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Standing Committee on Company Law Reform publishes annual report

The Standing Committee on Company Law Reform (SCCLR) today (November 27) published its 2014-15 annual report.

During the reporting period, the SCCLR discussed the detailed proposals on a new statutory corporate rescue procedure and insolvent trading provisions and was briefed by the Hong Kong Exchanges and Clearing Limited on the concept paper on weighted voting rights issued in August 2014.

In addition, the Government briefed the SCCLR on the outcome of the public consultation on the corporate insolvency law improvement exercise and the Government’s responses to the public comments.

"The SCCLR has all along been our important partner in company law reform and provided us with expert advice. We are most grateful for its members’ valuable contribution throughout the years," a government spokesman said.

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.

Members of the SCCLR include practitioners from relevant professions including the legal, accountancy and company secretarial fields, academics, individuals from the business communities, as well as representatives from relevant government departments and financial regulators.

The 2014-15 annual report of the SCCLR is available on the websites of the Financial Services and the Treasury Bureau ( www.fstb.gov.hk/fsb) and the Companies Registry ( www.cr.gov.hk).