Hong Kong – Speech by FS at Hong Kong Chartered Governance Institute 75th Anniversary Celebration (English only) (with photos/video)

Speech by FS at Hong Kong Chartered Governance Institute 75th Anniversary Celebration (English only) (with photos/video)

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     Following is the speech by the Financial Secretary, Mr Paul Chan, at the Hong Kong Chartered Governance Institute (HKCGI) 75th Anniversary Celebration today (January 31):
 
David (the President of the HKCGI, Mr David Simmonds), Ellie (the Chief Executive of the HKCGI, Ms Ellie Pang), Ernest (the immediate past President of the HKCGI, Mr Ernest Lee), Edith (past President of the HKCGI Ms Edith Shih), fellow HKCGI members, ladies and gentlemen,
 
     Good evening. It’s a pleasure to join you tonight to celebrate the Hong Kong Chartered Governance Institute’s milestone 75th birthday. It is also the 30th anniversary of the Institute’s incorporation as an independent, local body.
 
     For three-quarters of a century now, the Institute has been championing good corporate governance. That, to be sure, has been central to Hong Kong’s success as an international financial centre.
 
     Today, as David noted, the Institute counts more than 7 200 members, along with 3 000 students in Hong Kong and the Mainland. I’m proud to be a member, too – to be one of you.
 
     The Institute has done much good work over the years. It establishes its thought leadership through thematic researches and studies, and provides valuable professional training and support to its members. Most importantly, you are a staunch partner of the Government. From corporate governance to ESG and anti-money laundering, the Institute has been providing sound advice and contributing to Government’s policy formulation and implementation.

A Resilient Hong Kong
 
     Ladies and gentlemen, “Resilience in Governance” is the apt theme of both this anniversary gathering and the Institute’s year as a whole. Indeed, “resilience” is an equally compelling character of Hong Kong. 
 
     We are firmly in the post-pandemic economy now. That said, we have a new and equally complex set of challenges to overcome. An enduring high-interest rate environment is affecting asset prices and investment appetite. Geopolitical tensions have led to greater protectionism, geoeconomic fragmentation, and negative narratives about the Mainland and Hong Kong. Competition among economies has intensified, too.  
 
     Still, we have good reason to be optimistic.
 
     For so long, Hong Kong has weathered one challenge after another. Remember the Asian financial crisis in 1998, or the global financial crisis in 2008. Each time, we rose to the challenge, and strengthened our defences. We emerged stronger and more resilient.
 
     Just as the National Security Law (NSL) was enacted in June 2020, there were doubts and criticisms, at first. But the facts speak for investor’s confidence. Banking deposits in Hong Kong, for instance, were at HK$16.2 trillion at the end of 2023. That’s around 17 per cent higher than before the enactment of the NSL. 
 
     And Hong Kong remains Asia’s leading asset and wealth management centre, handling more than US$4 trillion in assets in 2022. We are also Asia’s largest hedge fund hub and the region’s second-largest private equity centre. We lead Asia in green and sustainable finance as well.
 
     Last year, Invest Hong Kong attracted more than 380 overseas and Mainland companies to set up or expand their businesses in Hong Kong, increasing by 27 per cent than 2022. They will invest more than $61 billion, up more than 1.9 time than the year before.
 
     The American Chamber of Commerce’s annual business sentiment survey was released just yesterday. And 60 per cent of its members said Hong Kong’s business environment was excellent, very good or good. Nearly 70 per cent said their operations last year had not been negatively impacted by the NSL.
 
     As for this year, 74 per cent believed our business outlook will be optimistic or neutral.
 
     Coincidentally, the President of the German Chamber of Commerce also recently expressed confidence in Hong Kong’s investment environment. 
 
     Yesterday, the Government launched an important consultation. Our plan to legislate for Article 23 of the Basic Law. It will complete our constitutional obligation, and also reinforce the very basis of our city’s development, that is a safe and stable business environment. Our unique strengths under the “one country, two systems” arrangement, such as the common law system, the rule of law, trusted regulatory regimes, the free flow of capital, information, goods and people, all that, and more, will remain firm as ever.
 
     In short, Hong Kong will continue to be a friendly and favoured city for doing business.
 
Staying ahead of competition
 
     In fact, we are making great strides to spur the city’s economic development.
 
     In the short term, we’re focusing on tourism and private consumption. In the first half of this year, more than 80 mega events, covering culture, arts, sports, finance, trade exhibitions and more, will be held here. 
 
     They will attract tourists and business travellers alike, showcasing Hong Kong’s openness, vitality and new opportunities to the world.
 
     In the medium to long term, the eight strategic roles given to us under the National 14th Five-Year Plan will empower our economic growth. Among them, financial services and innovation and technology (I&T) will be the most important dual growth engines. 
 
     For I&T, we have been focusing on four areas: life and health technology, AI and data analytics, fintech, and new energy, new materials and advanced manufacturing.
 
