Shareholders Group

12 Jun 2002

The Securities and Futures Commission is pleased to announce that it has formalized its Shareholders Group as a standing committee under section 6 of the Securities and Futures Commission Ordinance. The Commission has also appointed 13 members to the Group for a one-year term, effective 17 June 2002.

The Shareholders Group was first convened in May 2001 as a body to provide views and feedback to the SFC on issues relating to shareholders' rights and investor protection. It has met 6 times over the last year and discussed a wide range of topics. At its meeting last month, the Group endorsed the proposed rules (subsequently announced for public consultation on 6 May 2002) on having listed companies file their disclosure materials with the SFC and for suspected cases of false or misleading information disclosure to be subject to SFC investigation and enforcement.

"Formalising the Shareholders Group as a statutory standing committee gives the Group a more prominent status, signaling to the public our commitment to investor protection and to seeking their views. All members of the Shareholders Group have given valuable input on the topics we discussed over the last year," said Mr Ashley Alder, Executive Director of Corporate Finance at the SFC.

"The Commission very much appreciates their generous support in giving us their time and sharing of their insights. We wish to thank especially Mr Leong Ka Chai, Mr Leo Chiu, Mr Peter Wong, Mr Ricky Tam and Ms Tina So who are retiring from the Group," Mr Alder added.

"With its establishment as a statutory standing committee, membership of the Group has been reconfigured so that it consists mainly of individuals representing investor interests. The Group will continue to provide valuable input to the SFC on matters of concern to public and minority shareholders in listed corporations," Mr Alder said.

The list of members and terms of reference are attached.

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Securities and Futures Commission

Shareholders Group

Terms of Reference


1. The objective of the Group is to advise the Commission on issues relating to shareholders' interest and investor protection in order to promote:

  • maintainence of a level playing field among all shareholders which is fundamental to investor confidence and market integrity;
  • increased accountability by directors and management of listed companies to shareholders;
  • proper functioning of a securities market which ultimately benefits both listed companies as well as their shareholders.


2. With a view towards furthering the above principles in practice, the Group shall provide advice and feedback to the Commission on aspects of the regulatory framework, including:

  • quality of information available to public shareholders;
  • protection of minority shareholders;
  • role of institutional investors and their development as a force of checks and balance;
  • promoting a high degree of shareholder involvement;
  • enhancing good corporate governance in achieving best practice and world-class standards.

3. The Group shall aim to meet on a bi-monthly basis, subject to needs and workload.

4. The term of appointment for the members will be for 12 months.

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Membership List

Mr. Ashley Alder (Chairman)
Executive Director
Corporate Finance Division, the Securities and Futures Commission

Mr. Jamie Allen
Secretary General
Asian Corporate Governance Association

Mr. Rex Au Yeung
Managing Director and Chief Executive-Asia
Principal International (Asia) Ltd

Prof. Andrew Chan
Chairman, Consumer Council
Associate Dean, Faculty of Business Administration
Chinese University of Hong Kong

Mr. Wing Luk Chan
Financial Commentator
U Six Holdings Ltd

Mr. Vincent Duhamel
Principal and Chief Executive
State Street Global Advisers Asia Ltd

Mr. Shu Fai Heung
Managing Director
Sirius Pacific Consultants Ltd

Mr. David Lui
Vice Chairman
Schroder Investment Management (Hong Kong) Ltd

Mr. David Tak-kei Sun
Vice-President, Hong Kong Society of Accountants
Chairman of Corporate Governance Committee

Mr. Mark Taylor
Chairman, Corporate Governance Panel
Hong Kong Institute of Company Secretaries

Prof. Judy Tsui
Head and Professor, Department of Accountancy
City University of Hong Kong

Mr. David M. Webb

Mr. V Nee Yeh
Managing Partner
VP Private Equity Ltd


Page last updated : 1 Aug 2012