Standing Committee on Company Law Reform publishes annual report

     The Standing Committee on Company Law Reform (SCCLR) today (October 16) published its 2022-23 annual report.
 
     During the reporting period, the Government briefed the SCCLR on the legislative proposals to facilitate companies to hold virtual or hybrid general meetings and implement a risk-based capital regime for the insurance industry of Hong Kong, and the plan to introduce a company re-domiciliation regime.
 
     The SCCLR was also kept informed of the Government's proposal to amend the Bankruptcy Ordinance and Companies (Winding Up and Miscellaneous Provisions) Ordinance with a view to modernising services of the Official Receiver's Office.
 
     "All along, the SCCLR has been our important partner in ensuring that our company laws could keep abreast with the times and is commensurate with Hong Kong's status as an international commercial and financial centre. We are grateful for the SCCLR's advice during the reporting period," a Government spokesperson said.
 
     Taking into account the advice of stakeholders including the SCCLR, the Government introduced the Companies (Amendment) Bill 2023 and the Insurance (Amendment) Bill 2023 into the Legislative Council (LegCo), which were passed by the LegCo in January and July 2023 respectively. The Bankruptcy and Companies Legislation (Miscellaneous Amendments) Ordinance 2023 was also passed by the LegCo in July 2023. The Government is working on the law drafting of the company re-domiciliation regime and will take into account the views and suggestions of the SCCLR and those collected during the public consultation exercise.
     
     The SCCLR was set up in 1984. It advises the Financial Secretary on amendments to the Companies Ordinance and the Companies (Winding Up and Miscellaneous Provisions) Ordinance, as well as amendments to the Securities and Futures Ordinance on matters relating to corporate governance and shareholders' protection, as and when necessary.
 
     The Chairman of the SCCLR is Mr Johnny Mok, SC. Members include practitioners from relevant professions including legal, accountancy and company secretarial fields; academics; individuals from the business communities; and representatives from relevant government departments and financial regulators. 
 
     The 2022-23 annual report of the SCCLR is available at the website of the Companies Registry (www.cr.gov.hk) for public inspection.