     To jumpstart this development, we are working very hard to attract more leading companies with cutting-edge technologies to come and settle in Hong Kong.
 
     We have so far attracted more than 30 such strategic partners. They include pharmaceutical giant AstraZeneca, new energy giant CATL (“寧德時代”) and others. They will invest more than HK$30 billion in Hong Kong, creating over 10 000 jobs. A majority of them will be R&D and management positions.
 
     There’s more. The Chief Executive’s Policy Address last year announced the development of the “headquarters economy”. Its mandate is to attract more companies to set up headquarters or corporate divisions in Hong Kong.
 
     And as part of that effort and to capture the opportunities brought by the onshoring of offshore companies arising from OECD’s BEPS 2.0 reforms, we are also working to introduce a re-domiciliation regime for non-Hong Kong companies to relocate here. 
 
     The Financial Services and the Treasury Bureau is on its way to introduce the related legislation into LegCo in the first half of the year. I know your sector is interested in the transitional arrangements for those incoming companies in regard to, for example, tax obligations. Let me assure you that clear provisions will be set out in the relevant bill.
 
     Allow me turn now to ESG, another key area of interest to you. As you know, the Government and financial regulators are also leading the world in developing a roadmap for the appropriate adoption of IFRS Sustainability Disclosure Standards locally. 
 
     The Standards will focus on four key areas: sustainability reporting, assurance, data and technology as well as capacity building. We are now identifying the circumstances specific to Hong Kong that must be considered in implementing this international standard.
 
     For this, we welcome your thoughts on how best to adopt the standards to suit the needs of Hong Kong.
 
Concluding remarks
 
     Ladies and gentlemen, for 75 years now, the Government and the financial industry have looked to the Institute, to you, for insight and invaluable support. My congratulations to you once again, and we look forward to continuing our close collaboration in the decades to come.
 
     May I also wish you all the best of health, business and good governance in the promising new Year of the Dragon, just 10 days away. Let’s make this dragon fly. Thank you.

The Institute of Chartered Accountants of India (ICAI) organises RESOLVE-2023, an Exclusive International Convention on Insolvency Resolution

For the first time in its 75-years history, The Institute of Chartered Accountants of India (ICAI) will hold a mega convention overseas in Singapore. This unique international convention — RESOLVE-2023 is a highly anticipated conference that will revolve around the overall “Insolvency Resolution” ecosystem. The Convention will be held at Singapore’s Grand Copthorne Waterfront Hotel on 4th & 5th August, 2023 and will explore into numerous aspects of the insolvency resolution including innovative and best practices, and models to review and redesign the legal framework of the proceedings.
The grand event will bring under one roof about 300 industry leaders, financial experts and distinguished guests for two days of knowledge enrichment and networking while offering them insights into the world of insolvency from across the globe. The Guest of Honour for the programme is Mr. Vikram Nair, Hon’ble Member of Parliament for Sembawang GRC, Republic of Singapore and some of the special guests and thought leaders who are participating are H.E Dr. Shilpak Ambule, High Commissioner of India to Singapore, Hon’ble Justice Ashok Bhushan, Chairperson, National Company Law Appellate Tribunal, Mr. Justice (Retd.) Arjan Kumar Sikri, Ex Judge, Supreme Court of India, Mr. Francis Ng SC, Official Assignee & Public Trustee, Ministry of Law, Singapore, Mr. Sudhaker Shukla, Whole Time Member, Insolvency and Bankruptcy Board of India, besides the top dignitaries and leadership of the Indian accounting profession, CA. Aniket Sunil Talati, President, ICAI and CA. Ranjeet Kumar Agarwal, Vice President, ICAI.

The discussions will encompass topics of significance like Alternative Dispute Resolution, Trend Analysis in Global Debt Resolution, Group Insolvency, Opportunity for International Funds, Essence of Insolvency Timelines, Innovative Approaches to Resolution, Role of Regulators & Policy Makers for an Effective Ecosystem, Role of Creditors, Market Dynamics for Stressed Assets, Valuation, Transaction Review etc.

Adding more insights on the RESOLVE-2023 CA. Aniket Sunil Talati, President, ICAI said, “A comprehensive and coherent Insolvency Resolution Framework is one of the core pillars of economic growth of any nation and a strong resolution framework is indispensable for laying down the foundation for future sustainable development. RESOLVE-2023 will provide a unique learning opportunity for professionals across the world to learn and share the best practices and developments in the space of insolvency resolution. Let us all professionals fully gear up and wholeheartedly Involve to Resolve.”

Speaking for the occasion CA. Ranjeet Kumar Agarwal, Vice-President, ICAI said, “Economic stability and prosperity require an effective insolvency resolution framework. The need for strengthening the insolvency resolution framework has assumed great importance recently. This Convention will facilitate networking and indulge in deep insight and cross-jurisdiction experience sharing with globally diverse practitioners through interactive discussions.”

