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HKEX Issues New Guidelines Requiring Listed Firms to Seek Shareholder Approval for Auditor Changes
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HKEX (00388.HK) issued new guidelines to strengthen corporate governance and transparency, requiring Hong Kong-listed companies to obtain shareholder approval for the appointment or removal of auditors. Companies will also be required to disclose specific audit fees or scope to prevent fee disputes from being used as a pretext for dismissing auditors. The above move effectively closes a loophole that allowed boards to pressure auditors to resign without timely shareholder oversight. Under the new guidelines, any action by a company that results in an auditor's resignation will be deemed an active removal and must be subject to a formal vote. Auto-translated by AI AASTOCKS Financial News |
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