CGI Global Webinar: ‘Reflections on HKEX’s Corporate Governance Code Changes’
Since 01 July 2025, listed companies on Hong Kong Exchanges and Clearing Limited (HKEX) have abided by updated corporate governance rules. One year on, we explore how companies have adapted, any challenges and the stakeholder response.
Overview
Since 2018, following reforms put in place deliberately aimed at attracting new economy companies to list in Hong Kong, the market has seen a shift away from property companies and financial services companies which were largely dominant before. Over 40% of the market cap of the whole market is now attributable to new economy companies – principally tech companies and biotech companies – and about 60% of the market turnover, is now in those new economy sectors, signalling a new era*.
Whilst the purpose of having a robust corporate governance code is of course to strengthen internally the governance structures of companies, as well as to attract inward investment, this webinar explored what led to the 2025 review. Regular conversations with stakeholders have allowed HKEX to understand what has been of particular concern to its investor community. As a result, the key changes arising from the 2025 review cover independent non-executive director tenure, board and workforce diversity, over-boarding, risk management and internal control review, dividend policies and mandatory director training.
Under the Hong Kong Corporate Governance Code, the Company Secretary is given quite a lot of leverage within their role, further progressing the evolution of the CoSec away from administrative support and instead to more of a strategic guidance role. The latest review of Hong Kong’s Corporate Governance Code has therefore required a substantial number of changes within listed companies, but for the Company Secretary at the centre of all processes, these have seemingly been embraced and abided by with much support.
*Figures based on HKEX internal data as of end-May 2026.
Watch on-demand for an in-depth look at what some of these changes entailed.
On-demand recording
Speakers
Paul Malam
Head of Policy and Secretariat Services of Listing Division
Hong Kong Exchanges and Clearing Limited (HKEX)
Robin Healy FCG HKFCG
Vice President
Hong Kong Chartered Governance Institute
Kerrie Waring FCG
Director General
Chartered Governance Institute
Paul Malam
Head of Policy and Secretariat Services of Listing Division
Hong Kong Exchanges and Clearing Limited (HKEX)
Mr. Paul Malam is the Head of Policy and Secretariat Services of Listing Division at Hong Kong Exchanges and Clearing Limited (“HKEX”). Prior to joining HKEX in 2006, Paul worked for the London Stock Exchange's Listing Division and subsequently the Markets Division of the UK Financial Services Authority (now Financial Conduct Authority) on policy initiatives and monitoring issuers' compliance with UK Listing Rule continuing obligations. At HKEX, Paul played a key role in developing and implementing several listing reforms and regimes, including the 2018 Listing Reforms (Chapters 8A, 18A and 19C), the SPAC listing regime, the Specialist Technology Company regime, the GEM Review, and the recent initiatives on IPO price discovery and open market reform.
Robin Healy FCG HKFCG
Vice President
Hong Kong Chartered Governance Institute
Mr Robin Healy FCG HKFCG is a practising governance professional with two decades of company secretarial experience. He is Director – Corporate Governance Secretariat of Link, a listed multinational real estate investment trust and a constituent of the Hang Seng Index. In this role, he is responsible for supporting the board and providing a full suite of company secretarial services for this acquisitive group.
He has held senior roles in HSBC in both London and Hong Kong, latterly as HSBC’s Global Head of Corporate Governance Advisory. At HSBC, he was responsible for the formulation and delivery of solutions to multi-jurisdictional governance, legal and regulatory issues. Prior to that, he was the Deputy Company Secretary of SEGRO plc, a FTSE100 real estate investment trust, where in addition to his company secretarial role, he was a trustee for two defined benefit pension schemes. Having started his career in information systems, Robin then trained as a chartered secretary in Centrica plc, a FTSE30 energy company with operations spanning into telecoms and insurance.
Robin has been an active member of The Hong Kong Chartered Governance Institute (“HKCGI”) and has served as a member of its Editorial Board since 2018 and its Membership Committee since 2019. He was also a mentor for young chartered secretaries, through HKCGI’s Mentorship Programme and has been a regular supporter of HKCGI’s events, notably acting as master of ceremonies for the Annual Corporate and Regulatory Update 2018 and 2019.
Robin became an Associate of The Chartered Governance Institute (CGI) in 2004 and was admitted as a Fellow of CGI and HKCGI in 2017. He holds a law degree (LLB Hons) from the University of Greenwich and a Master of Science from the University of Strathclyde Business School.
He has called Hong Kong home since 2016.
Kerrie Waring FCG
Director General
Chartered Governance Institute
Kerrie Waring is Director General of the Chartered Governance Institute (CGI), the world’s premier membership body for Company Secretaries. Working with nine divisions, she leads CGI’s global strategy, advocacy and international qualifying programme, serving 28,000 members across 80 markets.
Kerrie was CEO of the ICGN for 10 years until 2024, an organization led by investors with assets of USD 90 trillion. Earlier, she was Corporate Governance Manager at the Institute of Chartered Accountants in England and Wales, International Development Manager at the UK Institute of Directors, and Coordinator for International Relations in Hiroshima as part of the JET Programme, a Japanese Government initiative.
Earlier in her career, Kerrie contributed to the Global Corporate Governance Forum, convened by the OECD and World Bank, helping to establish governance foundations worldwide through the creation of codes, institutes, and director training programmes. As a specialist in Japanese governance, she served for seven years as a Member of TSE-FSA’s Council of Experts advising on governance and stewardship reforms.
Kerrie was named Rising Star of Corporate Governance by the Yale School of Management in 2008. She was lead author of the IFC’s Global Director Training Toolkit (2002) and co-author of the Handbook on International Corporate Governance (2004). Kerrie is a Chartered Company Secretary and holds a BA (Honors) in International Business and Japanese.