2020年香港企业管治调查报告.pdf

Hong Kong Corporate Governance Review 2020 Proactive Preparation: Facilitating Effective Contingency Planning 未雨綢繆：促進有效的應變規劃 Leadership Risk Advisory 香港企業管治調查報告20202020 highlights 47% of the HSCI companies claimed that they had fully complied with the code provisions of the CG Code. 95% of the HSCI companies discussed the impact of COVID-19. 31% of the HSCI companies disclosed that they had a business continuity plan. 48% of the large-cap companies disclosed they had co-sourcing internal audit functions. 32% of the HSCI companies provided descriptions on how they applied the Reporting Principles in their ESG reports. 74% of the HSCI companies disclosed their principal risks. 19% of the HSCI companies provided a board statement in their ESG reports setting out the boards consideration of ESG matters. 54% of the HSCI companies disclosed that they had implemented measures to improve their IT security. 88% of the HSCI companies claimed that they had complied with all of the code provisions except for one or two deviations. For the HSCI companies that discussed the impact of COVID-19, 54% of them also disclosed their mitigation measures in managing the outbreak. 47% 88% 95% 54% 31% 74% 48% 19% 32% 542020 重點 47% 88% 95% 54% 31% 74% 48% 19% 32% 54% 47%的恒生綜合指數成分股公司表示 充分地遵守守則的所有條文。 95%的恒生綜合指數成分股公司討論 2019冠狀病毒帶來的影響。 31%的恒生綜合指數成分股公司披露 設有業務持續計劃。 48%的大型企業披露以合作形式設立 內部審核職能。 32%的恒生綜合指數成分股公司在其 環境、社會及管治報告中描述匯報原 則的應用。 74%的恒生綜合指數成分股公司披露 其主要風險。 19%的恒生綜合指數成分股公司在其 環境、社會及管治報告中載有董事會 對ESG事宜考量的聲明。 54%的恒生綜合指數成分股公司披露 其已採取措施改善其資訊科技安全。 88%的恒生綜合指數成分股公司指出 僅有一至兩項偏離守則條文的 行為。 54%有份討論2019冠狀病毒的影響的 恒生綜合指數成分股公司同時披露其 管理疫情的緩解措施Contents目錄 Methodology 方法 6 Executive Summary 報告摘要 10 Key Findings 主要調查結果 13 Responding to COVID-19 應對2019冠狀病毒 17 Compliance with the CG Code 遵守守則 26 Board Effectiveness 董事會的效率 32 Risk Management and Internal Control 風險管理及內部監控 60 Environment, Social and Governance 環境、社會及管治 88 Information Technology 資訊科技 110 Recent Developments 最新發展 124 Forward Looking 展望未來 129 About Grant Thornton 致同簡介 130 Section 章節 Page 頁數6 Hong Kong Corporate Governance Review 2020 Methodology 方法 本項調查報告已進入第9年，載有對恒生綜合指數成分股公司刊 發之年度報告和環境、社會及管治(ESG) 報告進行的全面 分析。恒生綜合指數涵蓋在香港聯合交易所主板上市證券總市 值最高的95%，提供了一項全面的香港市場指標。 於2020年5月4日，我們從恒生指數有限公司(恒指公司)的 官方網站獲取恒生綜合指數成分股列表，並評估了表上的成分 股公司於冠狀病毒疫情爆發、遵守企業管治守則、董事會 的效率、風險管理及內部監控、環境、社會及管治以及資訊科 技方面的披露水平。 我們的研究結果按(i)指數、(ii)市值及(iii)行業呈列。 指數 除恒生綜合指數外，我們亦研究了恒生指數及恒生中國企業指 數（恒生國企指數）成分股。恒生指數一直獲廣泛引用， 成為反映香港股票市場表現的重要指標，而恒生國企指數旨在 反映在香港上市的中國內地企業之整體表現。 市值 截至2020年5月4日，恒生綜合指數被細分為三個規模的指數， 包括恒生綜合大型股指數（大型企業）、恒生綜合中型股 指數 （中型企業）及恒生綜合小型股指數 （ 小型企業） ， 分別涵蓋恒生綜合指數成份股總市值的80%、緊接的15%及 最後的5%。 