Momentum

The Chamber of Hong Kong Listed Companies Magazine

香港上市公司商會雜誌

史美倫暢談香港的 金融監管與發展

訪 專 ry 別 rsa w 特 ve vie r 年 ni 週 n nte 十 th A al I i 10 ec Sp

Laura Cha on Hong Kong’s Financial Regulation and Development

秋

Autumn 2012

Momentum

Personal Liability for Officers and Managers under the Health and Safety Ordinance 企業高層人員在《健康及安全條例》下的個人法律責任 Competition Law is Not Just for the Big Players 競爭法不僅是大企業才須遵守

Taking Steps to Recruit Ethically-Sound People 招聘品德優良僱員的良方 w Facilitate Communication w Strengthen Understanding w Create Opportunities w

The Chamber of Hong Kong Listed Companies Magazine

香港上市公司商會雜誌

秋

Autumn 2012

Momentum 02 Chairman’s Message 主席之言 04 Editor’s Column 編輯的話 06 Cover Story 封面故事

Laura Cha on Hong Kong’s Financial Regulation and Development

史美倫暢談香港的金融監管與發展

12 Feature 特稿

Personal Liability for Officers and Managers under the Health and Safety Ordinance 企業高層人員在《健康及安全條例》下的個人法律責任

18 Talking Points 論點

Competition Law is Not Just for the Big Players

競爭法不僅是大企業才須遵守

20 Corporate Tips 企業啟示

Taking Steps to Recruit Ethically-Sound People

招聘品德優良僱員的良方

28 Economic Insights 經濟透視

Water – The Precious Resource

水 — 寶貴的資源

36 FRA Column 財經事務及監管政策委員會專欄 Disclosure of Inside Information: The New Regime

披露內幕消息：新制度

42 Living Style / Leisure 生活閒情 The Future of Performance Cars

性能車的未來

46 In Review / Past Activities 活動重溫

Chairman: Dr. K. S. Lo, GBS, JP Deputy Chairman: Susan Chow Wu Mo Fong Vice Chairmen: Dr. Pollyanna Chu, Chu Ho Miu Hing, Patrick Sun, Lambert Lu Editorial Committee: Mike Wong, Vincent Kwan, Amy Leung, Bruce Andrews

主席：羅嘉瑞醫生, GBS, JP 常務副主席：周胡慕芳 副主席：朱李月華博士、朱何妙馨、辛定華、呂聯樸 編輯委員會：黃明偉、關保銓、梁瑞群、安報施

Published by: The Chamber of Hong Kong Listed Companies Room 2102, 21st Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong Tel: (852) 2970 0886 Fax: (852) 2970 0555 Email: info@chklc.org Website: www.chklc.org

出版：香港上市公司商會 香港灣仔皇后大道東183號合和中心21樓2102室 電話：(852) 2970 0886 傳真：(852) 2970 0555 電郵：info@chklc.org 網址：www.chklc.org

Editor: Bruce Andrews Email: bruce.andrews@lexisnexis.com

編輯：安報施 電郵：bruce.andrews@lexisnexis.com

Advertising Sales: Robin Chappelle at LexisNexis Tel: (852) 2965 1431 Email: robin.chappelle@lexisnexis.com (For CHKLC members) Amy Leung at CHKLC Secretariat Tel: (852) 2970 0886 Email: amyleung@chklc.org

廣告查詢：明輝 — LexisNexis 電話：(852) 2965 1431 電郵：robin.chappelle@lexisnexis.com （會員廣告查詢）梁瑞群 — 商會秘書處 電話：(852) 2970 0886 電郵：amyleung@chklc.org

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出版經理：蔣漢達 電郵：adam.jordan@lexisnexis.com

ISSN 1758-244X

Momentum is the official magazine of The Chamber of Hong Kong Listed Companies ("the Chamber"). Copyright on all material is jointly owned by the Chamber and the respective authors. No part of Momentum may be reproduced or transmitted in any form or by any means, including recording and photocopying without the written permission of the copyright holders, application for which should be addressed to the publisher. The Chamber does not accept liability for any views, opinions, or advice given. Further, the contents do not necessarily reflect the views or opinions of the Chamber.

Momentum (“刊物”)乃香港上市公司商會(“商會”)之官方刊物，其版權由商會及各相關作者共同擁有。任何人士在未獲版權人書面同意下均不得複製或以任何形式或途徑傳遞本刊物的內容，包 括紀錄及影印，有關使用須預先向出版人作出申請。商會對本刊物所登載的任何意見、立場或建議均一概不承擔任何責任。此外，本刊物之內容並不一定代表商會的意見或立場。

Chairman’s Message 主席之言 Dear Members,

各位會員﹕

The last quarter of the year is always busy for the Chamber, but this year it will be especially so. While we will be organising the annual Corporate Governance Excellence Awards, we are also celebrating the Chamber’s 10th Anniversary at the gala dinner in December.

商會每年的最後一個季度向來都是忙碌的，但今年尤 其如此。一方面我們將要舉辦一年一度的公司管治卓 越獎頒獎典禮，另一方面我們也將要在12月舉行的晚 宴上慶祝本商會成立10週年。

Indeed, it has been a decade of success and achievement. We have grown into a well-established and positioned body with two clear goals: to advocate strong corporate governance and market best practices amongst listed companies; and foster better communication between companies and regulators. Our annual Corporate Governance Excellence Awards is an outstanding example of how we accomplish the first goal; by setting corporate governance benchmarks for companies to reach and go beyond.

The second goal has been achieved by our incessant efforts to bring listed companies’ concerns to the regulators. We are now an effective and influential conduit of communication as well as a facilitator of understanding and consensus; in this way we help foster a more balanced regulatory environment.

On a related note, I am pleased to inform you that Ms. Eirene Yeung, our General Committee Member, has been appointed to the Listing Committee of the HKEx. In this capacity, Ms. Yeung can directly raise opinions and concerns from listed companies to the Exchange about any proposed new rules and regulations.

Looking ahead, we see another role to play in assisting interaction between listed companies in Hong Kong and other markets. As the mainland stock markets become more sophisticated and internationalised, Hong Kong companies will have more opportunities to share their experience with their mainland counterparts as they increasingly face similar issues to ours.

Already, the Chamber has established contacts with several listed companies’ associations in the mainland, and discussions on cooperation and training have begun. We hope these activities will have mutual benefits for mainland and Hong Kong listed companies and that we can play a helpful role in the continual modernisation of China’s economy, and in the restructuring and upgrading of Chinese enterprises.

Lastly, a reminder of our 10th Anniversary Gala Dinner held on 13 December at the Hong Kong Convention and Exhibition Centre. We are pleased to have the Chairman of HKEx, Mr. Chow Chung Kong, address us as a keynote speaker. We are also excited that Mr. John Tsang, Financial Secretary, has agreed to attend as one of the officiating guests.

A special live music performance will also be arranged to entertain all present. Your participation is key, so I do hope you will be there to celebrate our 10th anniversary – and together we will take a tour of our past achievements and look ahead to a brighter future.

Yours sincerely, Dr. K.S. Lo Chairman

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Momentum

誠言，商會在過去10年成功取得了可觀的成果。商會 目前已經發展成為一個健全和定位清晰的組織，並具 有兩個明確的目標：倡導上市公司實行強而有力的企 業管治和市場最佳守則；以及促進企業和監管機構之 間的溝通。我們所頒發的年度公司管治卓越獎，是我 們達成首項目標的一個明顯例子；我們設定了公司管 治基準，讓公司達到水平並且更上層樓。 通過我們不斷努力地向監管機構傳達備受上市公司關 注的不同議題，我們已經達成了第二個目標。我們目 前是一個有效和具有影響力的溝通渠道，並且是諒解 和共識的促進者；而我們也藉此協助促進了一個更均 衡的監管環境。在這方面，我很高興地告訴大家，本 會常務委員會成員楊逸芝女士(Ms. Eirene Yeung)已被 委任為香港交易所上市委員會的委員。楊女士在這一 新崗位上，可以就任何新規例建議，直接向交易所提 出上市公司的意見和關注。 展望未來，在協助香港的上市公司與其他市場之間的互 動方面，我們看到了商會可以發揮的另一個作用。由於 內地的證券市場已日趨成熟和國際化，內地上市公司正 日益面對著與我們相類似的問題，而香港的企業將有更 多機會與內地的同業分享它們在這方面的經驗。 商會已經與內地數個上市公司組織建立了聯繫，亦已 展開了有關合作和培訓的商討。我們期望這些活動會 給內地和香港的上市公司帶來共同的利益，並希望在 中 國 經 濟 的 持 續 現 代 化 及 中 國 企 業 的 重 整 和提升方 面，我們可以發揮有效的作用。 最後，我謹此再提醒大家，12月13日我們將在香港 會議展覽中心舉行本會的10週年晚宴。我們很高興邀 請得香港交易所主席周松崗先生於當晚擔任專題演講 嘉賓，也很高興得悉財政司司長曾俊華先生已應邀蒞 臨作為主禮嘉賓之一。此外，大會還特意安排了一個 現場音樂表演節目助興。然而，最重要的還是各位會 友的熱烈參與。所以，我希望大家都能撥冗出席商會 的10週年慶典—讓我們一起回顧我們過去所取得的成 就，並展望商會的更光明未來。 誠致謝意。 羅嘉瑞醫生 主席

Editor’s Column 編輯的話 In this issue, Momentum continues its series of interviews with key regulators of Hong Kong’s capital markets to celebrate the Chamber of Hong Kong Listed Companies’ tenth anniversary this year. I am delighted to present an interview with Laura Cha, who has had a stellar career as a regulator and played a pivotal role in devising the structure for Chinese companies to list in Hong Kong. She continues to be highly active and influential in Hong Kong’s development as a financial hub for the region.

The Feature in this issue looks at the personal liability of board members and senior managers when an employee of their company is hurt according to Hong Kong’s current health and safety laws. The authors take into account important legal precedents that have been set overseas which may guide the courts in Hong Kong.

Talking Points has an interesting contribution from consultant Adrian Cheung on the new competition law that goes into effect next year.

Small and medium-size listed companies may be shocked to know there is a strong likelihood they would be affected by the new law, Cheung concludes.

Water is the focus of this issue’s Economic Insights column. With water shortages and restrictions being seen in China and India, and a drought in the United States sending agricultural prices soaring in recent months, now is a good time to look at the economics of this essential commodity.

This issue’s Corporate Tips section provides some telling observations and advice on how to assess the ethical integrity of potential candidates for positions at your company, and how to evaluate the behaviour of current staff members.

The FRA Column has a comprehensive overview on the crucial matter of complying with the “price-sensitive information” regulations that go into effect on 1 January next year. While disclosing “PSI” has long been enshrined in the Hong Kong stock exchange’s listing rules, this will be the first time they will be given the force of law.

To round out, motor enthusiasts are treated to a look at the future of performance cars in the Living Style/Leisure section. Hybrid and electric motor technology has advanced rapidly in a relatively short time, which gives drivers of performance vehicles plenty of choices to enjoy out on the road. But, it cannot be stressed enough, no matter the performance capabilities of the car the first priority should always be to drive safely and responsibly.

Yours sincerely, Bruce Andrews Editor

4

Momentum

今期Momentum繼續刊登與香港資本市場主要監管者 的專訪系列，以慶祝香港上市公司商會今年成立十週 年。我很高興今期為大家呈上與史美倫女士的訪問，她 作為一位監管者，成功建立了卓越的事業，並且在中國 企業於香港上市的架構制定中扮演一個重要角色。在香 港發展成為亞洲金融中心方面，她依然非常積極和具影 響力。 本期《特稿》探討根據香港現行的健康和安全法例，一 家公司的僱員如遭受傷害，其董事會成員及高級管理人 員須承擔甚麼個人法律責任。文章作者亦考慮了可以為 香港法院提供指引的一些重要外國判例。 《論點》欄目刊載了由顧問張永翔撰寫有關明年生效的 新競爭法的一篇令人感興趣文章。張永翔總結稱，中小 型上市公司在知道它們極有可能會受該新法例影響時， 它們可能會感到非常驚訝。 水資源是本期《經濟透視》一欄的焦點。我們看到中國 和印度的水資源短缺和限制，以及美國發生旱災導致近 數月農產品價格飆升，現在正是察看這一重要商品經濟 的良好時機。 《企業啟示》一欄就如何考核應徵貴公司職位的求職者 的道德操守，以及如何評估在職員工的行為，提供一些 重要的觀察和意見。 《財經事務及監管政策委員會專欄》對遵守明年1月1日 起生效的「股價敏感資料披露」規例這一重大事宜作出 了全面的概述。雖然「股價敏感資料披露」的規定一直 載於香港聯交所的上市規則中，但這將是它們首次獲得 賦予法律效力。 最後《生活閒情》一欄讓汽車愛好者一睹高性能汽車的 未來發展。混合動力和電動馬達技術在一個相對較短的 時間內迅速發展，為高性能汽車駕駛者提供不少享受駕 車的選擇。然而，無論汽車的性能表現如何優越，我們 不得不強調，最首要的還是安全和負責任的駕駛態度。

誠致謝意。 安報施 主編

Cover Story 封面故事

Financial Regulation and Laura Cha

on Hong Kong’s

Development

史美倫暢談香港的

發展

金融監管與 6

Momentum

Autumn 2012

C

ontinuing the series of interviews with Hong Kong’s leading regulators to mark the Chamber of Hong Kong Listed Companies 10th anniversary this year, Momentum talks with Laura Cha, who is a non-official member of the Executive Council and the chairman of the preparatory taskforce to establish a new Financial Services Development Council for Hong Kong. She is also the nonexecutive deputy chairman of HSBC, a former vice chairman of the China Securities Regulatory Commission from 2001 to 2004, and was the first person outside mainland China to join the Central People’s Government at a vice-ministerial rank. Before then, she worked at Hong Kong’s Securities and Futures Commission from 1991 to 2001, rising to the position of its deputy chairman in 1998.

