Hong Kong plans to limit directors to 6 board seats each to improve corporate governance

Hong Kong’s stock exchange plans to take the hatchet to directorships to whittle down the concentration of board seats among the city’s corporate elites to improve governance, a challenge that its chief executive called a “perpetual work in progress.”

Hong Kong Exchanges and Clearing Limited (HKEX) is seeking public feedback on its plan to limit independent directorships to a maximum of six per person, each tenure capped at nine years, according to a statement. The consultation is open until August 16.

Source: TRADE FINANCE