Thursday, 23 August 2012

Hong Kong Updates- New Companies Ordinance

New Companies Ordinance passed on 12th July

Key points include:

(a) Abolition of par value for shares
(b) Restricting corporate directorships of private companies: each private company will be required to have at least one director who is a natural person, to enhance transparency and accountability. A grace period of six months from the commencement date of the new ordinance will be given.
(c) Clarifying directors’ duty of care
(e) Strengthening enforcement: lower threshold for prosecution and a new definition of “responsible person” (who can be prosecuted).
(f) Simplified reporting for companies that meet specified size criteria
(g) Strengthening of auditors’ rights to require a wider range of persons to provide information or explanations.

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