Our discussion begins by looking back at a key moment in the development and growth of Hong Kong’s capital markets 20 years ago.

Momentum: Looking back, 1992 was a very important year for Hong Kong’s development as a financial centre when China allowed stateowned enterprises to list here, and you played a significant role in facilitating that. How has Hong Kong progressed since that time?

Laura Cha: We now tend to forget that we were a very local market not that long ago. I joined the SFC in 1991 and at that time the major task was reforming and restructuring the stock exchange after the 1987 crash. The government appointed an expert panel and did a wholesale review of the situation in Hong Kong, which resulted in the Ian Hay Davison Report, and it came up with 260 recommendations.

The first one was that the regulator has to be staffed with professionals – market practitioners rather than with civil servants who have no market experience. So the SFC was formed in 1989. At the time, the focus was to try to lift the corporate governance and accountability of the exchange, and retrieve it from the crisis of the 1987 crash.

秋

年是香港上市公司商會成立10週年誌慶， Momentum繼續刊登與香港主要監管者的專訪系

今

列，以茲紀念。今期我們的受訪者是行政會議非官守議 員史美倫女士，她也是香港現正計劃成立的金融發展局 的籌備工作小組主席，香港上海匯豐銀行非執行副主 席，及中國證券監督管理委員會前副主席(2001至2004 年)。此外，她亦是首位加入中央人民政府成為副部級 官員的非內地人士。在此之前，她曾於1991至2001年 任職於香港證券及期貨事務監察委員會，並於1998年 晉升為副主席。 現在先讓我們回顧20年前香港資本市場發展及增長的 一個關鍵性時刻，藉此開展我們的討論。

Momentum: 回顧過去，對於香港發展成為一個金融 中心的進程，1992年是非常重要的一年，因為中國政 府當時批准國有企業來香港上市。在促成這一發展方 面，你扮演了一個很重要的角色。至今香港取得了甚麼 進展呢？ 史美倫：我們現在往往忘記了在不久之前，香港只是 一個十分本地化的市場。我在1991年加入證監會，當 時證監會的主要任務是在1987年股災發生後，要就證 券交易所進行改革和重整。政府委任了一個專家小組， 對香港的情況進行全面檢討，其後發表了《戴維森報告 書》，當中共提出260項建議。首項建議是，監管機構 必須聘用專業人士，即市場從業者而非缺乏市場經驗的 公務員。證監會遂於1989年成立。當時的首要任務， 是要設法提升交易所的企業管治和問責性，並使它從 1987年的股災危機中恢復過來。 到了1992年，中央政府決定批准中國國有企業在香港 上市。我們知道這是一項突破性的舉措，因為當時中國 並沒有資本市場，而國內所有公司都屬國有而並非股份

By 1992, when the Central Government decided to allow Chinese state-owned enterprises to be listed in Hong Kong, we knew it was ground-breaking because there was no capital market in China and all the companies there were state-owned and not shareholding companies. The idea at that time from the Central Government was to use the listing process to reform the state-owned sector. And Hong Kong was a natural place for this to be done.

When I joined the SFC, I happened to be one of the few Chinese at the senior level at that time. It fell on me to carry out that project. We spent a whole year in discussions with the appropriate departments in the Central Government. China did not have a regulator then. It did not have a company law nor securities law, so we created mandatory provisions of the articles of association for companies intending to list in Hong Kong and enshrined these into the listing rules.

Before 1992, international firms looked at us as a very domestic market. The amounts raised were small, the players were small, and after the 1987 closure we were dubbed the “Mickey Mouse market”.

But the potential of Chinese state-owned enterprises listing here

Momentum

7

drew the attention of the overseas investment bankers. So I would say 1992-93 marked the internationalisation of the Hong Kong market.

公司。中央政府當時的想法，是要利用上市程序來改革 國有部門，而香港是達成這一目標的當然選擇。

Today, the players in our market are international and our numbers are big in terms of amounts raised, turnover and market capitalisation. And the demutualisation of the Hong Kong stock and futures exchanges in 2000, in which I took part, was another step to bring our exchange to a modern day structure.

在我加入證監會時，我是證監會高層中少數中國人之 一，因此開展該項目的責任最終落在我身上。我們花了 整整一年時間與中央政府多個相關部門進行商討。中國 當時並沒有監管機構，也還未制定公司法或證券法。因 此，我們在公司組織章程中訂立各項強制性條文，以適 用於有意在香港上市的公司，並於上市規則中載入這些 規定。

Momentum: Did you expect the changes to be as gradual as they were?

Laura Cha: None of us had a blueprint or a crystal ball. We knew the introduction of the Chinese enterprises in Hong Kong would play an important part but we never foresaw that today they would constitute more than half of our market capitalisation and turnover. It was also good for the Central Government because listing in Hong Kong did help to bring Chinese SOE’s to modern structures and business practices.

If you look back, the state-owned enterprises that came in the 1990s were very different from the enterprises that come to list now. People are much more aware of what is expected of them. In the early days, there was a quota. We were told, “This is the batch”, and we said, “That is fine but the batch has to match our listing criteria.” Now there is no quota; the government cannot dictate who would get listed.

在1992年以前，國際公司視香港為一個非常本地化的 市場，集資金額少，投資者數目亦有限，而在1987年 發生股災停市後，我們更被戲稱為「米老鼠市場」。然 而，中國國有企業來港上市的潛力卻吸引到海外投資銀 行家的注目。所以，我認為1992至93年是香港市場國 際化的一個分水嶺。 今天，參與本地市場的都是國際性投資者，無論在集資 金額、成交量及市值上，數目都非常龐大。而香港聯合 交易所與期貨交易所在2000年實行股份化(我也有參與 其事)，亦讓我們的交易所朝向現代化結構邁進了一大 步。

Momentum:

你當時可有預期會出現如此漸進的變

化？

史美倫： 我們任何人都沒有一套藍本或是一個水晶 In the process, other markets tried to take the fruits of our work, particularly the United States. In 1993-94 we had to fight very hard.

US investment banks fought to have the SOE’s listed in NYSE, which in those days carried more cache than being listed in Hong Kong.

Not to mention that investment banks get a lot more fees when companies list in New York. They could say to a Chinese enterprise, “You want to reach international investors? There is nothing that beats listing in New York.” Also, “Hong Kong cannot raise the kind of capital that you want. It will not give you the international exposure that befits your standing.” But Hong Kong proved them wrong.

There were a lot of companies that dual-listed, with ADRs in New York and H-shares in Hong Kong. Within six months, we had statistics to show that there was no trading in the US in those companies’ shares; all the trading came back to Hong Kong. And because there was so little trading, there were no analysts following their stories and covering their companies.

Another breakthrough came in about 2004-05, when some of the big Chinese state banks listed in Hong Kong. Then the international players started to pay closer attention to the Hong Kong market and we were able to raise huge amounts. The international investors came because they have confidence in our market.

The Hong Kong market has continued to improve. We upgraded various standards and continue to refine the listing rules. The key is we have a very professional listing committee that includes market practitioners. The decision to allow a company to list on the HKEx

8

Momentum

球。我們知道引入中國企業在香港上市，將會是十分重 要，但我們從沒預料到今天中國企業會佔我們的市值和 成交量的一半以上。這對中央政府也是有利的，因為中

Autumn 2012

does not lie with any Exchange executive but a group of marketrecongnised practitioners. Chinese companies have also found Hong Kong a friendlier place to do business. Today, if you want to invest in the Chinese economy, you invest in the Hong Kong market.

Momentum: What challenges do you see ahead for the Hong Kong market over the next 10 years?

Laura Cha: There are a lot of challenges. Markets are always like that. No one stands still. There is competition from other markets.

New York faces the same issue. For the longest time, the New York Stock Exchange thought they were the king of the world. Then it took a beating about 10 years ago with the dotcom crash and its own governance issues. And now that “dark pools” have developed, its trading volume has been overtaken by other markets.

Hong Kong has our challenges as well. No one can foresee technology advancements or changes in the market climate. The best one can do is strengthen one’s own house and bring yourself up to the global standard, and watch out for opportunities. The last thing you can do is be complacent.

Momentum: There has been a lot of talk about national exchanges merging. Do you see Hong Kong being in that situation?

Laura Cha: I do not think so. We can have closer cooperation with the Shanghai and Shenzhen stock exchanges; there seems to be natural synergies there. But those two exchanges are not demutualised and privatised, so we cannot talk about mergers. And mergers do not always work. NYSE Euronext is working because there is a need on both sides.

Momentum: We saw two year ago that Singapore was looking to merge with the Australian Stock Exchange. If they are hungry to merge with another exchange and increase their size, does that pose a serious threat for Hong Kong?

Laura Cha: It depends on who their partner is going to be. I think Hong Kong has unique advantages that are not easily replicated.

We are part of China, and we have the first-mover advantage in that market. We have already accumulated a lot of expertise. So I do not think other people can replicate this so easily.

秋

國國有企業在香港上市，確實有助它們建立現代化的結 構和商業實務。 如果你回想一下，20世紀90年代來港的國有企業，與現 時來港上市的企業有很大分別。現在人們更加意識到外界 對他們有些甚麼期望。在早期，這是設有一個配額的。對 方告訴我們﹕「批次是這樣」，而我們說，「很好，但這 一批次須符合我們的上市標準。」現在已經再沒有任何配 額﹔政府不能對哪一家企業可以上市下指令。 在這過程中，其他市場試圖奪取我們努力的成果，特 別是美國。在1993-94年，我們得很努力地拼搏。一些 美國投資銀行爭取中國國有企業前往紐約證券交易所上 市，而在那些日子，在紐約證券交易所上市的名堂，確 實要比在香港上市為響。更何況，公司如在紐約上市， 投資銀行將會賺取更龐大費用。他們會對中國企業說﹕ 「你們是否想吸引國際投資者？在紐約上市就最適合不 過。」他們還會說﹕「你無法在香港籌集到你所需的該 類資本，而香港也提供不到切合你地位的國際經驗。」 但香港證明他們錯了。 當時有很多公司在兩地上市，即﹕在紐約以預托證券上 市和在香港以H股上市。在六個月內，我們有統計資料 顯示這些公司的股份在美國沒有成交﹔所有的交易都回 到香港來。由於交投稀疏，所以並沒有分析師跟進它們 的進展和報導它們的情況。 另一項突破出現於2004-05年左右，當時一些大型中國 國有銀行在香港上市。其後，國際投資者開始更密切地 關注香港市場，而企業在我們的市場也能籌集到巨額資 本。國際投資者前來香港投資，是因為他們對我們的市 場有信心。 香港市場持續獲得改善，而我們也提升了各項標準和不 斷完善上市規則。最關鍵的是，我們有一個非常專業 的、包括市場從業者在內的上市委員會。批准企業在香 港交易所上市，並非由交易所的行政人員，而是由一組 獲市場承認的從業者來作出決定。中國企業也發現香港 是一個較為友好的營商地方。今天，如果你想投資於中 國的經濟體系，你便要投資於香港市場。

Momentum:

你認為在未來10年香港市場會面對哪些

Momentum: You played a significant role in devising the regulatory

挑戰？

framework for Chinese state-owned enterprises to list in Hong Kong.

Looking back, is there anything you would have done differently if you could?

史美倫：當中確實存在不少挑戰，但市場總是如此，

Laura Cha: No, not in terms of anything that we could do. One of our suggestions at the time was that the state did not need to hold a numeric majority of the state-owned enterprises’ shares. For example, they could have held a non-tradable “golden share” and reserve certain veto powers on some of the major decisions instead of floating only 15-25% of the company.

It became a problem because the state ownership is so huge, and yet it was not doing the state any good when the state’s portion of

沒有任何人會原封不動。香港會面對來自其他市場的競 爭，紐約也面臨著同樣的問題。長久以來，紐約證券交 易所一直自視為雄霸整個世界。然而在大約10年前，他 們因互聯網泡沫爆破和其自身的管治問題而嚴重受挫， 況且目前「黑池」已經逐漸發展，他們的成交量已經被 其他市場超越。 香港也面臨著自己的挑戰。沒有人能預見科技的進步或 市場氣候的變化，我們所能做到的，就是增強自己的實 力，把自己提升至國際標準，並留心機會。而最重要 的，是不要自滿。

Momentum

9

Momentum:

最近很多人在談論全國性交易所的合 併。你認為香港是處於這種情況嗎？

史美倫：我認為不是。我們可以與上海和深圳證券交 易所有更緊密的合作﹔這似乎存在一個自然協同效應。 但這兩個交易所並沒有進行股份化和私有化，所以我們 不能考慮合併，而且合併亦不一定有成效。紐約—泛歐 證券交易所合併成功，是因為雙方都有此需要。

Momentum:

我們看到兩年前，新加坡尋求與澳洲證 券交易所合併。如果它們熱衷於與另一家交易所合併並 擴大雙方的規模，這對香港會否構成嚴重威脅？

史美倫：這視乎於他們的合作夥伴是誰。我認為香港 具有一些難以仿效的獨特優勢。我們是中國的一部分， 在這個市場上我們有先發的優勢。我們已經積累了大量 的專門知識。所以，我認為這是其他人難以仿效得到 的。

Momentum:

關於中國國有企業在香港上市，你在制 定有關的監管框架方面擔當了一個重要角色。回顧過 去，有沒有甚麼事情是如果你可以重頭再做，你的做法 將會有所不同？

shares is not tradeable, so the Government cannot monetise it. It is just an asset there that increases in value.

