Dear members, graduates, students,
For several years, the Institute has called for Hong Kong-incorporated companies to be allowed the option, subject to the provisions of their articles, to hold hybrid and virtual meetings. Accordingly, the Institute fully supports the Government of HKSAR's gazette of the Companies (Amendment) Bill 2022: which achieves this position. This Bill also facilitates the ease of doing business in Hong Kong, an International Financial Centre.
The Bill will take effect in three months. It will allow the use of 'virtual meeting technology'. That is, technology-enabled meetings where a person could listen, speak and vote without being physically present at the meeting. In this connection, the Institute points out that under the model articles (Section 42(1), Schedule, Cap 622H), a person exercises the right to speak when the person can communicate with those at a meeting, meaning electronic means would be acceptable. There is expected to be further guidance on this and other issues from the Companies Registry over time.
Best regards,
HKCGI