This review, now in its 9th year , comprised a comprehensive analysis of the annual reports and Environmental, Social, and Governance (“ESG”) reports published by Hang Seng Composite Index (“HSCI”) companies. The HSCI offers a comprehensive Hong Kong market benchmark that covers about the top 95th percentile of the total market capitalisation of companies listed on the Main Board of the Stock Exchange of Hong Kong. The list of the HSCI companies was obtained from the official website of Hang Seng Indexes Company Limited (“Hang Seng Indexes”) on 4 May 2020. We assessed the level of disclosure of the HSCI companies with respect to the coronavirus outbreak, compliance with the Corporate Governance Code (“CG Code”), board effectiveness, risk management and internal control, ESG and information technology (“IT”). Results of our study were presented in three categories: (i) index, (ii) market capitalization (“market cap”), and (iii) industry. Index Apart from the HSCI, we included Hang Seng Index (“HSI”) and Hang Seng China Enterprises Index (“HSCEI”) companies in our study. The HSI is one of the most widely adopted market indicators of Hong Kongs stock market performance, while the HSCEI serves as the benchmark that represents the performance of Mainland enterprises listed in Hong Kong. Market cap As at 4 May 2020, the HSCI was sub-divided into three size indexes. This included Hang Seng Composite LargeCap Index (“large-cap”), Hang Seng Composite MidCap Index (“mid- cap”) and Hang Seng Composite SmallCap Index (“small- cap”), covering the top 80%, the next 15% and the remaining 5% of the total market cap of the HSCI respectivelyHong Kong Corporate Governance Review 2020 7 行業 截至2020年5月4日，恒生綜合指數被細分為12個行業指數，以 反映不同行業類別在香港股票市場的表現。 我們的數據收集截止日期為2020年7月16日。截至該日期，有 462份年度報告及412份環境、社會及管治報告可公開查閱。以 下顯示了我們就各個類別探討的年度報告和環境、社會及管治 報告的數量。 Methodology 方法 Industry As at 4 May 2020, the HSCI was sub-divided into 12 industry indexes, reflecting the performance of different industries of the Hong Kong stock market. Our data collection cut-off date was on 16 July 2020. As at this date, there were 462 annual and 412 ESG reports publicly available. The number of annual and ESG reports that we studied for each category are shown below. 類別 年度報告樣本數目 環境、社會及管治報告樣本數目 指數 恒生綜合指數 恒生指數 恒生國企指數 市值 大型企業 中型企業 小型企業 Categories Index HSCI HSI HSCEI Market cap Large-cap Mid-cap Small-cap Number of annual report samples Number of ESG report samples 462 108 179 175 50 49 412 100 158 154 47 469 87 24 13 54 36 45 35 23 97 10 29 8 74 22 12 53 29 41 32 21 83 10 27 8 Hong Kong Corporate Governance Review 2020 行業 年度報告樣本數目 綜合企業 Industry Number of annual report samples Conglomerates 能源業 Energy 工業 Industrials 地產建築業 Properties Blockchain; Financial Technology (“FinTech”); Chatbot; Cloud Computing; Artificial Intelligence (“AI”); Internet of Things (“IoT”); and Robotic Process Automation (“RPA”). We also considered any information security measures adopted by the companies for protecting their internal data and customers privacy. 除研究上市公司如何處理2019冠狀病毒帶來的空前壓力外， 我們亦研究了遵守香港聯合交易所有限公司證券上市規則 （上市規則）附錄十四所載企業管治守則（守 則）的程度。守則載列良好企業管治的原則，本調查 的其中一個目的是揭示恒生綜合指數成分股公司遵守守則 的程度以及常見偏離守則所載的條文。 近年來，董事會效率的問題逐漸上升到企業管治議程。由於董 事會決定公司的目標，並確保公司的日常營運符合業務策略， 董事會在推動良好的企業管治及業務表現方面起著至關重要的 作用。有見及此，我們研究了恒生綜合指數成分股公司的董事 會多元化以及關於董事會效率的披露，例如董事會參與持續專 業發展的情況。 此外，穩健的風險管理及內部監控系統讓公司能夠迅速應對意 外的威脅，支持實現公司的策略及業務目標。因此，我們討論 了恒生綜合指數成分股公司的風險管理及內部監控披露水平， 例如公司面臨的主要風險、與主要風險有關的緩解措施及風險 檢討程序。