I still believe a “golden share” would protect the state’s interests just as well, if not better, than holding a numeric majority. So the whole problem of reforming the state’s shares could have been avoided.

Momentum: We are now seeing the SFC pursue one of the big accounting firms for reportedly not releasing information about a former client, a Chinese state-owned enterprise, due to China’s state secrecy laws. How do you see this issue being resolved?

Laura Cha: I fully respect state secrets, but no one can define what it is for us. For any company, if you think you will be affected by the state secrecy laws, do not come to list. You should not be a listed company. Period.

They may say, “When we were listed, there were no state secrets, and now there are things that are covered by the law.” Well sorry, but we cannot operate with that kind of a model.

Any company that knows when it lists there is a possibility there are certain things they cannot disclose, then they should either segregate that part of the business and list only the part that can be subject to public scrutiny, or they should not come to list at all.

Momentum: Turning to your role as the chairman of the taskforce for establishing the Financial Services Development Council, what do you expect its aims will be?

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Momentum

史美倫：沒有，就我們可以做的事情而言。我們當時 提出的其中一個建議是，國家沒有必要持有數目上佔多 數的國有企業股份。例如，他們可以持有非流通的「黃 金股份」，並對一些重大決策保留一定的否決權，而不 是只發行公司的15-25%股份。 這變成了一個問題，因為國家擁有權的規模是如此龐 大，如果國家所持有的該部分股份不能進行買賣，這對 國家並無好處。政府因而不能將它們套現，它僅是一項 置於一旁並讓其增值的資產。 我仍然認為，相對於持有數目上佔多數的公司股份而 言，「黃金股份」也一樣可以保障國家的利益，縱使不 是更好地。那麼，改革國有股份的整個問題便不用面對 了。

Momentum:

我們現時得悉證監會正追究一家大型會 計師事務所，因為據稱基於中國國家機密法，它不肯提 供一名前客戶(一家中國國有企業)的資料。你認為這個 問題應怎麼解決？

史美倫：我完全尊重國家機密，但沒有人能為我們界 定國家機密的意思。對於任何公司而言，如果你認為你 會受到國家機密法影響，那麼你便不要前來上市，即是 你不應成為一家上市公司。就是如此。 他們可能會說，「我們上市的時候國家機密並不存在， 但現在有一些事情受法律所涵蓋。」那麼很抱歉，我們 不能在這樣的模式下運作。 任何公司都知道，當它上市時如果可能有若干事情是它 不得披露的，那麼它便應該將該部分業務剝離，只讓可

Autumn 2012

Laura Cha: We are still in the process of writing the report. But the idea the CE [Chief Executive of Hong Kong] has is to provide a forum for all sectors of the market. In Hong Kong, people tend to think of “financial services” as banking and securities. The voices of the insurance industry, hedge funds, asset management, private banks and the rest that make up the financial sector tend not to get as much attention.

秋

以接受公眾監督的該部分業務上市，或是根本便不應該 尋求上市。

Momentum:

回到你的金融發展局籌備工作小組主席 角色，你預期它的目標會是甚麼？

史美倫：目前我們仍在撰寫報告。但特首 [香港行政 We are hearing in our consultation that the many sub-sectors which do not get their voices heard want to discuss issues such as the taxes on some of the offshore funds. Others raise very technical issues, but if those are not resolved, it does stop that sub-sector from moving forward.

長官] 的想法是希望為市場的各個部門提供一個討論平 台。在香港，人們往往認為「金融服務」就是指銀行業 和證券業。而保險業、對沖基金、資產管理、私人銀行 及其他構成金融範疇的業務，其聲音往往沒有得到太大 關注。

Each one of the sub-sectors wants to maximise what they can do.

So collectively, it has to be good for Hong Kong. I am not saying everything that comes forward will be accepted by the government.

But hopefully, it will provide the government with informed advice.

在諮詢過程中我們得悉，許多表達不到意見的次行業希 望能夠討論一下例如某些離岸基金的稅務問題。其他人 則提出了一些非常技術性的問題，但如果這些問題得不 到解決，它確實會令該次行業的發展停滯不前。

Momentum: Do you imagine promoting Hong Kong as an offshore

所有這些次行業都希望能盡量做到它們所能做的事情。 因此它必須在整體上對香港是有利的。我不是說所有提 出的建議都會獲政府接納。但希望它會為政府提供有根 據的意見。

renminbi trading hub will be a priority for the Council?

Laura Cha: Yes, absolutely. It is an area where we already have a first-mover advantage. The HKMA has done a lot, and the HKEx as well. We want to capitalise on what we have already done and see collectively how we can move forward. M This is an edited transcript of an interview with Ms Laura Cha.

Bruce Andrews and Mike Wong

Momentum:

你可認為推動香港作為人民幣離岸交易 中心，是金融發展局的優先處理事項？

史美倫：是的，絕對是這樣。這是一個我們已經擁有 先發優勢的範疇。金管局在這方面已經做了很多工夫﹔ 香港交易所亦然。我們希望利用我們已付出的努力，並 從整體上考慮我們可以如何向前邁進。 M

本文是專訪史美倫女士後經編輯過的談話內容。

安報施及黃明偉

Momentum

11

Feature 特稿

Personal Liability for Officers and Managers under the

Health and Safety Ordinance

企業高層人員在 《健康及安全條例》

下的個人法律責任 I

t has long been recognised in industrial law that sanctions imposed solely upon corporations are relatively ineffective at enhancing legal compliance. Accordingly, across the world, provisions imposing personal liability on those capable of making and influencing corporate governance decisions have been enacted to provide additional incentives for legal compliance from those who have the power to make a difference.

久以來，人們都承認在工業法例中，倘若只對公 司施加制裁，這對於加強遵守法律而言並不太奏 效。因此，對於該些有能力作出和影響公司管治決定的 人士，世界各地都制定了施加個人法律責任的規定，以 加強有決策權的人士的守法動機。

長

在國際上，告誡經理、董事及其他高級人員其所須承擔 的個人法律後果，已證明是一個能促使負責公司重大事

Internationally speaking, the threat of personal legal consequences for managers, directors and other officers has proven an effective way of concentrating the minds of those in charge of organisations on key issues such as finance, and more recently, health and safety.1 This

務 — 例如財務和近日備受關注的健康及安全問題 等 — 的人士倍加留神的有效方法。隨著社會大眾日益認 為企業領導層應就其作為或不作為而導致人命傷亡者均

1

1

A Hopkins “Repeat Disasters: The Lessons of the Moura Coal Mine” in C Mayhew & CL Peterson, Occupational Health and Safety in Australia (St Leonards: Allen & Unwin, 1999) 140-157, at 157.

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Momentum

1

A Hopkins “Repeat Disasters: The Lessons of the Moura Coal Mine” in C Mayhew & CL Peterson, Occupational Health and Safety in Australia (St Leonards: Allen & Unwin, 1999) 140-157, at 157.

Autumn 2012

trend has been fuelled by community expectations that the leadership group of an organisation should be held accountable for their action or inaction which seemingly permits fatalities and injuries to occur.2

秋

2

須承擔責任，這種趨勢也因此顯著加強。

香港的健康及安全法例如何？ 香港的健康及安全事宜受《職業安全及健康條例》(第

What are the health and safety laws in Hong Kong?

Health and safety in Hong Kong is governed by the Occupational Health and Safety Ordinance Cap, 509 (Safety Ordinance). 3 The Safety Ordinance imposes a number of obligations on various duty holders including a central obligation on employers to, so far as reasonably practicable, ensure the health and safety of their employees. In addition to this key obligation are personal liability provisions that apply to those with the management and control of the employer companies and firms.4

Who can be personally liable?

Under section 33 of the Safety Ordinance company directors, managers, secretaries and similar officers alongside firm partners and those concerned with firm management (together Officers and Managers) are exposed to personal liability.5

What are the potential penalties involved?

The Safety Ordinance dictates that Officers and Managers are liable for like offences of their organisation. That is, should a company or firm be liable to a penalty for a certain offence, the same penalty can be applied to the individual Officer or Manager. Additionally, there are also custodial sentences that may be imposed. Under the current Safety Ordinance, the fines that can be imposed upon Officers or Managers includes pecuniary fines of up to HK$500,000 and terms of imprisonment for a maximum of 12 months.

2

3

4

5

M Tooma, Safety, Security, Health and Environment Law (2nd ed), Sydney, Federation Press, 2011, p.205.

Workplace heath and safety may also be regulated by the Factories and Industrial Undertakings Ordinance Cap. 59 where the work involves an “industrial undertaking”. This includes work in, amongst others, factories, mines, quarries and construction work.

Note: Under the Safety Ordinance there is also an obligation for employees while at work to, so far as is reasonably practicable: take care for the safety and health of persons at the workplace and may be affected by the employee’s acts or omissions; and co-operate with their employer to allow the employer to comply with its obligations under the Safety Ordinance.

This liability is not discussed as it is outside the scope of this article.

The Factories and Industrial Undertakings Ordinance Cap. 59 provides, in identical terms, at section 14, for the liability of directors, managers, secretaries and officers, as well as partners and those involved with firm management.

509章)(下稱《安全條例》)所規管。3《安全條例》對 各個責任承擔者施加若干責任，包括對僱主施加一項核 心責任，要求他們在合理和切實可行的範圍內，確保其 僱員的健康及安全。除此項主要責任外，該條例也作出 了對在僱主公司和商號擁有管理及控制權人士的個人法 4

律責任規定。

誰人須承擔個人法律責任？ 根據《安全條例》第33條，公司董事、經理、秘書及 其他同類高級人員，連同公司商號的合夥人，以及關涉 該公司商號的管理的人士(包括高級人員及經理)，均須 承擔個人法律責任。

5

涉及哪些可能的懲處？ 《安全條例》規定，高級人員和經理須對其機構所違犯 的相同罪行承擔法律責任。也就是說，若一家公司或商 號須就某項罪行受到處罰，則相同的處罰也可以適用於 該高級人員或經理本人。此外，該條例也規定可以對其 判處監禁刑罰。根據現行的《安全條例》，法庭可對高 級人員或經理處以最高達500,000港元的罰款及12個月 的監禁。

高級人員和經理在甚麼情況下須承擔法律責任？ 如符合下列情況，在《安全條例》下所指的高級人員或 經理均須承擔個人法律責任：

2

M T o o m a , S a f e t y, S e c u r i t y, H e a l t h a n d Environment Law (2nd ed), Sydney, Federation Press, 2011, p.205.

3

4

5

如有關工作涉及「工業經營」，工作場所的健康及 安全也可以受《工廠及工業經營條例》(第59章) 規管。這包括在工廠、礦場、石礦場及建築工程等 地方進行的工作。 註﹕根據《安全條例》，在合理地切實可行的範圍 內，僱員在工作時也有責任﹕ 照顧在其工作地點並有可能因其在工作中的 作為或不作為而受影響的人的安全及健康； 及 與其僱主合作以使其僱主得以履行在《安全 條例》下的責任。由於這一法律責任超出本 文的討論範圍，因此本文並無就其作出討 論。

《工廠及工業經營條例》(第59章) 第14條以大致 相同的字眼，規定董事、經理、秘書及高級人員， 和合夥人及關涉公司商號的管理的人士的法律責 任。

Momentum

13

In what circumstances will Officers and Managers be liable?

To be personally liable, as an Officer or Manager under the Safety Ordinance, the following elements must be satisfied: 1. the person is an Officer or Manager of a company or firm; 2. the company or firm that they work for has breached its obligations under the Safety Ordinance and committed an offence; and 3. the offence committed occurred with the Officer or Manager’s consent or connivance or was attributable to their neglect.

What constitutes consent, connivance or neglect?

As with all judicial concepts, the meaning of consent, connivance or neglect will depend on the circumstances of each individual case.

