Earlier, we, Argyle Street Management, wrote that we will vote against the re-election of Mr. Tsang Wah Kwong, an independent non-executive director (INED) of China Merchants China Direct Investments (133 HK).

That is because he has been an INED for 13 years and is therefore no longer independent. If he gets re-elected for another three-year term, his tenure will have been 16 years.

In fact, the Hong Kong stock exchange will soon implement new Listing Rules to limit INED tenures to nine years.

On 30 April 2025, Institutional Shareholder Services (ISS), the global proxy advisor, has recently published a paper in response to the new rules:

The changes to the Corporate Governance Code and Listing Rules represent a significant step forward in strengthening Hong Kong’s governance framework. The new measures help address some key issues in the Hong Kong market, namely a lack of board independence and board refreshment due to long-tenured INEDs

…the reform could be viewed as a commitment to aligning local governance standards with global investor expectations and the regulatory trends in other major Asian jurisdictions…

Leading global investors, including BlackRock, Fidelity International, and Norges Bank Investment Management have expressed strong support for the new measures…

…Despite the protracted grace period, now is a good time for listed companies to start looking for suitable candidates for the future.

Contact us:

💬 WeChat: ASM_Argyle

💬 WhatsApp: +852 6317 6371

🖥️ UnlockValueChinaMerchants.com

📧 ChinaMerchants@asmhk.com


早前,我们 Argyle Street Management 表示将投票反对 曾华光先生招商局中国基金的独立非执行董事)的连任。

这是因为他已担任独立非执行董事长达 13 年,因此已不再符合“独立”的条件。如果他再次连任一个三年任期,其任期将达到 16 年。

实际上,香港交易所即将实施新的上市规则,限制独立非执行董事的任期不得超过 9 年。

2025年 4 月 30 日,Institutional Shareholder Services (ISS) 发表了一篇研究报告,回应这一新规则:

《企业管治守则》和上市规则的修改,标志着加强香港治理框架的重要一步。这些新措施有助于解决香港市场的一些关键问题,例如由于长期任职的独立非执行董事导致的董事会独立性不足和缺乏更新…

…这一改革可以被视为对齐本地治理标准与全球投资者期望以及其他主要亚洲司法辖区监管趋势的承诺。

包括贝莱德 (BlackRock)、富达国际 (Fidelity International) 和 挪威银行投资管理公司 (Norges Bank Investment Management) 在内的全球领先机构投资者已对这些新措施表示强烈支持。

联系我们

💬 微信:ASM_Argyle

💬 WhatsApp:+852 6317 6371

🖥️ UnlockValueChinaMerchants.com

📧 ChinaMerchants@asmhk.com

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