考慮到公共健康相關問題的普遍程度及氣候變化， 我們在研究中亦討論了疾病風險及氣候變化風險。 2019年12月，香港交易及結算所有限公司（香港交易所） 的全資附屬公司香港聯合交易所有限公司（聯交所）刊發了 有關檢討 環境、社會及管治報告指引 （ ESG指引） 及相關上市規則條文的諮詢總結（ESG諮詢總結）， 當中就如何向公眾報告環境、社會及管治資料，引入更嚴格的 要求。這些新規定自2020年7月1日或之後開始的財政年度起生 效。我們在調查中討論了提早採納這些新要求的情況。 隨著資訊科技進步，企業在其營運中廣泛採納創新科技，這亦 導致網絡安全事項的憂慮加劇。在資訊科技一節，我們亦 探討了各企業在以下八大科技應用之披露：移動技術、區塊 鏈 、金融科技、聊天機器人、雲端運算、人工智能、物聯網以 及 機器人流程自動化；我們亦考慮公司為保護其內部資料及顧 客 私隱而採納的任何資訊安全措施。 Executive Summary 報告摘要12 Hong Kong Corporate Governance Review 2020 From a forward-looking perspective, while listed companies are preparing themselves to respond to the ever-changing market conditions, Hang Seng Indexes also reviewed its indexes in response to the evolution of the Hong Kong stock market. According to Hang Seng Indexes consultation paper in January 2020, the Hong Kong stock market has evolved and become significantly more layered and sophisticated. Since the Hong Kong stock market has shifted from being locally focused to having a more diverse exposure, Hang Seng Indexes decided to add weighted voting rights (“WVRs”) companies and secondary-listed companies from the Greater China region into HSI and the HSCEI universes. These companies are usually large technology-related mainland companies with global business interests. The inclusion of these companies in the HSI and HSCEI universes might boost the attractiveness of the listing market and provide fundraising opportunities to listed companies. The aim of this report is to help listed companies further improve their corporate governance and ESG practices and levels of disclosures. With the enormous volatility in the international capital markets and the exceptional market conditions resulting from the COVID-19 pandemic, listed companies are encouraged to strengthen their corporate governance practices and disclosures, particularly in relation to developing comprehensive business continuity plans and disaster recovery plans, to preserve their business continuity and build enterprise resilience in these times of economic uncertainty. We are glad to see that overall corporate governance and ESG practices and levels of disclosures has shown improvement compared to 2018. With such improvements and the inclusion of Greater China WVRs and secondary-listed companies in the HSI and HSCEI universes, we expect more capital inflows from mainland China and abroad. We look forward the results of this survey would envisage listed companies providing corporate governance disclosures in a comprehensive and proactive manner , so as to foster investors confidence and seize the fundraising opportunities. 從前瞻的角度考慮，上市公司現正為應對不斷變化的環境作準 備，與此同時，恒指公司亦因應香港股市的演變而檢討其指 數。恒指公司於2020年1月的諮詢文件中指出，香港股市已發 生演變，且變得更複雜及層次化。由於香港股市已由注重本地 企業轉變為多元化企業，恒生指數已決定將來自大中華地區的 同股不同權公司及第二上市公司納入恒生指數及恒生國企指數 的範疇。這些公司通常為業務遍及全球的大型科技相關內地公 司。將這些公司納入恒生指數及恒生國企指數或可提升上市市 場的吸引力，並為上市公司提供集資機遇。 本報告旨在協助上市公司進一步改善其企業管治和環境、社會 及管治的常規及相關的披露水平。於國際資本市場大幅波動及 2019冠狀病毒疫情導致市場狀況異常的情況下，上市公司應增 強其企業管治常規及披露，尤其制定全面的業務持續計劃及災 難復原計劃，以在經濟不明朗時期維持其業務持續性及建立企 業復原能力。