Historically, however, “consent” and “connivance” have been considered to imply both knowledge and a decision made on such knowledge.6

1. 該名人士是一家公司或商號的高級人員或經理﹔ 2. 該名人士所服務的公司或商號違反了《安全條 例》所規定的責任並觸犯了相關罪行﹔以及 3. 所觸犯的罪行是在該高級人員或經理的同意或縱 容下所犯的，或是可歸因於任何此等人士的疏 忽。

甚麼構成同意、縱容或疏忽？ Consent may be found where the Officer or Manager has knowledge of the material facts that constituted the offence by the company or firm, and the Officer or Manager permitted or agreed to conduct its business in that manner.7

同意、縱容或疏忽的意思和所有其他司法概念一樣，視 乎每宗個案的情況而定。然而，一直以來，「同意」和 「縱容」均被認為意指知悉及基於此知悉而作出的決

Connivance requires awareness and a turning of a blind eye, that is, the same awareness as for consent and then allowing the company to carry on regardless, but without active encouragement or agreement.8

屬於「同意」的情況可以是，高級人員或經理知悉構成 該公司或商號所犯罪行的關鍵事實，然而該高級人員或

In direct contrast with these terms, the concept of neglect does not require any knowledge or involvement on the Officer’s or Manager’s part, but merely the need for a situation to arise where the Officer or Manager ought to have been aware of the circumstances and done something to prevent the breach.9

「縱容」包含察覺及視而不見的情況，即與「同意」所 指的察覺一樣，但卻採取置諸不理的態度而任由他人繼

What have Officers and Managers been prosecuted for in the past?

At present, there is no publicly available jurisprudence on the application of section 33 of the Safety Ordinance. However, internationally speaking, substantially identical provisions in England and Western Australia provide useful guidance on the practical application of the Officer or Manager’s duty.10

6

7 8

9 10

Attorney General’s Reference (No 1 of 1995) [1996] 2 Cr.App.Rep. 320.

Ibid.

Wotherspoon v H.M. Advocate 1978 JC 74, Huckerby v Elliott [1970] 1 All ER 189, Armour v Skeen [1977] IRLR 310 and Department of Environmental Protection v Donnes (unreported, Western Australian Magistrate’s Court, Magistrate Michelides, October 1998).

R v P [2007] EWCA Crim 1937.

Occupational Safety and Health Act 1984 (WA), s55; Health and Safety at Work Act 1974 (UK), s37.

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定。

經理容許或同意以此方式進行該公司或商號的業務。

續行事，但其本人並沒有給予任何積極鼓勵或同意。

7

8

與這些用語直接對比，「疏忽」的概念並不包含高級人 員或經理的任何知悉或參與，而只須存在高級人員或經 理理應已察覺有關問題，並採取了某些行動以防止違規 9

行為發生的情況。

以往有沒有高級人員和經理曾被檢控？ 香港目前還沒有引用《安全條例》第33條的公開案 例。然而在國際上，英國和西澳洲的大致相若條文，可 為高級人員或經理職責的實際引用提供有用的指引。

10

6

Attorney General’s Reference (No 1 of 1995) [1996] 2 Cr.App.Rep. 320.

7

如上 。

8

Wotherspoon v H.M. Advocate 1978 JC 74, Huckerby v Elliott [1970] 1 All ER 189, Armour v Skeen [1977] IRLR 310以及 Department of Environmental Protection v Donnes (unreported, Western Australian Magistrate’s Court, Magistrate Michelides, October 1998).

9 10

R v P [2007] EWCA Crim 1937.

Occupational Safety and Health Act 1984 (WA), s55; Health and Safety at Work Act 1974 (UK), s37.

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United Kingdom

英國

Armour v Skeen11

Armour v Skeen11 在此案件中，擔任斯特拉斯克萊德區域市議會道路監督 (Director of Roads)的Armour先生在一名工人於修理路 橋時跌死的意外發生後，被裁定須承擔個人法律責任。 Armour先生是由市議會任命以確保所有修路工人的安

In this case, Mr Armour, the Director of Roads for Strathclyde Regional Council, was held personally liable after a worker fell to his death repairing a road bridge. Mr Armour was the person appointed by the Council to supervise the safety of all road workers. In doing so, Mr Armour failed to prepare a safe system of work, that is, a safety policy outlining how work should be completed. The Court held that despite the fact that the Director for Roads was not a director (for the usual purposes of corporations law), he fell into the category of a “manager or similar officer” who failed to fulfil his duties.

This case shows that liability does not attach to positions or job titles but attaches to the degree of authority, influence and responsibility involved.

R v Chargot Ltd (t/a Contract Services) and others12

In this case, an employee of Chargot Ltd was killed after the dumper truck that he was driving tipped and he was buried in the spoil that it was carrying. Chargot Ltd was convicted on the basis that it failed to train its employees in the safe use of the trucks, the identification of hazards, the choice of safe routes and the need to wear seat belts. 13 Mr Ruttle, a director of Chargot Ltd (and Managing Director of the Principal Contractor legally in control of the works) was personally prosecuted and convicted on the basis that he was directly involved in the works and had given specific instructions as to how they were to be performed.14 Mr Ruttle was personally fined £75,000 and ordered to pay £103,500 in costs.

This case highlights the serious ramifications that can attach to an Officer’s or Manager’s failure to ensure health and safety.

Western Australia Keating v Fry15

In 2007, an employee of D&G Hoists and Cranes Pty Ltd (D&G) was killed after a pack of 16 crane components slipped and crushed him as it was being re-positioned. D&G and two directors were prosecuted in relation to the incident.

全。他在這項工程中並未能建立一個安全的工作系統， 即制定一套述明應如何完成有關工作的安全政策。法庭 裁定，儘管道路監督並非一名董事(就公司法的通常用 意而言)，但卻屬於未能履行其職責的「經理或同類高 級人員」的類別中。 這一案件表明，法律責任的承擔並不在於某人的職位或 職稱，而是視乎當中所涉及的權限、影響力和責任。 R v Chargot Ltd (t/a Contract Services) and others12 案中Chargot Ltd的一名僱員在駕駛泥頭車時，該泥頭 車突然翻側，導致他被埋在泥頭車所運載的廢土中並 因而死亡。Chargot Ltd被裁定罪名成立，原因是它未 能給其員工提供安全使用卡車的培訓、識別危險、選 13 擇安全路線，以及認識佩戴安全帶的需要。 Chargot Ltd董事Ruttle先生(他亦為合法監督該工程的總承辦商

的董事總經理)本人被起訴及被定罪，原因是他直接參 14

與有關工程，並曾就工程應如何執行給予具體指示。 Ruttle先生本人後來被罰款75,000英鎊，並被責令支付 103,500英鎊的訟費。 這宗案件凸顯了高級人員或經理若沒有確保員工的健康 及安全時可導致的嚴重後果。

西澳洲 Keating v Fry15 2007年，D&G升吊器械及起重機私人有限公司(D&G Hoists and Cranes Pty Ltd)(下稱D&G)的一名僱員在 重新放置一批為數16件的起重機部件時，被滑出的部 件擊中致死。D&G及兩名董事就該事故被起訴。

During the trial it was argued that the directors had instructed staff members to move crane components using a safe method (Method 1) and had not approved or seen the unsafe method (Method 2)

在審訊過程中，辯方稱該兩名董事已指示工作人員須採 用一個安全的方法(「方法一」)來移動該批起重機部 件，並且沒有批准或見過在事發時其員工所採用的不安 全方法(「方法二」)。此外，辯方也提出，在事故發生 時其中一名董事正身處外地。

11

11

12

13

14

15

Armour v Skeen [1977] IRLR 310.

R v Chargot Ltd (t/a Contract Servies) and others [2009] 2 All ER 645.

R v Chargot Ltd (t/a Contract Services) and others [2008] 2 All ER 1077 at [20].

R v Chargot Ltd (t/a Contract Servies) and others [2009] 2 All ER 645 at [8].

Keating v Fry [2012] WASC 15.

12

Armour v Skeen [1977] IRLR 310.

R v Chargot Ltd (t/a Contract Servies) and others [2009] 2 All ER 645.

13

R v Chargot Ltd (t/a Contract Services) and others [2008] 2 All ER 1077 at [20].

14

R v Chargot Ltd (t/a Contract Servies) and others [2009] 2 All ER 645 at [8].

15

Keating v Fry [2012] WASC 15.

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which was used at the time of the incident. Additionally, it was also submitted that one of the directors was out of the State at the time of the incident.

The Court did not believe that the absence of knowledge of the unsafe practice or physical absence from the State affected the director’s culpability. The Court held, at first instance, that what was relevant to the director’s liability was not what the employer and directors actually knew but what they “ought to have known”.

D&G was fined A$90,000, and the two directors were found guilty of neglect in allowing the breach to occur and fined A$45,000 each.

The directors appealed their convictions. The appeal was unsuccessful, in that the conviction was upheld, however the amount of the fine was reduced. On appeal, the Court held that although the directors were not aware that Method 2 was being used, both directors were actively and intimately involved in the day to day operations of D&G and did not take reasonably practicable measures to ensure that Method 1 was being adopted at all times. That is, there was no written procedure outlining Method 1, the induction process did not cover the appropriate slinging method and the fact that Method 2 was adopted on such a regular basis indicated that D&G had also failed to provide appropriate supervision for the D&G employees.

The Court concluded that “the seeds for the accident were sown by the directors’ neglect leading up to that date by failing to ensure that [M]ethod 1 was always utilised and that there were clear and specific instructions to that effect that were enforced”. The revised personal fine for each director was A$10,000.

Each of the cases outlined above, demonstrate the seriousness of the obligations on Officers and Managers in relation to health and safety

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法庭並不認為不知悉員工採用了不安全的方法或是身處 外地，會對該兩名董事的罪責構成影響。法庭在一審時 裁定，董事的法律責任並非取決於僱主及董事實際知悉 甚麼，而是取決於他們「理應知悉甚麼」。 D&G最終被罰款90,000澳元，而該兩名董事被裁定在 容許違規行為發生方面犯有疏忽，各被罰款45,000澳 元。 該兩名董事就其定罪提出上訴，但上訴失敗，法庭維持 原判，但將判罰金額減少。在上訴中，法庭裁定雖然該 兩名董事對員工正在使用「方法二」並不知情，但由於 該兩名董事是積極和密切地參與D&G的日常運作，但 卻沒有採取合理可行的措施來確保其員工在任何時間均 採用「方法一」。也就是說，該公司並沒有以書面述明 「方法一」的運作程序，在員工的入職培訓過程中也沒 有向員工講述適當的起吊方法，以及該公司經常採用 「方法二」的事實，顯示了D&G並沒有對其員工所執 行的工作加以適當監督。 法庭的結論是：「導致當日意外事故的發生，是由於該 兩名董事的疏忽，未能確保其員工在施工時經常採用 『方法一』，以及未能確保該公司為此執行明確而具體 的指示」。其後該兩名董事改為各被罰款10,000澳元。 從上述各宗案件，顯示高級人員和經理所肩負的健康及 安全責任的嚴肅性，以及他們不履行其法律責任所可能 產生的後果。

高級人員應如何有效地處理健康及安全問題？ 人力資源專家應立即採取行動，確保那些有可能被視為 其機構的高級人員和經理的人士(包括人力資源專業人 士自身)都理解到他們在《安全條例》下所須承擔的責 任。

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and the potential ramifications of failing to comply with legislative obligations.

在機構中擔任高級職位的人士應該問問自己以下幾條問 題：

How do Officers effectively address health and safety issues?

Human resources specialists should take immediate action to ensure that those people who are likely to be considered to be Officers and Managers (including the HR Professionals themselves) of their organisation are aware of their obligations under the Safety Ordinance.

Questions that those with senior responsibilities in organisations should be asking themselves include:

我是否一名高級人員或經理？ 我如何來承擔個人法律責任？ 我們的機構是否已充分確保我們員工的健康及安 全？若然，其做法如何？ 我們的機構是否已建立了處理健康及安全事宜的 適當架構？ 公司的所有高級人員和經理對健康及安全問題有 否積極參與？ 有否設立一個定期查核及由第三方就工作實務進 行審核的系統？ 在健康及安全事宜上，我是否獲得提供充分的資 訊？ 我們的機構在管理工作、健康及安全問題上是否 採納了一個積極並有迅速回應的做法？ 我有否履行了本身的個人責任？ 如果一宗意外事故在明天發生，我會如何向監管 機關作出解釋？

Am I an Officer or Manager?

How can I be personally liable?

Does our organisation adequately ensure the health and safety of our employees? If so, how?

Does our organisation have an appropriate structure to deal with health and safety matters?

Is there active engagement from all company Officers and Managers as to health and safety issues?

Is there a system for regular verification and third party auditing of work practices?

Am I provided with adequate information regarding health and safety matters?

Does our organisation have a proactive and responsive approach to managing work, health and safety?

Have I discharged my personal obligations?

What would I say to the regulator if an incident occurred tomorrow?

Taking proactive steps to answer and prepare for the above questions will place Officers and Managers on the right path to minimise and mitigate their potential personal liability.

It is important to remember that the captain can go down with the ship. Those with management or control must take positive steps to ensure that their company or firm is not only aware of and complying with its legal obligations under the Safety Ordinance, but also that there are adequate measures in place to ensure that they are personally complying with their obligations, too. M

Cara Leavesley Associate

採取積極措施來回答及準備上述問題，可將高級人員和 經理置於正確方向，以盡量減少和減輕他們的潛在個人 法律責任。 但要謹記，高層人員亦有可能要負上最終責任，不能獨 善其身。故擁有管理或控制權的人們必須採取積極措 施，確保其公司或商號不單了解和履行《安全條例》所 規定的法律責任，且須制定充足措施，以確保他們自身 也充分履行其個人責任。 M

Michael Tooma

合夥人 諾頓羅氏

諾頓羅氏

Michael Tooma Partner Norton Rose

Cara Leavesley Associate Norton Rose

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Talking 論 Points 點 Adrian Cheung 張永翔 Managing Partner Vision Asia Consulting Group 合伙人 宏愿亞洲諮詢集團

Competition Law is Not Just for the Big Players

競爭法不僅是大企業才須遵守 L

ike it or not, Hong Kong now has a competition law. It has been argued that the Competition Ordinance, passed just before the last Legislative Council finished its term in June this year, will have far reaching ramifications for businesses in Hong Kong. Looking at the powers given to the two institutions set up to enforce the Competition Ordinance (the “Ordinance”), it is not easy to disagree with this argument.

