢討《企業管治守則》作為持續提升香港企業管治整體水平措施的一部分，

港交所於 2017 年 11 月 3 日刊發諮詢文件，就獨立非執

行董事及董事會成員多元化諮詢市場意見。

港交所就獨立非執行董事提出以下建議：

� 在獨立非執行董事擔任過多公司董事職務與可付

出的時間方面，現行守則條文將修訂為如果候任

獨立非執行董事職務將是他第七家（或以上）上

市公司董事職務，發行人須解釋認為該人選仍可

投入足夠時間的原因；

� 在物色和提名方面，提出修訂守則條文以要求披

露物色及提名候任獨立非執行董事的流程以及提

名原因；及

� 在影響獨立性的因素方面，(a) 對有關《上市規

35Momentum

冬Winter 2017/18

activities, (b) a new note is proposed to encourage inclusion of an INED’s immediate family members in assessing the director’s independence, (c) a new Recommended Best Practice (RBP) will be introduced to encourage disclosure of INED’s cross-directorships and/or significant links with other directors, and (d) the relevant CP will be revised to recommend INEDs meeting with the chairman in the absence of other directors at least annually.

On board diversity, the following are proposed:

� The current CP will be upgraded to a Rule requiring the issuer to have a board diversity policy and to disclose such policy or provide a summary; and

� A CP will be revised to require the disclosure as to how a proposed INED may contribute to the board in terms of perspective, skills and experience and also to board diversity.

The consultation period has been closed and the consultation conclusions are yet to be issued by HKEx.

Changes to Documentary RequirementsAs a continuing exercise to simplify documentary requirements under the Listing Rules, on 3 November 2017 HKEx issued a consultation paper to streamline the administrative procedures involved in the submission and collection of documents and to enhance procedural efficiency. The consultation paper sets out minor rule amendments and housekeeping changes that do not involve any policy change. The consultation period was closed on 8 December 2017.

Aircraft Leasing ActivitiesOn 17 November 2017, HKEx issued a consultation paper to consult the market on proposed exemption from the notifiable transaction rules for qualified aircraft leasing activities undertaken by qualified aircraft lessors. The exemption is similar to the exemption for qualified property acquisition undertaken by a qualified issuer under Chapter 14 of the Main Board Listing Rules. The proposed exemption applies to acquisitions, disposals and finance leases of aircrafts by listed issuers that are actively engaged in aircraft leasing with aircraft operators and whose principal activities are in that area, subject to the fulfilment of certain conditions and alternative disclosure requirements. The consultation period was closed on 22 December 2017.

ConclusionIn relation to the above market consultations by HKEx, our Chamber and its FRA committee have submitted our written responses to HKEx reflecting the views of our members and raising issues that are of concern to our members. Our Chamber will monitor these market consultations and update our members in a timely manner. If any member has any view on the market consultations, please share his view with us. M

Vincent P C KwanSolicitor/Certified Public Accountant (Fellow)Chairman, FRA CommitteeThe Chamber of Hong Kong Listed Companies

則》條文進行修訂，延長前任專業顧問及於發

行人業務活動擁有重大權益的個別人士的「禁止

期」，(b) 建議加入新附註，鼓勵在評估獨立非執

行董事的獨立性時考慮其直系親屬，(c) 加入新建

議最佳常規，鼓勵披露獨立非執行董事互相擔任

對方公司董事職務及／或與其他董事的重大聯繫

及 (d) 修訂相關守則條文，建議獨立非執行董事在

其他董事不在場的情況下每年最少與主席舉行一

次會議。

在董事會成員多元化方面，提出以下建議：

� 將現行守則條文提升至《上市規則》條文，要求

發行人制定董事會成員多元化政策並披露該政策

或提供摘要；及

� 修訂守則條文，規定披露候任獨立非執行董事在

觀點與角度、技巧及經驗以及董事會多元化方面

對董事會作出的貢獻。

諮詢期已經結束，有待港交所刊發諮詢總結。

提交文件規定的修訂作為持續簡化《上市規則》文件提交規定的措施，港交

所於 2017 年 11 月 3 日刊發諮詢文件，簡化提交與收集

文件的行政程序，以提高程序效率。諮詢文件列明若干

不涉及改變政策方向的輕微修訂。諮詢期於 2017 年12

月 8 日結束。

飛機租賃活動2017 年11月17 日，港交所刊發諮詢文件，就建議合資

格飛機出租商從事的合資格飛機租賃活動豁免遵守須予

公佈交易規定徵詢市場意見。此項豁免類似《主板上市

規則》第14 章給予合資格發行人進行合資格地產收購

的豁免。建議的豁免適用於經常與飛機營運商進行飛機

租賃交易，並以此為主營業務的上市發行人，其購置或

出售飛機以及飛機融資租賃事項均可在符合若干條件及

其他披露規定下獲得豁免。諮詢期於 2017 年 12 月 22

日結束。

結語對於港交所上述市場意見徵詢，本商會及下屬財經事務

及監管政策委員會已向港交所提交反映我們成員意見的

書面回應，並提出成員的顧慮。本商會將監察有關市場

意見徵詢並向成員及時通報最新情況。如有成員對市場

意見徵詢有任何意見，請與我們聯絡。M

關保銓

律師／資深會計師

香港上市公司商會

財經事務及監管政策委員會主席

本會成立十五週年晚宴暨

2017年度香港公司管治卓越

獎頒獎典禮

慶祝本商會15 周年之晚宴暨 2017年度香港公司管治卓越獎頒獎典禮已

於 2017年12月14日隆重舉行，當晚冠蓋雲集，出席的貴賓接近400人。晚會上除了商會梁伯韜主席致

歡迎辭外，更邀請到中央人民政府

駐香港特別行政區聯絡辦公室副主

任仇鴻女士及財政司司長陳茂波先

生擔任晚會主禮嘉賓，陳司長更環

繞香港金融及經濟前景為題發表主

題演講。本期封面故事有當晚盛況

的詳細報導。

14/12/2017CHKLC 15th Anniversary cum 2017 Hong Kong Corporate Governance Excellence Awards Gala Dinner