我們欣然看到整體企業管治和環境、社會及管治 的常規以及相關披露水平均較2018年改善，於此改善以及大中 華同股不同權公司和第二上市公司獲納入恒生指數及恒生國企 指數的範疇下，我們預期將會吸引更多資本由中國內地及國外 流入香港。我們期待本調查的結果會促使上市公司全面、主動 地提供企業管治披露，以增強投資者信心及把握集資機遇Hong Kong Corporate Governance Review 2020 13 Key Findings 主要調查結果 This year , our review delivers some encouraging findings. Companies are recommended to go beyond basic disclosure requirements and provide more discussions in the areas of business contingency plan and IT security. 今年，我們的調查得出一些鼓舞人心的研究結果。除遵 守基本披露要求之外，建議公司提供更多業務應變計劃 及資訊科技安全方面的討論。 守則遵守情況 2019年，47%的恒生綜合指數成分股公司表示充份地遵守守 則中所有條文，較2018年的50%輕微下跌。對於未完全遵守 守則的恒生綜合指數成分股公司，幾乎所有公司均解釋了 不遵守的原因。常見的不遵守領域包括主席與行政總裁的角色 應有區分；董事會主席、非執行董事或獨立非執行董事應出席 股東大會；以及非執行董事的重新選舉問題。 應對2019冠狀病毒 95%的恒生綜合指數成分股公司提及2019冠狀病毒帶來的影 響，從調查中可見大多數上市公司在疫情期間確實受到衝擊。 有份討論2019冠狀病毒影響的恒生綜合指數成分股公司中， 54%的公司同時描述其針對疫情的緩解措施，包括實施防疫措 施、響應政府政策、改變投資及財務決定、提供客戶支持、監 控風險及探討潛在商機。 Compliance with the CG Code In 2019, 47% of the HSCI companies claimed that they had fully complied with the code provisions of the CG Code, representing a slight drop from 50% in 2018. For the HSCI companies that did not comply with the CG Code, almost all of them provided explanation for the non-compliance. The common areas of non-compliance were the separation of the roles of chairman and chief executive, attendance of chairmen, non-executive directors (“NEDs”) or independent non-executive directors (“INEDs”) at general meetings, and the re-election issues of NEDs. Responding to COVID-19 95% of the HSCI companies discussed the impact of COVID- 19. It revealed that the majority of the listed companies did experience repercussions during the pandemic. For the HSCI companies that discussed the impact, 54% of them also provided descriptions of their mitigation measures towards COVID-19. This included deploying epidemic prevention measures, responding to government policies, changing investment and financial decisions, offering customer support, monitoring risks and exploring potential business opportunities. Key Findings 主要調查結果14 Hong Kong Corporate Governance Review 2020 Business continuity plan While most of the HSCI companies outlined the impact of COVID-19, only 31% of them stated that they had a business continuity plan in their annual reports. Such plans serve as a guide for organisations to respond, recover , resume, and restore to a pre-defined level of operations following business disruptions. Under the current evolving environment, we expect more listed companies to discuss their business continuity plans in their annual reports in order to show the public that they are well-prepared for unforeseen events. Board diversity We have yet to see significant improvements in board diversity. With respect to gender diversity, women only constituted 12% of the boardrooms in the HSCI companies. This is a sign that boardrooms in Hong Kong listed companies are still male- dominated. On the other hand, for age diversity, the average age of the board was 56 years old. The figure remained the same as that in 2018. Responding to