The Competition Commission, expected to be set up by the government within this year, will be equipped with wide powers to investigate, warn and prosecute undertakings that are deemed to have infringed the Ordinance. Competition cases will be heard before the Competition Tribunal, which has extensive powers to reverse commercial agreements, dispose assets, disqualify directors and impose fines. That such wide powers will be given to institutions for the purpose of regulating business conduct of a non-criminal nature represents a huge change, and some would say the way forward is uncharted waters for both the authorities and businesses.

Although the Ordinance is now in place, commercial life as we know it in Hong Kong may not see drastic changes right away. There is a transition period of at least one year, according to government officials. The government will have to form the Commission first, and the Commission will then draft enforcement guidelines for consultation before the Ordinance comes into effect. How long that consultation shall be is anybody’s guess. Competition law guidelines can be very complicated and voluminous.

Some companies will likely start thinking about or have started conducting “health checks”: employing competition lawyers and other experts to comb through their business operations and commercial agreements to ensure they would not be caught on the wrong side of the law. Those who believe they are vulnerable would at least want to know where the risks lie.

It would be beneficial to the general business environment if indeed some companies would weed out genuinely anti-competitive practices after completing their health check. But it could also

18

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管你喜歡與否，香港現已制定了競爭法。有論者 認為，今年六月在上屆立法會的會期結束前通過 的《競爭條例》，對香港的企業會有深遠的影響。觀乎 將為執行《競爭條例》（以下簡稱《條例》）而成立的 兩個機構所獲賦予的權力，若要否定競爭法有深遠的影 響的說法，相信絕不容易。

不

預期政府將於今年內成立的競爭事務委員會，將有廣泛 的權力調查、警告及檢控被視作違反《條例》的企業， 有關訴訟將在競爭事務審裁處聆訊。審裁處可撤銷商業 協議、處置資產，取消董事資格和處以罰款等權力。該 等機構獲賦予如此廣泛的權力，以規管非刑事性質的商 業行為，本身就是一項重大的變化。也有人會說，展望 將來，有關當局和企業同樣面對新形勢。 雖然《條例》已經是香港法律一部分，但香港商業營運 狀況也許不會即時看到翻天覆地的變化。政府官員指 出，《條例》生效前將有至少一年的過渡期。政府將須 首先成立競爭事務委員會，而該委員會將會在《條例》 生效前草擬執法指引以供諮詢。至於諮詢期應有多長， 現時無人能預測。競爭法的指引可以是非常複雜和篇幅 冗長的文件。 一些企業很可能正考慮或者已經開始進行「健康檢 查」：聘請競爭法律師及其他專家詳細研究公司的業務 運作和商業協議，確保不會陷入法網。自覺面對潛在風 險的企業，至少會希望知道風險地帶在哪裏。 如果有些企業在完成「健康檢查」後，確實會停止真正 的反競爭行為，這將有利於整體營商環境。但如果一些 公司僅僅因為擔心違反《條例》而變得步步為營，不敢 進取地透過改善其產品和服務或以更低廉價格來競爭， 這情況也確是令人憂慮的。 必須指出的是，不僅大企業需要進行針對競爭法的審 核，中小企業、行業組織和商會也同樣受《條例》規 管。合謀定價、圍標、分割市場和限制生產是《條例》 界定的四類「嚴重反競爭行為」。中小企如涉及此等行

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be worrying if some companies simply refrain from competing aggressively through improving their products and services, or offering lower prices, for fear of falling foul of the Ordinance.

為，並不會因為其規模較小而獲得豁免或免除。如果商 會的議事範圍涉及例如價格或生產量等敏感事宜的協 議，將可能引起問題。

It must be pointed out that not only big companies need to do their health checks. Small-and-medium enterprises (SMEs), trade organisations and business chambers are all regulated by the Ordinance. Price fixing, bid rigging, market sharing and output control are the four categories of serious anti-competitive conduct defined in the Ordinance, or so-called hardcore conduct. If SMEs are found to have engaged in such behaviour, there is no exemption or exclusion simply because they are small. Discussions within chambers or associations could be problematic if they concern agreements on sensitive matters such as prices or output.

有人擔心，如果競爭事務委員會希望迅速取得成功檢控 的結果，那麼中小企可能會成為執法的目標。但預先判 斷一個尚未成立的機構將來會或不會有些甚麼作為， 也許並不公平。然而，一些有經驗的競爭法律師和立法 會議員過去均曾指出，某些司法管轄區的中小企不時陷 入競爭法的法網，新加坡就是例子之一(在香港的有關 辯論中，新加坡推行競爭法的經驗不時被引用作為參 考)。至於香港會否出現同樣情況，很大程度上取決於 未來的委員會的政策和取向。

There are worries that SMEs might become soft targets for the future Commission if the newly formed body wants to have some quick wins. It might not be fair to pre-judge what a yet-to-exist agency might or might not do. But some experienced competition lawyers and legislators have pointed to some jurisdictions where SMEs have been caught by competition law from time to time. Singapore, often cited as a reference in the related debate in Hong Kong, is an example where this has occurred. In the case of Hong Kong, much will depend on the policy and inclination of the future Commission.

As part of the compromises the government put forward to ease business concerns, the Commission may issue warning notices to an undertaking if the Commission is convinced that the undertaking is engaged in non-hardcore conduct. But such notices, likely to be public documents, could well be effectively seen in the eyes of the public or media as a breach of the Ordinance though it has yet to be proved in court. Other similar procedures provided for in the Ordinance that aim to stop allegedly anti-competitive conduct without taking undertakings to court, such as infringement notices and leniency, may also be public processes that potentially damage undertakings’ reputation quite seriously. This reputational risk could be huge and the hurt may be deeper and longer than fines or other penalties. Reputation is priceless, and companies will be keen to protect this priceless asset. How the competition regulator can achieve a balance of enforcing the law effectively without unduly hurting companies’ reputation will be a huge challenge. M

如果該委員會相信個別企業作出了非嚴重反競爭行為， 可以向該企業發出警告。這警告機制是政府為了減輕企 業的憂慮所作出的妥協措施之一。但在公眾或媒體的眼 中，發出該等通知書(很可能是公開性質的文件)，實際 上已幾乎代表著該企業已違反《條例》，儘管案件還未 進入司法程序。《條例》中還有其他類似程序，例如違 章通知書和寬待協議等，讓競爭事務委員會無需將企業 告上法庭，仍可以遏止一些較輕微的反競爭行為。但這 些機制很可能是一項公開的程序，或會嚴重損害有關企 業的聲譽。這種關乎聲譽的風險可以是非常大，甚至可 能比罰款或其他懲處帶來更深遠和更長久的後果。聲譽 是無價的，任何企業都會熱衷於保護這無價資產。競爭 監管機構如何能在有效執法和不會過度損害企業聲譽方 面取得平衡，將是一項艱巨挑戰。 M

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Corporate Tips 企業啟示

Steps

Recruit Ethically-Sound People

Taking

to

招聘品德優良 僱員的良方 20

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f there’s one trend that is dominating Hong Kong’s recruitment market now, it is how to assess the ethical soundness of potential new recruits and ensure ongoing ethical behaviour in existing staff.

Employers now consider a candidate’s ethical behaviour as nonnegotiable when recruiting and retaining staff members.

如

New guidelines released last year by the Hong Kong Monetary Authority on ethical behaviour in the banking industry highlights the importance ethics plays not only for an organisation as a whole, but every individual that makes up that organisation.

香港金融管理局去年發佈了有關銀行業道德行為的新指 引，強調道德不僅對於一個機構，甚至對其每個成員而 言也是同樣重要。

But this focus on ethics extends past the banking industry, with employers in most industries now considering the ethical soundness of candidates during the recruitment process.

This has been more obvious since the global financial crisis where some organisations around the world were in the spotlight for all the wrong reasons. Ethical misconduct, whether by an individual employee or the organisation itself, can undermine the fundamental agreement between the organisation and society – it violates a trust.

This is why it’s important to ensure ethical behaviour runs right the way through an organisation starting with the people you hire.

Here is our advice on how you and your industry can ensure you recruit the most ethical candidates for your organisation or business.

Recruitment Employing ethically sound people starts with ensuring ethics are a cornerstone of your recruitment practices. At its most basic level, this means firstly identifying not only the technical skills you want in a candidate but also their integrity and standards of business conduct.

Your job specification should also address ethics expectations.

Use this information to draft competency or targeted selection questions for each point in your job specification and competence criteria. Ask the same questions of each candidate so you have a comparable set of responses to consider.

We also suggest you train your hiring managers to conduct good behavioural interviews. Effective behavioral-based interviewing will help you determine how a candidate acted in a previous role, which gives an indication of their future performance, which is very insightful when attempting to uncover their integrity and standards of business conduct.

果說現時有一個主導香港招聘市場的趨勢，那就 是如何評估潛在新僱員是否具備良好的道德標 準，並確保在職員工能維持良好的道德行為。僱主現時 在招聘和挽留員工時，都會視應徵者的道德行為是必備 的條件。

但各界對於道德的關注已不只限於銀行業，現在大多數 行業的僱主在招聘過程中都會考慮應徵者的道德標準。 自環球金融危機後這個現象更為明顯。當時世界各地一 些機構因其所犯下的錯誤而令全球觸目。不道德行為， 不論出於僱員本人還是機構，都可以損害該機構與社會 之間的基本協定 — 因它破壞了互信。這就是為何一家 機構要確保有整體的良好道德行為，須從其僱用的員工 著手是至為重要。 以下是我們就你和你的行業如何能為你的機構或企業招 聘到最具良好道德的員工所提供的一些意見。

招聘 企業要招聘到具有良好道德的員工，便要先確保你的招 聘是以道德標準作為基石。在最基本的層面上，這意味 你首先要確定你要求應徵者需具備的不僅是其專門技 術，而是也需要其具備誠信和商業操守。此外，在你的 職責規範中也應說明你對道德的期望。 你可以利用這些資料來就你的職責規範及能力準則中的 每一點，草擬能力或甄選目標的問題。只需向每名應徵 者提出同樣的問題，便可以得到一系列可供比較的回應 作為考慮。 我們也建議你訓練你的招聘經理學習進行良好的行為面 試技巧。有效的以行為作基礎的面試，有助你判斷應徵 者在其舊工作崗位中的行為表現，也可作為他們未來表 現的指標，對於洞悉他們的品格及商業操守方面是非常 有效用的。 在進行面試時，要留意應徵者的任何不佳表現，例如應 徵者在回答問題時是否刻意迴避，試圖主導面試，或是 愛辯駁等。這都是他們的職業操守指標。

Pay attention to any red flags during an interview. Some examples may include when a candidate is evasive in their responses, tries to control the interview or is argumentative. These are indicators as to their professional conduct.

當甄選應徵者時，要將文化融合與專門技術視為同樣重 要。這樣你才能招聘到切合你的業務經營方式的員工。 這可以推斷出你擁有堅實的企業文化，當中並包含品格 和職業道德。

Make cultural fit just as important as technical skills when you select candidates. In this way, you will recruit candidates who are the right fit with your way of doing business. This infers you have a solid corporate culture, which should integrate integrity and professional ethics.

一份《員工的價值主張》(以下簡稱EVP)述明了公司是 誰，它對員工有何期許，以及員工在公司服務可以得到 甚麼回報。這意味它並非只是界定薪酬或工作職責和 機會，而是也包括該公司的文化和抱負。擬備了你的 EVP，你便可以向應徵者提出適當的問題，從而識別出

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An Employee Value Proposition (EVP) sets out who the company is, what is expected from employees and what employees receive from working for the company. This includes defining not just the salary or job responsibilities and opportunities, but the company’s culture and ambitions. Armed with your EVP, you can ask the right questions of candidates to identify those with the right cultural fit for your organisation.

Next, background check the candidate’s CV, experience and qualifications. Today some employers will also use social media sites like Facebook or LinkedIn to find out more about a candidate.

When it comes to references, do not rely on written references; we have never seen a bad one. Make a phone call instead – previous employers are a good source to help you determine a candidate’s overall credibility, integrity and performance in the workplace.

Many employers are also turning to psychometric assessment to explore a candidate’s ethical behaviour, preference and motivation.

But it is important to remember that they are not a cure-all solution and a person’s track record remains one of the best predictors of their future performance, which is why face-to-face behaviouralbased interviewing is still recommended.

If you are still not sure about the ethical standards of a candidate, ask them to write a one-page submission on their opinion of ethics in the role they have interviewed for. This never fails to determine just how much they really value ethics and how much they want the job.

Finally, have you considered using a recruiter? A recruiter can help pre-screen potential candidates and are trained in looking for particular traits and behaviours that may indicate the true nature of a candidate’s skills and personal integrity.

New Staff The focus on ethics does not cease once a candidate signs their employment contract – in most organisations senior managers are responsible for ensuring the ethical behaviour of newly recruited individuals, and monitor it on an ongoing basis.

