The Listing Nominating Committee of The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX) is now seeking applications from individuals interested in serving on the Exchange’s Listing Committee and the GEM Listing Committee¹.  Appointments will be for a term of approximately 12 months commencing around July 2019.  The Listing Nominating Committee will interview short-listed candidates before appointments are made.

In addition to applications received in response to this news release, the Listing Nominating Committee will consider reappointing existing Listing Committee members.  Unsuccessful applications from previous years have not been retained.  Any such applicant wishing to be considered for appointment this year should submit an application.

In deciding whether to make an application, applicants should be aware of the establishment of the new Listing Review Committee following the Consultation Paper on Review Structure in relation to Listing Committee Decisions and the Consultation Conclusions issued on 10 August 2018 and 18 January 2019, respectively².  HKEX has published a separate news release inviting applications to the Listing Review Committee which is available on the HKEX website.

Listing Committee members play an important role in the Hong Kong listing regime and the Hong Kong securities market.  Members make a significant personal contribution to public service and to the success of Hong Kong’s development as a leading international financial centre.  The Listing Committee acts both as an independent administrative decision maker and an advisory body for the Exchange. It has four principal functions:

• to oversee the Listing Division (to the extent practicable given the Listing Committee’s mode of operation);
   
• to provide policy advice to the Listing Division on listing matters and to approve amendments to the Main Board Rules and GEM Rules;
   
• to take decisions of material significance for listing applicants, listed issuers and the individuals concerned. These include approvals of listing applications and cancellations of listing and disciplinary matters; and 
  
  
• to act as a review body (in its role as the Listing (Review) Committee) for decisions made by the Listing Division.

The Listing Committee comprises at least 28 members including: the HKEX Chief Executive, who is an ex-officio member; at least eight appointed investor representatives; and 19 appointed members who are a balance of representatives of the securities industry.

In order to achieve an appropriate balance of Listing Committee membership, the Listing Nominating Committee is seeking to improve the diversity of its members in terms of gender and particularly encourages applications from women who would be able to represent the views of investors, listed issuers and/or market practitioners. 

In April 2018, HKEX implemented Listing Rules for companies from innovative and emerging sectors.  The Listing Nominating Committee continues to be particularly interested in receiving applications from persons with experience and expertise in these sectors, including the Biotech sector.

For information about the role of the Listing Committee and its mode of operation, please refer to the Listing Committee’s Annual Report for 2017.

The Listing Committee meets at least weekly and members are generally expected to attend half of the regular meetings in addition to some special meetings such as quarterly policy meetings, disciplinary meetings and review meetings.  It is therefore a significant time commitment.  The Exchange currently offers a fixed annual fee of $100,000 for regular Committee members, $125,000 for the Deputy Chairmen and $150,000 for the Chairman on account of attendance at, and preparation for, regular, policy, disciplinary and review meetings.  The Exchange is currently reviewing these fee amounts.

Applications for nomination to the Listing Committee must be made by e-mail and accompanied by a resume.  They should be headed “Application for Nomination to the Listing Committee” and sent to David Graham, Secretary to the Listing Nominating Committee using the email address LNCSecretary@hkex.com.hk.  Applications will be treated in strict confidence.  Personal data provided will only be used for the purpose of application for appointment to the Listing Committee.

Applications should be submitted on or before 12 April 2019.  Applicants selected for an interview will be notified in the second quarter of 2019.

 

 

 

 

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