The Stock Exchange of Hong Kong (SEHK) Limited, a subsidiary of Hong Kong Exchanges and Clearing, has finalized amendments to its corporate governance code. The amended corporate governance code, and new listing rules, will come into effect from the for January 1st next year and will require firms to provide assurance regarding board independence, refreshment, and diversity.
Listed companies will have a three-year transition period to ensure their boards do not comprise just a single gender, which SEHK says is “not considered to be a diverse board”. Listed companies will have to set numerical targets and timelines for achieving greater gender diversity at the board level. Board diversity policies must be reviewed annually, and disclosures must be made on gender ratios in the workforce.
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