ENGLISH
|
JAPANESE
|
CONNECT WITH US:
Home
About
Contact
Log in
*
Home
Press release
Apr 07, 2021 19:40 JST
Source:
The Hong Kong Institute of Directors
HKIoD Recommends a Director Identification Number System
HONG KONG, Apr 07, 2021 - (ACN Newswire) - The Government has plans to introduce subsidiary legislation to implement provisions under the Companies Ordinance relating to legitimate and necessary access to personal information contained in the Companies Register. The Hong Kong Institute of Directors supports the new arrangement.
Under the new arrangement, public inspection of the Companies Register will not be precluded. The Companies Ordinance does enable public inspection of data in the Companies Register, but the inspection must comport with the law. The Companies Ordinance as passed into law contains provisions specifying that public inspection of the Companies Register should only be for the purposes set out in section 45(1).
A main purpose of public inspection of the Companies Register is to ascertain the identity of a director of a certain company.
Under the new arrangement, a director may provide a correspondence address to be displayed in the Companies Register, and only a part of the identification numbers will be on display. The data so displayed should in most ordinary circumstances enable the person seeking information to ascertain the identity of a director. For service of documents and legal proceedings, the company's registered address or another service address that the director provides is sufficient.
Under the new arrangement, there will also be a mechanism to enable Specified Persons (e.g., minority shareholders, financial institutions, certain professional bodies, employees who are owed back wages, etc.) to seek court approval to obtain a director's usual residential address and identification number in full. A court may grant such access if deemed appropriate. The Companies Registry may also disclose a director's usual residential address if the CR cannot establish contact with the director using the correspondence address provided. Government departments and law enforcement agencies may also obtain full personal details of a director through the CR for law enforcement.
HKIoD is all for accountability of company directors, but the accountability need not come from open access to a director's residential address or to the director's personal identification number in full. The key is to have ways to ascertain the identity of a director. Under the new arrangement, the public will have adequate channels to obtain information to prevent directors from being held accountable or getting away with wrongdoings.
We may still borrow from other jurisdictions to make it more convenient to ascertain a director's identity without attracting abuse of personal information. We can look to Australia, and consider introducing official, unique Director Identification Numbers to be used by the same director across different entities for the duration of the director's life. Such DIN will improve traceability of a director's involvement across different entities at different times. Such traceability would especially help tackle phoenix activities, making it harder for culpable directors to hide.
But for the upstanding director, a DIN will not be a burden and can indeed signify one's credibility.
About The Hong Kong Institute of Directors
The Hong Kong Institute of Directors ("HKIoD") is Hong Kong's premier body representing directors to foster the long-term success of companies through advocacy and standards-setting in corporate governance and professional development for directors. A non-profit-distributing organisation with membership consisting of directors from listed and non-listed companies, HKIoD is committed to providing directors with educational programmes and information service and establishing an influential voice in representing directors. With international perspectives and a multi-cultural environment, HKIoD conducts business in biliteracy and trilingualism. HKIoD is a member institute of the Global Network of Director Institutes, a worldwide alliance of leading director institutes.
Website:
http://www.hkiod.com
.
Media Enquiries:
Ms Joanne Yam +852 2889 1414
joanne.yam@hkiod.com
Ms Odessa SO +852 2889 4988
odessa.so@hkiod.com
Source: The Hong Kong Institute of Directors
Sectors: Daily Finance, Daily News, Banking & Insurance, Legal & Compliance, Local Biz
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
Latest Release
Fujitsu SX Survey reveals key success factors for sustainability
Apr 23, 2024 10:25 JST
Fujitsu and METRON collaborate to drive ESG success: slashing energy costs, boosting productivity with new manufacturing industry solutions
Apr 22, 2024 16:09 JST
NEC Strengthens Commitment to Space Industry with Investment in Seraphim Space Venture Fund II
Apr 22, 2024 15:09 JST
Soft Space Launches the First and Only JCB Payment Gateway in Malaysia
Apr 22, 2024 15:00 JST
TOYOTA GAZOO Racing takes a one-two in Croatian thriller
Apr 22, 2024 10:47 JST
First-ever Mazda CX-80 Crossover SUV Unveiled in Europe
Apr 19, 2024 13:50 JST
Fujitsu develops technology to convert corporate digital identity credentials, enabling participation of non-European companies in European data spaces
Apr 19, 2024 10:17 JST
Mitsubishi Heavy Industries and NGK to Jointly Develop Hydrogen Purification System from Ammonia Cracking Gas
Apr 18, 2024 17:01 JST
Toyota Launches All-New Land Cruiser "250" Series in Japan
Apr 18, 2024 13:39 JST
Fujitsu and Oracle collaborate to deliver sovereign cloud and AI capabilities in Japan
Apr 18, 2024 11:14 JST
Eisai: Research on Treatments for Alzheimer's Disease Based on Its Pathological Mechanisms Recieves Award for Science and Technology (Research Category)
Apr 18, 2024 10:53 JST
All-New Triton Confirmed as First Double-Cab Pickup Truck to Achieve 2024 Five-Star ANCAP Safety Rating
Apr 18, 2024 09:22 JST
Eisai's Antiepileptic Drug Fycompa Injection Formulation Launched In Japan
Apr 17, 2024 16:17 JST
Honda Unveils Next-generation EV Series for China
Apr 17, 2024 12:15 JST
Lexus presents Time at the 2024 Milan Design Week
Apr 16, 2024 18:49 JST
Mitsubishi Corporation Announces Participation in a DAC Project in Louisiana, USA
Apr 16, 2024 14:36 JST
New circuit challenge for TOYOTA GAZOO Racing
Apr 15, 2024 17:21 JST
TOYOTA GAZOO Racing back on asphalt for Croatian challenge
Apr 12, 2024 19:36 JST
Heidelberg Materials North America Announces Latest Milestone in Edmonton CCUS Project
Apr 12, 2024 14:39 JST
MHIAEL Completes Expansion of the its Nagasaki Plant for Manufacture of Aero Engine Combustors
Apr 11, 2024 18:08 JST
More Latest Release >>
Related Release
Hong Kong Capital Markets Forum 2024 "Driving Growth with Market Integrity and Sound Governance"
January 31 2024 14:00 JST
The Hong Kong Institute of Directors Announces Winners of Directors of the Year Awards 2023 at the Institute Annual Dinner
November 24 2023 17:40 JST
Directors' Symposium 2023: Transform for a Better Tomorrow
October 06 2023 10:22 JST
Nominations Open for Directors Of The Year Awards 2023 with the Theme "Transform for a Better Tomorrow"
June 06 2023 14:35 JST
The Hong Kong Institute of Directors Holds Silver Jubilee Dinner and Presentation Ceremony for Directors Of The Year Awards 2022
November 25 2022 15:16 JST
HKIoD joins Climate Governance Initiative and launches CGI Hong Kong Chapter
September 26 2022 10:23 JST
HKIoD Organises Directors' Conference 2022 - "From Resilience to Sustainability"
September 22 2022 20:20 JST
Nomination Opens for "Directors Of The Year Awards 2022"
June 22 2022 13:49 JST
The Hong Kong Institute of Directors Holds Annual Dinner and Presentation Ceremony for Directors of The Year Awards
December 01 2021 12:35 JST
HKIoD Global Webinar Series Supports More Women on Boards
August 19 2021 16:09 JST
More Press release >>