This starts with a good induction program, which not only imparts the knowledge needed to perform the role effectively but engages staff with the business culture and your standards of business conduct and integrity. The induction program should also cover the code of ethics and how it applies to them.

Anyone can be part of this induction process – from a manager discussing why a certain approach is used with a key client to a PA demonstrating where to find relevant checklists. Such personal attention creates a positive environment and imparts not just skills but cultural understanding.

You may also like to use formal classroom training, especially for group hires. But sitting next to an employee watching them work or seeing how a colleague conducts themselves when visiting a key client can be just as valuable in demonstrating your organisation’s

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那些應徵者能與貴機構有確切的文化融合。 接下來，便是對應徵者的履歷、經驗和資歷進行背景審 查。現時一些僱主亦會使用社交媒體(例如Facebook或 LinkedIn)來了解更多關於應徵者的背景。在介紹信方 面，別太依靠書面的推薦﹔我們從沒見過一封介紹信是 說對方不好的。倒不如打個電話 — 應徵者的前僱主是 幫助你判斷應徵者的整體誠信、品格及工作表現的一個 很好的資料來源。 許多僱主也嘗試用心理測評來了解應徵者的道德行為、 喜好和動機。但要記住，它們並非萬試萬靈的辦法﹔一 個人的過往紀錄，依然是預測其日後表現的最佳指標之 一。這就是為何我們仍建議採用面對面的，以行為作基 礎的面試方式。 如果你仍無法判斷應徵者的道德標準如何，不妨要求他 們就其所應聘的職位，撰寫一頁他們對有關職位的行為 道德的看法。這始終可以斷定他們對道德倫理有多重 視，以及他們有多渴望得到這份工作。 最後，你可有考慮使用招聘機構的服務？招聘機構可以 幫助你事先篩選潛在的應徵者，而他們也受過培訓，懂 得尋找一些或可顯示應徵者在技能和個人品行上的某些 特徵和行為的真實一面。

新員工 對道德的關注，並非僅止於和應徵者簽訂僱傭合約的那 一刻 — 在大多數機構中，高層管理人員都有責任確保 新入職的員工具有良好的道德行為，並持續地對此進行 監控。 這可以從一套完善的入職啟導計劃開始。它不僅傳達了 有效處理職務的所需知識，也向員工灌輸了企業文化及 貴機構的業務行為和操守準則。此外，啟導計劃也應包 含倫理守則以及它如何適用於員工。 任何人都可以成為這個啟導過程的參與者 — 例如從一 個經理討論為何對某個重要客戶運用某種處理方法，乃 至一個PA[私人助理]展示在哪兒可以找到相關的核對 清單。此等個人關注締造了一個正面的環境，它不單賦 予員工技巧，也傳達了對某種文化的瞭解。 你也可以採用正規的課堂培訓，特別是一組人的聘用。 然而，坐在僱員身旁觀察他們如何工作，或是觀察一名 同事在造訪重要客戶時如何應對，這對於展示貴機構對 道德行為的期許而言，都同樣極具價值。 你也應該清楚界定這些期許。一份自我評估工作表，能 幫助一名新入職的員工監測自己的理解程度，而它也可 以建立分擔的責任，以確保員工的行為符合貴機構的期 望。 此外，要確保新入職的員工知悉在對他們的績效考核 中，會就道德行為進行評定。

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expectations for ethical behaviour.

You should also clearly define these expectations. A self appraisal worksheet can help a new employee monitor their own understanding and it creates shared accountability for ensuring they act in accordance with your expectations.

In addition, make sure new recruits know that ethical behaviour will be assessed in their performance appraisal.

Another strategy worth considering is the use of mentorships.

Provided you have appropriate mentors within your organisation, they can be a highly effective conduit for transferring knowledge and experience, and modelling how to do business with integrity.

Mentors can also provide feedback on how the new employee is conducting themselves, aligning with the corporate culture and demonstrating good ethical behaviour. But do not limit your feedback to mentors. Clients and colleagues can also provide insight into your new employee’s performance and how they operate within the team.

This can cover temporary as well as permanent staff, which is why a strong relationship with the source of temporary staff (such as recruiters, staffing companies, and so on) will ensure you employ temporary staff who are not only the right technical fit, but also the right cultural fit for your organisation and the way it conducts business.

Existing Staff The focus on reinforcing ethical behaviour also extends to existing staff. Aside from mentorships, one way to do this is through regular performance appraisals. So make adherence to acceptable ethical standards of behaviour a key performance indicator.

Another strategy is training. Certain professional qualifications incorporate ethical values and professional conduct training.

However, in addition to training courses, you can also run regular internal workshops around professional behaviour standards and ethics in the workplace, and include scenarios that cover situations employees might be faced with in their role. Workshops also enable staff to engage with colleagues outside their direct team and understand how their decisions and actions affect the rest of the business.

Finally, ensure all employees learn from their mistakes. Identify and discuss how a mistake or error of judgement could have been avoided and use scenarios to help employees develop appropriate responses to possible future situations. M

Marc Burrage Regional Director Hays in Hong Kong

另一個值得考慮的策略是實行導師培訓制度。假設你的 機構內有合適的導師，他們便可以成為傳授知識和經 驗，以及展示如何以誠信經營業務的一個非常有效的渠 道。 導師還可以就新入職的員工如何行事，如何與企業文化 融合，以及如何展現良好的道德行為提供反饋。然而， 請不要將你的意見局限於導師們所提供的。事實上，客 戶和同事也可以就新員工的表現，和他們如何在團隊中 運作提供一些見解。 這可以包括臨時及長期員工在內，而這也就是為何與臨 時工作人員的來源（如招聘機構、僱用公司等）保持緊 密關係，將可確保貴機構能聘請到不僅擁有合適技術， 又能與貴機構的文化和業務經營方式相互融合的臨時員 工。

現有員工 加強對道德行為的注重，也應伸延到現有的員工。除了 導師培訓制度外，其中一個可行方法，是通過定期的績 效考核。所以，我們應以可接受的行為道德標準作為一 個重要的績效指標。 另一種策略是培訓。某些專業資格包含了道德價值觀和 職業操守培訓。然而，除了培訓課程外，貴機構也可以 定期就有關工作場所的專業行為準則和道德舉辦內部工 作坊，當中可包含員工在工作崗位上或要面對的虛擬情 景。此外，工作坊也可以讓員工與其直屬團隊以外的同 事進行交流，並了解他們所作的決定和行動會如何影響 其他業務。 最後，要確保所有員工能從自己的錯誤中學習。我們需 要識別和討論如何避免犯錯或是在判斷上出錯，並利用 虛擬情景來幫助員工就如何適當地應對日後可能出現的 情況作好準備。 M

Marc Burrage 地區總監

Hays in Hong Kong

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Sponsored Feature

Technology in the Boardroom: from portal to platform Board portals are the modern way of keeping directors informed, says Joe Ruck of BoardVantage

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magine having all the board books, papers and reports you need at your fingertips on a screen that will fit inside a small briefcase? They can be updated instantly, you can make notes and highlight text as you see fit, and previous meetings’ notes are just a few clicks away.

Impossible? Not now. Technology is finally catching up to every director’s wishlist.

The alternative of producing hard copies of board books for every director ahead of every meeting has arrived. Board portals are the technological equivalent of such books: they provide directors with access to a secure website where confidential data can be uploaded as soon as it is ready for their perusal – from anywhere

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in the world. One company that has played a significant role in the evolution of board portal technology is BoardVantage. Based in the Silicon Valley, the company has won a large base of Fortune-500 customers in recent years. And Joe Ruck, the company’s President and chief executive officer, is a flagbearer for the new technology.

Joe, compared to a few years ago, director interest in board portals has jumped. What accounts for this shift?

If there’s one thing I’d single out, I would point to the iPad. It combines ease-of-use with the immediacy of online access. You can make notes, highlight text and use a stylus to write in freehand. Or you can drop a pin, just like on Google maps, to

mark pages or paragraphs. That’s what directors have been waiting for.

Equally important, the iPad lets you do things you could never do with paper – for example, meeting access.

There, we’ve taken advantage of the iPad’s graphics engine to give you more than just the current meeting. We now put all previous meetings at your fingertips. This is done with animation, which makes it visually very compelling. In effect, board portals are no longer about reaching parity with paper, they’re about delivering an experience that is better. And because the iPad can serve as a common platform for all directors, whether progressive or traditional, it is creating an inclusive meeting experience. Combine all of these, and the iPad has been a game changer in the boardroom.

But is the boardroom ready for this sort of technology?

T he b oa r d r oom i s c e r t a i n l y n o stranger to technology. It’s just that in the pre-iPad days, directors’ use of technology was light – for a quick check of materials prior to the meeting. In-meeting use was virtually non-existent, mostly by a handful of tech-savvy directors, whereas traditional directors stuck with their paper.

Now suddenly, and without much fanfare, the game has changed.

Between the iPad front-end and a modern architecture on the back-end, we deliver a portal with mobility, security and interactivity, as well as a great user experience. That lets boards capture all their board process, whether formal or informal. But it’s not that directors have undergone some sort of magical metamorphosis. All that’s happened is that technology has evolved to meet the long-standing expectations of directors. So rather than asking: “Is the boardroom ready for technology?” it would be better to ask: “Is technology ready for the boardroom?” To that question the answer is an emphatic yes.

But what if no internet access is available? For example, what happens when a director is flying to a meeting – how does he access meeting materials then?

Offline access remains central to the board experience, so we must be sure to address that need. Laptops may have been the accepted standard of mobile computing inside many businesses, but that was never the case in the boardroom.

Although laptops were present they were not mobile. Often companies provided them for their directors but held them for meeting use. With the advent of the iPad, things could not be more different. Directors now

carry their iPads wherever they go and rely on them for access to their board materials. Not unreasonably, they expect ready access to those materials even if they’re out of WIFI range. So a challenging but

essential requirement has sprung up: seamless offline synced access to board materials. We address this need with the Briefcase facility. The Briefcase syncs with our servers so that any notes made while offline are immediately available when a director is back online. Also, to make sure that directors always have the latest information at their fingertips, the technology lets the company secretary push new materials directly to the director’s Briefcase. All of this is accomplished without the director having to organise it himself.

Won’t confidentiality be compromised?

then, the Briefcase can be purged of all its content by the administrator remotely.

So what’s next – what might we be talking about two years from now?

The shift from paper to paperless has opened the door to many possibilities, so it’s best to think in terms of a ‘pre- and post-iPad world’, with realities that couldn’t be more different.

Already boards that have gone paperless want to go beyond book access to capturing board processes such as email, approvals with digital signatures, screen sharing and discussions. Basically they want to do all their work on the iPad, which means that the old-school board portals will become broader board communication platforms, which is what you need to capture that twoway process. What’s fascinating is that directors are becoming quite advanced in their use of technology.

In the past they kept technology at a distance, but now the sentiment has shifted and they’re putting themselves at the cutting edge – moving from a laggard to a leader role. All of that will lead to a greater use of technology in the boardroom.

Not if you have the right technology.

The Briefcase is built so any downloaded board content remains under the central control of the administrator. Even if a director neglects to delete his or her own notes, the administrator can manage that task from the central control and delete the notes of all directors.

This is not dissimilar to the practice of collecting and shredding paper board books after the close of a meeting. Also, the Briefcase is encrypted and password-protected to safeguard its content in the event that an iPad is lost or stolen. Even

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Economic Insights 經濟透視

Water – Precious Resource The

水 — 寶貴 資源 的

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hen taking a long view of human history, it becomes apparent that civilizations can rise and fall based on their access to water. Wars have been waged to secure clean water sources, and many of the greatest engineering feats since ancient times were made in order to manage and control water supplies; aqueducts, watermills, and subterranean qanats are just a few.

當

As the celebrated investor Jim Rogers observed in an interview last year: “Countries can survive civil war, epidemics, all sorts of things, but one thing the countries cannot survive is that they run out of water.”

正如著名投資者Jim Rogers在去年接受訪問時所說： 「一個國家即使面對內戰、流行病和其他各種情況，都 能夠挺下去，但惟獨在缺水的情況下便無法生存。」

我們從一個長遠的眼光來看人類歷史，便很容易 發現，文明是可以隨著水源的獲得與否而興起或 衰落。人們曾經為了確保能獲得清潔的水源而發動戰 爭。自古以來，最偉大的工程壯舉，其興建都是為了管 理和控制水的供應﹔引水道、水車及地下坎兒井等，只 是其中的數個例子。

Jim Rogers續稱，對於中國和印度的持續增長，他最擔

Rogers went on to say the only fears he has for the China and India’s continuing growth is their lack of water supplies. “China has a terrible water problem in the north, as does India, which has an even worse problem. So if you can figure out a way to transport it, pump it, clean it, whatever you’ve got to do, you will make a lot of money in water,” he said.

The Economics of Water Water, for economists, is unlike practically any other commodity. For one, it is vital to human existence. A person needs to intake between one and seven litres each day to avoid dehydration depending on the level of their activity, temperature, humidity and other factors.

It is also vital for sanitation. Consequently, over time it has become widely considered as a basic human right that people have access to clean water.

Moreover, water is also extremely useful in the production of agricultural goods, industrial processes and generating electricity.

