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Exchange Launches Board Diversity Repository and Enhances ESG Academy

Regulatory
29 Apr 2022

  • Exchange launches new repository to aid access to information on and transparency around  board diversity
  • Exchange also introduces a new section to ESG Academy to improve issuers’ ESG practices

 

The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), today (Friday) launched a new diversity repository, and introduced an “ESG in Practice” section to the ESG Academy. 

“At HKEX we are committed to promoting diversity and ESG excellence amongst our listed issuers, helping to enhance Hong Kong’s position as a leading governance and ESG hub in Asia. We believe these new initiatives will further help enhance board diversity and ESG practices, complementing the revised Corporate Governance Code and related rules that came into effect this year,” said Bonnie Y Chan, HKEX’s Head of Listing.

Board Diversity & Inclusion in Focus

The Exchange is committed to promoting board diversity amongst our issuers, and has recently introduced new rules1 to end single-gender boards. The new repository, “Board Diversity & Inclusion in Focus”, aims to improve access to information on and transparency around board diversity, enabling investors and other stakeholders to stay informed of businesses’ policy and approach to good governance and board diversity.

Data regarding each issuer’s board of directors, by age, gender and years of tenure, will be available on the centralised platform. Issuers, investors and stakeholders are able to choose a particular industry sector to facilitate assessment of the company’s performance against peers.

ESG in Practice

The Exchange is pleased to enhance its ESG Academy with the introduction of “ESG in Practice”, following the much-welcomed publication of the Guidance on Climate Disclosures in November 2021. This is part of the Exchange’s ongoing efforts to provide timely, relevant and useful guidance and information to the market. The new section highlights the Exchange’s latest ESG regulatory developments, and provides examples of exemplary ESG practices amongst its issuers.

The Exchange will look to continue to review its ESG framework, prioritising board governance and climate-related disclosures (including further alignment with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) and adoption of the new standard(s) to be developed by the International Sustainability Standards Board under the International Financial Reporting Standards Foundation2), and will update the market with any further guidance as appropriate.

 

Notes:

  1. The Exchange will not consider diversity to be achieved for a single gender board (Main Board Listing Rule 13.92 / GEM Listing Rule 17.104).
  2. The Green and Sustainable Finance Cross-Agency Steering Group has announced that TCFD-aligned climate-related disclosures will be mandatory across relevant sectors no later than 2025. The Steering Group also indicated its support towards adopting the standard to be developed by the International Sustainability Standards Board.

 

 

About HKEX

Hong Kong Exchanges and Clearing Limited (HKEX) is one of the world’s major exchange groups, and operates a range of equity, commodity, fixed income and currency markets. HKEX is the world’s leading IPO market and as Hong Kong’s only securities and derivatives exchange and sole operator of its clearing houses, it is uniquely placed to offer regional and international investors access to Asia’s most vibrant markets.

HKEX is also the global leader in metals trading, through its wholly owned subsidiaries, The London Metal Exchange (LME) and LME Clear Limited. This commodity franchise was further enhanced with the launch of Qianhai Mercantile Exchange (QME), in China, in 2018.

HKEX launched the pioneering Shanghai-Hong Kong Stock Connect programme in 2014, further expanded with the launch of Shenzhen Connect in 2016, and the launch of Bond Connect in 2017.

www.hkexgroup.com

 

 

Ends

Updated 29 Apr 2022