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In 2014 December, Hong Kong Exchanges and Clearing Limited (HKEX) published its new corporate governance code on Risk Management and Internal Control and come into effect for accounting periods beginning on or after 1 January 2016.  Now, an internal audit is a mandatory requirement by HKEX for every listed company in Hong Kong.  A listed Company should conduct a review of the effectiveness of its internal control system annually and report to shareholders in the Corporate Governance Report. Deep Blue...

The Economic Substance (Companies and Limited Partnerships) Act, 2018 (the “ES Act”) came into force on 1 January 2019 in the British Virgin Islands (“BVI”). The ES Act imposes economic substance requirements on all BVI companies and limited partnerships (“LPs”) which are carrying on “relevant activities” unless they are resident for tax purposes in a jurisdiction outside the BVI. A BVI business company or limited partnership which is not carrying on any relevant activity will need to file an annual...

In recent years, investors have attached an increasing importance to the performance of enterprises in the "environmental, social and governance" (ESG) aspects.  THE Hong Kong Exchange (HKEX) published a consultation paper in 2019 proposed to enhance the ESG Reporting Guide and related Listing Rules.  The new requirements for environmental, social, and governance (ESG) reporting for Hong Kong listed companies will apply to financial years commencing on or after 1st July 2020 and will require to be published within five months...