With all commodities, their prices at a given point of time may not necessarily reflect the value or utility they deliver. The differences between market prices and the economic value of goods was famously highlighted by the great 18th century economist Adam Smith in a passage in his “Wealth of Nations” (first published in 1776), where he described the paradox of water and diamonds:

心的便是兩國的水資源不足。他說：「中國北方的供水 問題嚴重，印度亦然，而且情況更糟。所以，如果你能 夠想出一個有效的辦法來運送、抽取及淨化用水，無論 是哪一方面，你都能夠從中大大圖利。」

水的經濟學 從經濟學家的角度看，水實際上是有別於任何其他商 品。舉例來說，水對人類的生存是必不可少的。視乎個 人的活動量，以及溫度、濕度和其他因素的影響，每人 每天需要攝入一至七公升水以避免出現脫水的情況。而 水對於清潔衛生方面，也甚為重要。因此，隨著時間的 推移，獲得潔淨的用水，已經普遍被視為一項基本人 權。 除此以外，水對於農作物生產、工業生產程序和發電等 也極其有用。 對於所有商品而言，它們在某個特定時間的價格，未必 反映出它們所提供的實際價值或效用。十八世紀偉大經 濟學家亞當·史密斯在其著作《國富論》（於1776年 首次出版）中的其中一節廣為人知的評論中，提到市場

“Nothing is more useful than water; but it will purchase scarce anything; scarce anything can be had in exchange for it. A diamond, on the contrary, has scarce any value in use, but a very great quantity of other goods may frequently be had in exchange for it.”

Compared to other commodities, water has several distinctive features that complicate its supply. It is bulky and relatively expensive to transport. Compared to oil, for instance, it is much denser and therefore requires much more energy to pump than oil. However, it is relatively cheap to store, so the strategy for averting shortages is different to other utilities. For example, when there is a sudden shortfall in electricity, it can be made up almost instantly by importing power from thousands of kilometres away through the grid. But with water, it takes much longer to move large quantities, so to deal with unexpected shortfalls the provider needs to either ration water or stockpile a sufficient amount before its peak use.

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價格和商品經濟價值之間的差異，當中他描述了一個有 關水和鑽石的悖論： 「沒有甚麼比水的用處更大，然而我們很少會用它來購 買任何東西，也很少會用任何東西來交換它。相反，鑽 石的使用價值十分有限，但我們卻經常會用大量其他商 品來交換它。」 相比於其他商品，水具有幾個鮮明的特點，這使得它的 供應變得更為複雜。水是笨重的，因而運輸費用較為昂 貴。譬如與油相比，水的密度高許多，因此需要耗用 更大的能量來抽取它。不過，水的儲存費用比較便宜， 所以要避免出現水荒的策略，與其他公用事業所採取的 策略不同。例如，當突然出現電力短缺時，人們幾乎可 以立即通過電網從數千公里外輸入電力。水的情況則不 同，要運送大量用水，便需要遠比輸送電力為長的時 間。因此要應對突發性的水荒，供應者便要進行用水配 給，或是在用水高峰期前儲備足夠的存量。 水的另一個特點是，它的供應方式是非常資本密集的 （即使與其他公用事業比較亦然）。它的資本資產壽命 極長，在街道上裝設的供水管網絡，其經濟壽命可達 100年左右，遠比其他大部分產業和公用事業所動用的

Another feature is that water supply is extremely capital-intensive, even compared to other public utilities. The capital assets are extremely long-lived, with water pipe networks in the streets having an economic life of up to about 100 years, far longer than capital used in most other industries and utilities. Also, there are large economies of scale with water storage; increasing the capacity of a dam can substantially reduce the unit costs of stored water.

資本為長。另外，存水方面也存在大型的規模經濟﹔將 大壩的容量增加，可以大大減少儲存用水的單位成本。

The capital intensity, longevity of capital assets and economies of scale combine to result in water supplies being dominated by fixed costs. These are classic conditions for a “natural monopoly” to occur, which means it is highly likely there will be a single provider in any given area.

由於壟斷行為往往是與消費者的利益對立以實現最大利 潤，因此當有自然壟斷的情況出現時，政府傳統上會承 擔提供公用事業的責任，例如供水、集體運輸系統、電 力、教育，以及司法行政等。水的難度是其價格往往只 反映其實際供應成本，而非其稀缺性價值。所以，若某 地方的水費低廉，往往是因為該地的供水基礎設施成本 較低，而非它的水資源特別豐富。此外，由於水是由國 家實際擁有，用水的權利是免費提供的。故此，我們對 待水，與對待石油、煤炭和其他礦產不同。任何人開採 這些資源，都需要向政府支付特許權使用費。

Since monopolies tend to act against their consumers to maximise profits, governments have traditionally taken the responsibility for providing utilities where natural monopolies occur, such as water supply, mass transportation systems, electricity, education, and the administration of justice. The drawback in the case of water is its price usually tends to reflect its physical supply cost and not its scarcity value. So where water is cheap, it is normally because the infrastructure to supply it is relatively inexpensive, not that water in the area is particularly abundant. And since water is effectively owned by the state, the right to its use is given away for free. Thus, water is treated differently to oil, coal and other minerals where governments would require royalty payments for the extraction of those resources.

China’s Water Supplies China’s economy is highly dependent on water, with industry and agriculture accounting for 85% of the country’s water use, according to the Hong Kong-based non-profit initiative, China Water Risk.

However, many provinces in which key industries are located face

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資本密集度、資本資產的壽命及規模經濟等的相結合， 促使供水成為由固定成本所支配。這是出現「自然壟 斷」的典型情況，而這意味著在任何特定領域內，極有 可能出現單一供應者。

中國的供水情況 根據設於香港的非牟利組織—中國水務危機（China Water Risk）的報導，中國的經濟發展高度依賴用水， 而中國的工農業用水佔全國用水85%。然而，許多設有 重點產業的中國省份，都面臨著嚴重的供水問題。在中 國前四位的農業省份中，其人均水資源佔有量與中東各 國相近。 在淡水儲備方面，中國佔世界總儲存量的7%。然而， 中國的人口數目佔全球人口數目的20%，因此中國的 可再生水資源的人均供應量是相對較低。要理解這一 點，根據中國水務危機的估計，在2009年中國每年人 均水資源佔有量為1816立方米，只是稍微領先於伊朗

Autumn 2012

severe problems with their water supplies. The top four farming provinces in China have similar per capita water resources as countries in the Middle East.

In terms of freshwater reserves, China has 7% of the world’s reserves.

However, it also holds 20% of the world’s population, so China’s renewable water per capita supply is relatively low. To put this into perspective, China Water Risk estimates that in 2009, China has 1816 cubic metres of water per person per annum, which is only slightly ahead of Iran with 1774 cubic metres per person per annum. In comparison, the United States has 9129 cubic metres of water per capita per annum. According to the United Nations, areas where there is between 1000-2000 cubic metres of water per person per annum is pronounced as “water stressed”, and where it is less than 1000 cubic metres it is considered scarce.

With an uncertain supply of water, China’s future growth runs a real risk of being stifled as 52% of industrial output is produced in waterscarce regions, says Debra Tan, the director of China Risk Water.

The 2030 Water Resources Group predicts that the country’s water supply will not be able to meet demand by 2030 if China carries on with business as usual.

The profound effects of water scarcity were seen last year when a drought in certain cotton-producing areas in China caused global cotton prices to spike dramatically. China produces about one-third of the world’s cotton each year.

While the Central Government’s goal in the 12th Five-Year Plan is to reduce industrial, agricultural and municipal usage of water, businesses ought to prepare themselves to cope with either price increases or water restrictions, Tan advises. “The risk in water does not only lie in pricing,” she says. “Pricing is going to affect your profit margins, but there is also a loss in brand value due to rising reputational risk and the ability to even continue business. If there is no water, it is no longer just an environmental risk; you just will not be able to run your business.”

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的1774立方米。相比之下，美國每年人均水資源佔有 量為9129立方米。根據聯合國的資料，每年人均水資 源佔有量為1000-2000立方米的地區，可被稱為「用水 緊張」，而少於1000立方米的地區，則可被認為是用 水短缺。 中國水務危機總監Debra Tan說，由於中國的供水情 況不明朗，而中國工業總產值的52%是來自用水短缺 地區，因此它的未來增長正面對被扼殺的真正風險。 2030 Water Resources Group預測，如果中國的產業按 慣常的方式運作，到了2030年中國的供水情況將無法 滿足需求。 去年我們看到水資源短缺所產生的重大影響。當時中國 的某些棉花產區出現乾旱，導致全球棉花價格猛漲。中 國棉花產量佔全球年產量約三分之一。 Debra Tan建議，雖然中央政府的第12個五年計劃的目 標是要減少工業、農業及城市的用水量，但企業自身 應該做好準備，以應付價格上漲或是供水限制。「水資 源的風險並不只在於價格方面。」她說﹕「定價會影響 你的利潤空間，但也會面對品牌價值的虧損（基於聲譽 風險的增加）或甚至是持續經營能力的耗損。如果沒有 水，這便不再單是個環境風險問題﹔你的業務也將無法 運作下去。」 在許多產業中，用水成本可以被隱藏起來，因此我們很 容易會低估這項資源所帶來的影響。例如，電子業對水 的依賴不僅僅是在工廠裡，例如使用超純水生產半導 體﹔在提取和冶煉用來製造電子部件的金屬方面，也是 需要大量用水。 Debra指出金融服務業為一個最有可能在其商業模式中 低估用水所帶來影響的領域。她表示﹕「銀行可能會 說，他們所面對的唯一水資源風險，是如果他們的大廈 水管爆裂。」「但若銀行提供了貸款給一個在未來很可 能會面臨缺水問題的煤礦，而由於它將難以繼續開採煤

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In many industries, the costs of water can be hidden and it is easy to underestimate the impact of this resource. Electronics, for instance, depend on water not only in the factory, such as using ultrapure water for semiconductor manufacturing; water is also used heavily in the extraction and smelting of metals from which electronic components are made.

Tan nominates the financial services sector as one most likely to underestimate the impact of water in its business model. “A bank might say their only exposure to water risk is if a pipe bursts in their building,” she says. “But if you have made loans to a coal mine that will likely face water scarcity issues in the future, it will not be able to extract and process the coal and therefore cannot repay the loan.

At the same time, the bank may have also financed the building of a power station for a typical term of 30 years, but if at year 10 it can only operate at 80% capacity due to water restrictions, the bank’s safe-project finance loan is suddenly, not so safe anymore. There are water risks in every business it has lent to, and there is no escaping it.”

HSBC recently worked with China Water Risk and issued a research report on this boldly titled “No Water, No Power: Is there enough water to fuel China’s power expansion?” The research report says that water shortages in China are set to play a bigger role in shaping China’s energy choices and warns that central water quotas and provincial caps could force a change in economic mix and eleven “Provinces at Risk” are identified, including economic powerhouses Guangdong, Jiangsu and Shandong as well as Beijing, Tianjin and Shanghai. The report asks “project financiers, investors and companies to consider resources shortages and more efficient options before funding, investing and expanding” or run the risk that “future assets could be left stranded high and dry”.

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炭及進行加工，因此也無法償還銀行的貸款。同時，銀 行也可能為一個電力站的興建提供了融資，一般還款期 為30年。但倘若在第10年由於供水的限制，該電力站 只能按其正常產量的八成來運作，如此，銀行的安全項 目融資貸款也忽然會變得不再是那麼安全了。銀行會發 覺每一個它提供了貸款的事業都面對著水資源的風險， 沒有一個能置身事外。」 匯豐銀行最近與中國水務危機合作，並發表了一份研 究 報 告 ， 大 膽 地 將 之 題 為 《 無 水 ， 即 無 電 力：有否 足夠的水推動中國的電力擴充？》(“No Water, No Power: Is there enough water to fuel China’s power expansion?”)。該研究報告指出，中國的水資源短缺 情況對於中國的能源選擇將具有更大的影響力，並警 告說，中央的供水配額和各省的最高用量限制將促使經 濟結構發生變化。該報告同時識別出十一個「具風險省 份」，包括擁有強大經濟實力的廣東、江蘇和山東，以 及北京、天津和上海。它提醒「項目融資機構、投資者 和企業在提供資金、投資和進行擴張前，要先考慮資源 短缺和更有效方案的問題」，否則將要面對「未來資產 有可能陷入呆滯和無助」的困境。

企業的回應 許多精明的企業都正將注意力轉移到管理其水資源風險 方面。對於它們來說，這不單是為了維護它們作為一個 負責任的水資源使用者的聲譽。由於它們的正常供水情 況在不久的將來可能會面對風險，因此在產品和服務的 生產及使用方面，它們都在進行評估及減少產品和服務 的用水量。 在香港，服裝生產商思捷環球是採取了相關行動的公司 之一。今年，它推出了循環再用服裝系列，在生產過程

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The Corporate Response Plenty of smart companies are turning their attention to managing their water risks. For many, it is not only a matter of preserving their reputation as being a responsible consumer of water. With the view that their regular supply of water may be at risk in the near future, they are assessing and reducing the amounts of water their products and services use both in their production and use.

In Hong Kong, garment-maker Esprit is just one company that has taken action. This year, it introduced its Recycled Collection clothing line, which requires 74% less water in its production. The t-shirts and denim wear was made from textile cut-offs from Esprit’s other clothing lines to reduce textile waste, and also reduce water and energy use and carbon emissions.

