COMMUNICATION PROPOSALS GET SUPPORT

The Financial Services & the Treasury Bureau today published the consultation conclusions on promoting paperless corporate communication for Hong Kong companies, outlining the views received during the consultation, along with the Government's response and the way forward.

The public consultation was conducted from November 27, 2023, to January 26, 2024, during which nine submissions were received from the community, including business chambers, professional bodies and public organisations.

Noting that the paperless corporate communication proposals received general support from the community, the bureau said the respondents agreed that the proposals will enhance cost-effectiveness and operational efficiency of companies, thereby achieving the objectives of streamlining procedures and promoting a green business environment.

Respondents also provided valuable comments on different aspects of the proposals, including introducing an implied consent mechanism, removing the separate notification requirement, and enhancing protection of shareholders' interest, it added.

The bureau has briefed the Legislative Council Panel on Financial Affairs on the legislative proposals, consulted the Standing Committee on Company Law Reform and organised a briefing session for seven industry organisations.

Additionally, it is drafting the amendment bill and plans to introduce it into the Legislative Council within this year. The Government hopes the community will continue to support the implementation of the legislative proposals.

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