CA. Gyan Chandra Misra, Chairman, Committee on Insolvency & Bankruptcy Code, ICAI added that, “RESOLVE-2023 Convention has been carefully crafted to facilitate the sharing of unparalleled knowledge and insights regarding best practices and emerging global developments in the field. It offers extensive networking opportunities for professionals in this domain and serves as a platform for professional enrichment in contemporary and emerging areas on a global scale.”

For this momentous convention, CA. Somnath Adak, Chairman of the ICAI Singapore Chapter shared, “The Convention has been designed in a way as to enable sharing of knowledge with unsurpassed depth and breadth about the best practices and emerging global developments in this sphere. ICAI Singapore Chapter, being the Ambassador of ICAI in Singapore is proud to host this event.”

About ICAI

The Institute of Chartered Accountants of India (ICAI) is a statutory body set up by an Act of Parliament viz The Chartered Accountants Act, 1949 for the regulation and development of the profession of Chartered Accountants in India. The ICAI functions under the administrative supervision of the Ministry of Corporate Affairs, Government of India, with more than 830,000 students & over 390,000 members, ICAI is the largest professional accounting body in the world, with a strong tradition of service to the nation. Today ICAI has a wide network of 5 Regional Councils and 168 Branches in India. It has 46 Overseas Chapters and 34 Representative Offices and a presence in 80 cities of 47 countries of the world.

Singapore Chapter of ICAI is a well-regarded professional body in Singapore. It plays a pivotal role in the professional development of Chartered Accountants in Singapore by curating & hosting professional events, webinars, and knowledge series events.

For media prc@icai.in
Jyoti Singh
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Topic: Press release summary

Standard Chartered appoints Dr. Sandie Okoro as Group General Counsel

London – WEBWIRE



 Standard Chartered (the Group) today announced the appointment of Dr. Sandie Okoro as Group General Counsel. She will be reporting to Group CEO, Bill Winters and be based in the UK.


Dr. Okoro is currently Senior Vice President and World Bank Group General Counsel, and Vice President for Compliance at the World Bank, and will join the Group in early-April 2022.


Speaking about the appointment, Bill Winters said: “We’re delighted to have a General Counsel of Sandie’s calibre joining Standard Chartered. Her extensive experience, industry achievements and accomplishments, and focus on championing social justice make her ideally suited for the role. I look forward to her valuable contributions in supporting our ambitious strategy.”


Dr. Okoro said: “I am excited to be joining the team at Standard Chartered, which I have long admired for the breadth of services it offers across the globe, and the reputation it has built of innovation and putting people and their communities first. I am also thankful for an incredible five years at the World Bank Group, where I was humbled to work alongside colleagues and peers on some of the most urgent global development priorities. As I close an important chapter in international development, I look forward to starting a new one and contributing to Standard Chartered’s goals.”


Dr. Okoro replaces David Fein, who retired as Group General Counsel at the end of 2021. He has remained with the Group in an advisory capacity and will ensure a smooth handover.


— ENDS —


 Biography


Dr. Sandie Okoro is currently Senior Vice President and General Counsel for the World Bank Group, and Vice President for Compliance at the World Bank. Prior to joining the World Bank, Sandie was General Counsel for HSBC Global Asset Management and Global General Counsel at Barings.


Sandie is an Honorary Bencher of Middle Temple in the United Kingdom (2018) and was named one of the Upstanding 100 Leading Ethnic Minority Executives (2016), Top 20 Global General Counsel (2019) by the Financial Times, and was recognized as Britain’s 5th most influential person of African and African Caribbean heritage by Powerlist (2018). She holds Honorary Doctorates in Law from City University London (2014), London Southbank University (2018), and her alma mater Birmingham University (2019). Sandie received a lifetime achievement award from the UK Black Solicitors Network (2016), was named one of the Power 100 Women by City A.M. and 100 Women to Watch by Female FTSE Board.


Sandie was appointed inaugural Chair of the UK-based charity WOW-Women of the World Festivals in June 2021. She received the Howard University 2019 Vanguard Women Award for her accomplishments as a woman of colour who has blazed the trail and her commitment to mentoring young women and advancing the rights of women and girls globally. She is also the recipient of the Beyond the Glass Ceiling Award presented by the Leadership Institute for Women of Color Attorneys (2019), the Chambers 100 Outstanding Global General Counsel (2019), and an honoree of Harvard Law’s 7th Annual International Women’s Day Portrait Exhibit (2020).


Sandie is an ardent defender and champion for women empowerment, gender equality, and justice for all. Outside of work, Sandie is a Governor of the Royal Shakespeare Company, and was a council member of the human rights organization JUSTICE, Ambassador for the Law Society’s Diversity Access Scheme and sat on the Equality Standards Panel of the Premier League.