the revised CG Code In 2018, the HKEX published conclusions from its consultation on the CG Code and related Listing Rules (“CG Code Consultation Conclusions”). The new measures introduced by the HKEX took effect on 1 Jan 2019. It is encouraging to see that many companies are adopting these new requirements. For example, 95% of the HSCI companies adopted the new requirement regarding disclosing a policy concerning diversity of board member . Besides, the revised CG Code requires issuers to disclose the process used for identifying newly appointed INEDs. In 2019, 50% of the HSCI companies adopted this new requirement, reflecting a rise of 41% compared with 2018. However , only 24% of them disclosed the reasons why they considered the individual to be independent and 10% disclosed the perspectives, skills and experience that the individual could bring to the board. Overall, the adoption of the new CG Code requirements is worthy of applause, and we expect the disclosure rates to increase further in the following years especially in terms of the transparency of the election of INEDs. Principal risks Disclosing the principal risks and uncertainties faced by a company enables shareholders and investors to assess the companys performance and prospects. 74% of the HSCI companies disclosed their principal risks. The common principal risks faced by the HSCI companies were financial risks (71%), operational risks (60%) and compliance risks (51%). We also note that the percentage of companies disclosing disease risk as one of their principal risks doubled, from 13% in 2018 to 27% in 2019. The impact of COVID-19 might contribute to this increasing trend. Additionally, investors are also interested in how the companies mitigate those principal risks. Among the 業務應變計劃 雖然大多數恒生綜合指數成分股公司概述了2019冠狀病毒的 影響，但僅31%的公司在其年度報告中陳述其設有業務應變計 劃。這些計劃指引公司應對業務中斷，將營運復原、恢復、修 復至預定水平。在當前瞬息萬變的環境下，我們預期更多上市 公司將在年度報告中討論其業務應變計劃，以向公眾展示它們 已作好應對不可預見事件的充分準備。 董事會的多元化 在董事會的多元化方面，我們仍未看到顯著改善。就性別多元 化而言，在恒生綜合指數成分股公司的董事會中，女性成員僅 佔12%。這表明香港上市公司的董事會仍以男性為主。另一方 面，就年齡多元化而言，董事會成員的平均年齡為56歲，與 2018年一樣。 響應經修訂守則 2018年，香港交易所發表關於守則及相關上市規則條 文的諮詢總結（守則諮詢總結）。香港交易所推出的 新措施於2019年1月1日生效。令人鼓舞的是，很多公司現正採 納這些新要求。舉例而言，95%的恒生綜合指數成分股公司採 納披露董事會成員多元化政策的新要求。此外，50%的恒生綜 合指數成分股公司於2019年採納了發行人需披露用以物色新委 任的獨立非執行董事的流程這項守則中的新要求，較2018 年上升41%。然而，僅有24%的公司披露其認為有關人士屬獨 立人士的原因，10%的公司披露有關人士可為董事會帶來的觀 點與角度、技能及經驗。整體而言，採納新的守則要求值 得讚許，而我們預期在未來數年，披露比率會進一步上升，在 獨立非執行董事選舉的透明度方面尤其如此。 主要風險 公司披露其面臨的主要風險及不明朗因素有助股東及投資者評 估公司的表現及前景。74%的恒生綜合指數成分股公司披露其 主要風險，當中它們所面臨的常見主要風險為財務風險(71%)、 營運風險(60%)及合規風險(51%)。我們亦發現，披露疾病風險 為其主要風險的公司的百分比由2018年的13%上升一倍至2019 年的27%，可能是2019冠狀病毒引致此上升趨勢。此外，投資 者亦希望了解公司如何緩解這些主要風險。在披露其主要風險 的恒生綜合指數成分股公司當中，有61%的公司亦在其年度報 告中載列應對主要風險的緩解措施Hong Kong Corporate Governance Review 2020 15 HSCI companies that disclosed their key risks, 61% of them also provided mitigation measures for addressing the principal risks in their annual reports. Internal audit function More than half of the HSCI (65%) companies had an in- house internal audit function. The figure almost doub