Friday, 28 June 2013

Hong Kong Updates- Directors' Practice Notes Issue 2

The Hong Kong Institute of Directors has announced the release of its Directors' Practice Notes Issue 2 which provides guidelines for directors and recommendation of best-practice in Hong Kong. Most of the Notes apply specifically to listed companies. 

However, some are of general application, i.e. they will apply to directors of private companies, of which there are more than 1 million in Hong Kong. For example, the Notes reaffirm that directors are entitled to receive any information they require in order to meet their responsibilities as directors. The implication is that such information must also be timely. Against this, they are then entitled to rely on the accuracy of the information unless they have grounds to suspect that the information is not reliable. This will become increasingly important especially as the provisions of the new Companies Ordinance come into effect, including the requirement anticipated from 2014 (date to be confirmed) that every Hong Kong company, i.e. every one of the 1 million companies mentioned above, will have to have at least one natural person as a director. 

Primasia Corporate Services Limited will offer individuals directors to companies to fulfil this requirement, subject to the requisite information mentioned above being provided to Primasia.

Primasia will post the updates of Hong Kong and China from time to time. Follow us on our WebsiteBloggerLinkedIn and stay tunned for our updates!
Need more information?
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John Barclay -Email
Teresa Tam - Email 
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Primasia Corporate Services Limited
Tel: +852 2882 2088
Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong

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