The gala dinner to celebrate both the 15th anniversary of the Chamber and the winner announcements of the 2017 Hong Kong Corporate Governance Excellence Awards was successfully held on December 14, 2017 at a packed banquet hall with close to 400 distinguished guests. In addition to having our Chairman Francis Leung giving welcoming remarks, we were most honoured to have Madam Qiu Hong, Deputy Director, Liaison Office of the Central People’s Government in the HKSAR and the Honourable Paul Chan, Financial Secretary as Guests-of-Honour. Financial Secretary Paul Chan also delivered a keynote address on the financial and economic prospects of Hong Kong. For more details of the evening, please read our cover story.

In Review / Past Activities 活動重溫

36 Momentum

37Momentum

冬Winter 2017/18

38 Momentum

Category for Hang Seng Composite Index Constituent Companies 恒生綜合指數成份股公司類別

Winners of the Hong Kong Corporate Governance Excellence Awards 20172017 年度香港公司管治卓越獎得獎公司

AIA Group Limited (Stock Code: 1299)友邦保險控股有限公司 (股份編號：1299）

CRRC Corporation Limited (Stock Code: 1766)中國中車股份有限公司（股份編號：1766）

China Mobile Limited (Stock Code: 941)中國移動有限公司（股份編號：941）

China Life Insurance Company Limited (Stock Code: 2628)中國人壽保險股份有限公司 (股份編號：2628）

Hysan Development Company Limited (Stock Code: 14)希慎興業有限公司（股份編號：14）

Link Real Estate Investment Trust (Stock Code: 823)領展房地產投資信託基金（股份編號：823）

Award for Corporate Governance Excellence 公司管治卓越獎Category for Hang Seng Index Constituent Companies恒生指數成份股公司類別

39Momentum

冬Winter 2017/18

Category for Hang Seng China (Hong Kong-listed) 100 Index Constituent Companies 恒生中國（香港上市）100 指數成份股公司類別

Category for Newly-listed Companies新上市公司類別

Award for Sustainability Excellence持續發展卓越獎

China Pacific Insurance (Group) Company Limited (Stock Code: 2601)中國太平洋保險（集團）股份有限公司（股份編號：2601）

China Everbright International Limited (Stock Code: 257)中國光大國際有限公司（股份編號：257）

Postal Savings Bank of China Co., Ltd. (Stock Code: 1658)中國郵政儲蓄銀行股份有限公司 (股份編號：1658）

China Merchants Bank (Stock Code: 3968)招商銀行股份有限公司（股份編號：3968）

China Mobile Limited (Stock Code: 941)中國移動有限公司（股份編號：941）

Limited complimentary tickets and discounts for members of CHKLC and Supporting Organisations.本會會員及合作夥伴可享限量免費門票及票價優惠。

Enquiry 查詢﹕(852) 2970 0886 / forum2018@chklc.org

Limited complimentary tickets for members of CHKLC and partner organisations香港上市公司商會及合作單位會員可享限量免費優惠

Co-organiser 協辦機構

CPT : 5 hours 小時

27 • 04 • 201809:00 – 14:30

The Grand BallroomGrand Hyatt Hotel香港君悅酒店宴會廳

Three Main Themes 三大內容綱領

Prospects and Opportunities前景與機遇

Regulatory Landscape監管環境

Mainland Opportunities(OBOR & Guangdong-Hong Kong-Macau Greater Bay Area)

中港融合機遇（一帶一路與粵港澳大灣區）

Keynote Speaker 主題演講嘉賓

The Honourable Paul MP Chan, GBM, GBS, MH, JP Financial SecretaryThe Government of the Hong Kong Special Administrative Region

陳茂波先生,大紫荊勳賢,GBS, MH, JP

香港特別行政區政府財政司司長

Luncheon Speaker 午餐演講嘉賓

Mr Charles Li Chief ExecutiveHong Kong Exchanges and Clearing Ltd

李小加先生

香港交易及結算所有限公司行政總裁

Register Now 請即登記:www.chklc.org

• IPO Market Prospects 新股市場前瞻

• FinTech Opportunities 金融科技契機

• Outlook of Panda Bonds 熊貓債市場展望

Explore the shift in approach of market regulation following changes in market environment, and how market participants should make adjustments. 探討市場環境改變下的監管模式轉變；市場參與

者如何自處。

Hong Kong listed companies’ role and contribution. 香港上市公司如何參與，作出貢獻，

獲取機遇，互利共贏。

Distinguished Speakers主講嘉賓

Outstandingm diae

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The Grand BallroomGrand Hyatt Hotel香港君悅酒店宴會廳

Luncheon Speaker 午餐演講嘉賓

Mr Charles Li Chief ExecutiveHong Kong Exchanges and Clearing Ltd

李小加先生

香港交易及結算所有限公司行政總裁