In an interview published on the China Water Risk website, Margaret Kutt, the manager of Esprit’s Sustainable Projects, says by collecting waste according to colour groups, the company was able to make substantial water savings by not having to dye the t-shirt fabric. “Our water saving in the entire process comprised 74% when compared to a regular fabric dyed t-shirt,” she said. “We are now developing a denim fabric with a higher recycled content than previously, as well as working on washes and finishes that need much less water.”

Clearly, many companies can make significant savings and reduce the risks of shutdowns in their operations by monitoring their water usage carefully and reducing their dependence. However, for investors thinking about making big returns from investing in water, Jim Rogers warned in his interview last year that you have to be at least somewhat creative or suffer the consequences. It is not a commodity you can simply buy and hold.

“I would not suggest you own water, because if you own water, when things get really bad, the politicians will sneer and say, ‘You filthy horrible capitalist, you are making money off people’s God given right to water.’ And if you are lucky, they will hang you in the city square,” Rogers said. “But if you can solve the water problems, they will build a monument to you in the city square and you will be extremely rich.” M For more information on water, visit the China Water Risk website at www.chinawaterrisk.org.

Bruce Andrews

中減少了74%的用水。T恤和牛仔布服裝是以該公司其 他服裝系列的剩餘布料製造，從而減少布料浪費，還可 以減省用水和能源以及降低碳排放。 在中國水務危機網站上發表的一篇訪問中，思捷環球的 可持續發展項目經理Margaret Kutt稱，由於她的公司 是按顏色組別來收集剩餘布料，因此無需再把T恤布料 漂染而得以節省大量用水。「與一般採用漂染布料T恤 相比，我們在整個過程中節省了74%的用水。」她說。 「我們現正開發一種牛仔布料，它比之前所用的布料有 更高的可循環再用成份，同時我們也在研究可大量減少 用水的洗水和最後工序。」 很明顯，通過仔細監控對水的使用和減少對水的依賴， 許多公司都可以在其營運過程中節省大量成本和減低 倒閉的風險。然而，Jim Rogers在去年接受訪問時警告 說，對於一些想從水資源的投資獲得可觀回報的投資者 來說，他們至少須具有某程度的創意，否則便得承受相 關的後果。水並不是一種可以隨意買入和持有的商品。 「我不會建議你擁有水資源，因為如果你擁有它，當情 況變得壞透的時候，政客們便會語帶譏諷地對你說： 『你這個卑劣又令人憎厭的資本家，你竟然從上帝賦予 人們的用水權利中謀取私利。』而如果你幸運的話，他 們會在城市廣場中把你問吊。」Rogers說。「但若你能 為大家解決水資源的問題，他們會在城市廣場中為你立 碑，你也會成為巨富。」 M

讀者如欲獲得更多有關水資源的信息，請瀏覽中國水務 危機的網站www.chinawaterrisk.org。

安報施

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Sponsored Feature 贊助特稿

AEON Stores: 25 Years of Contributing to the Community 永旺(香港)百貨有限公司 積極貢獻社區 25 載 ‘Contributing to the community’ is the basic vision of AEON. Over the years, AEON Stores (Hong Kong) Limited (AEON Stores) has striven not only to provide a good shopping environment for customers but also to place an emphasis on contributing to environmental conservation and protection, and the community.

‘Walk for the Environment’ In order to encourage company staff and customers to take part in green activities, every year AEON Stores cordially invites it employees and customers to participate in ‘Walk for the Environment’ organized by the Conservancy Association (CA). This annual event provides an opportunity for the participants to learn more about nature and raised funds for CA’s environmental education and tree conservation projects.

「貢獻社區」為永旺的基礎信念之一。多年來，永旺（香 港）百貨有限公司（永旺百貨）除致力為顧客提供良好購 物環境，亦致力貢獻於環境保育及保護，回饋社會。 「環保行」 為鼓勵員工及顧客親身參與環保活動，每年永旺百貨皆 誠邀員工及顧客參加由長春社繼續舉辦一年一度的「環 保行」，親近和認識大自然，亦為長春社的環境教育及 樹木保育工作籌募經費。 永旺25周年植樹日 為慶祝25周年紀念，永旺百貨與環保長期合作伙伴長春 社一起進行大規模的植樹計劃，召集公司員工及學生近 250人參與，種植共2,500棵樹苗。

AEON 25th Anniversary Tree Planting Day To commemorate its 25th anniversary, AEON Stores together with its long-term environmental partner the CA co-organized a large-scale tree-planting event. Around 250 company staff and students took part and planted nearly 2,500 tree seedlings.

Hearty Flower Donation Project AEON Stores has also introduced the ‘Hearty Flower Donation Project’ over the past few years. When there is any new store opening, AEON Stores will invite its business partners to make donations to environmental groups in lieu of flower baskets for the support of specific environmental projects. This year AEON Stores opened new stores in Lai Chi Kok, Kowloon City and Causeway Bay, renovated the Tuen Mun store and plan to open more in the second half of this year. By then more funds can be donated to environmental groups so that more organizations can benefit from it.

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「環保鮮花捐贈」活動 永旺百貨多年前已開始「環保鮮花捐贈」活動，每當有 新店開幕，便會鼓勵合作伙伴把送花籃的預算，捐給環 保團體，用以支持指定的環保項目。本年度永旺百貨開 設了荔枝角店、九龍城店、銅鑼灣店，以及重新翻新屯 門店，亦擬於下半年開設更多分店，將更多的鮮花捐贈 預算捐贈環保團體，令更多機構受惠。

Autumn 2012

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舊書回收活動 永旺百貨已連續21年透過收集舊書及義賣活動，為世 界宣明會籌募經費發展中國內地教育項目及興建教學大 樓之用。截至2011年，是項活動共收到超過370萬本舊 書，籌得超過2300萬港元，讓廣西、貴州、廣東、寧 夏、甘肅、迪慶、陝西、四川等內地地區的師生及兒童 受惠。 幸福的黃色小票活動 為具體踐行永旺的企業理念，由2012年8月11日起至 2013年1月11日，在「永旺日」（每月11日）舉行「幸

The Used Book Recycling Campaign To develop educational projects and building teaching facilities in mainland China, AEON Stores has been organizing ‘The Used Book Recycling Campaign’ with World Vision for 21 years to raise funds through the collection of used books and charity sales. As of 2011, the campaign has collected over 3.7 million used books and raised over HK$23 million for school teachers and children in different regions of mainland China, including Guangxi, Guizhou, Guangdong, Ningxia, Gansu, Diqing, Shaanxi and Sichuan.

Happy Yellow Receipt Campaign To reflect AEON’s corporate philosophy, a ‘Happy Yellow Receipt Campaign’ is underway to support local charity organizations on ‘The AEON Day’ (the eleventh of each month) from 11 August 2012 to 11 January 2013. On that day, customers receive yellow sales receipts after payment and can drop them into any of the boxes labeled with the names of the organizations they would like to support. AEON Stores then calculates the aggregated sales value of the receipts in each box and donates goods equivalent to 1% of that amount to charity groups.

福的黃色小票活動」，以支持本地各個慈善組織。當天 顧客購物付款後會得到一張黃色的購物小票，顧客只需 將黃色小票投放到想要支持的團體的投放箱裡，永旺百 貨就會根據每個團體獲得的小票金額進行計算，將該團 體獲得小票合計金額的1％以物品形式捐贈給慈善團體。

「永旺共迎中秋日」護理安老院探訪活動 每年永旺百貨都會特意安排於節日前到護老院探訪，與 他們分享節日的歡樂之餘，讓他們感到受重視和關心， 更會與一眾公公婆婆玩遊戲、吃月餅、送禮物，預祝中 秋節的來臨。

AEON: Mid-Autumn Festival Elderly Home Visit Every year AEON Stores arranges an elderly home visit before the Mid-Autumn Festival so as to share the joys of the festival and make them feel concern and care. The volunteers also played games with the residents, ate moon cakes and gave gifts to celebrate the coming of the festival.

Why is CSR important to AEON Group?

While an enterprise’s duty is to be responsible to its shareholders and generate returns for them, it also assumes responsibilities for employees, consumers, government, the community and the environment. CSR requires an enterprise to think beyond its traditional duties, and to recognize underlying human values in its production and operations, and to make positive contributions to consumers, the environment and the community.

By implementing various environmental protection initiatives throughout the organization, AEON Stores has become closely associated with this cause both among its staff, business partners and customers. AEON Stores is committed to promote environmental protection and healthy, green lifestyles throughout the community.

AEON Stores is proud that its customers have come to trust its commitment to the cause of environmental protection.

為何CSR對永旺集團來說如此重要？ 企業在創造利潤、向股東負責的同時，亦須向員工、消 費者、政府、社區和環境等承擔責任。CSR要求企業必 須超越把利潤作為唯一目標的傳統理念，強調要在生產 經營過程中對人的價值的關注，以及對消費者、環境和 社會作出貢獻。 永旺百貨透過在全公司倡行各種環保舉措，讓環保概念 植根於員工、合作伙伴和顧客的心目中。永旺百貨致力 在整個社區提倡環保和綠色健康生活，亦對於顧客相信 其對環保事業的承諾深感為榮。

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FRA Column 財經事務及監管政策委員會專欄 Brought to you by:

Disclosure of

The

披露

Inside Information:

New Regime

內幕消息：

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新制度

Autumn 2012

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Introduction

簡介

After listing, a listed company is required to comply with the Listing Rules and to disclose all price sensitive information to the market in a timely manner so as “to ensure the maintenance of a fair and orderly market in securities and that all users of the market have simultaneous access to the same information” (Rule 13.03). Under the old regime as contained in Rule 13.09 of the Listing Rules, a listed company is required to disclose as soon as reasonably practicable any information relating to the listed group which:

一家公司上市後，須遵守《上市規則》並須及時向市 場披露所有股價敏感資料，從而「確保證券市場公平 有序，以及所有市場人士均能夠同時獲悉相同的資料」 （第13.03條）。在《上市規則》第13.09條下的舊制 度，上市公司須在合理可行的範圍內盡快披露與上市集 團有關的任何以下資料：

(a) is necessary to enable the public to appraise the position of the group; (b) is necessary to avoid the establishment of a false market in its securities; or (b) might be reasonably expected to materially affect market activity in, and the price of, its securities.

The Listing Rules are issued by the Hong Kong Stock Exchange (HKEx) under s23(2) of the Securities and Futures Ordinance (SFO), Cap. 571, but do not have the force of law. In consequence, any breach of the Listing Rules does not result in any civil and criminal sanctions and will only be subject to disciplinary action, including suspension or cancellation of a listing, as provided for in the Listing Rules.

After the enactment of the Securities and Futures (Amendment) Ordinance (PSI Ordinance) in 2012, the disclosure of price sensitive information (now known as inside information) by a listed company will with effect from 1 January 2013 be governed by the SFO, and not the Listing Rules, and any breach thereof will be subject to sanctions under the SFO (new regime). Upon the new regime taking effect, the old regime, insofar as the disclosure of inside information is concerned, will be removed from the Listing Rules as proposed under the consultation paper issued by the HKEx in August 2012.

This article will review the background and history leading to the new statutory regime, the disclosure obligations of a listed company and its officers under the new regime, the sanctions and penalties under the new regime, and the works that have been done by our Chamber throughout the legislative process in reflecting the views and opinions of our listed members.

Background On 25 July 2002, the HKEx released a consultation paper on proposed amendments to the Listing Rules relating to initial listing and continuing listing criteria and cancellation of listing procedures. One of its proposals was to delist any penny shares that were traded below $0.5. On 26 July 2002, there was a massive selling of penny shares with the top loser having a price plunge of 88%. The penny stock incident led to the appointment of a panel to review the mechanism for market consultation and the penny stock report was issued in September 2002. Pursuant to its recommendations, an expert group of three members was appointed on 26 September 2002 to review the threetiered regulatory regime. The expert group report was issued in March 2003 in which, inter alia, the following recommendation was proposed:

(a) 供上述機構、人士及公眾人士評估集團的狀況所 必需者；或 (b) 避免其證券的買賣出現虛假市場的情況所必需 者；或 (c) 可合理預期會重大影響其證券的買賣及價格者。 《上市規則》是香港聯合交易所（「港交所」）根據 《證券及期貨條例》(第571章)第23(2)條所刊發的， 但不具有法律效力。因此，違反《上市規則》的任何規 定，並不會導致須接受任何民事和刑事制裁，而只會受 到紀律處分，包括須按《上市規則》所規定暫停或取消 上市資格。 《證券及期貨（修訂）條例》於2012年制定後，自 2013年1月1日起，上市公司披露股價敏感資料（現在 稱為內幕消息）將會受《證券及期貨條例》而不是《上 市規則》所規管，因此，對於違反任何披露規定，將會 根據《證券及期貨條例》受到制裁（新制度）。當新制 度生效後，就內幕消息披露而言，舊制度將從《上市規 則》中剔除。港交所在2012年8月刊發的諮詢文件對此 向巿場諮詢。 本文將會談論新制度的成立背景和歷史，上市公司及其 高級人員在新制度下的披露要求，新制度下的制裁和處 罰，以及香港上市公司商會在整個立法過程中，在反映 其會員的看法和意見方面所取得的成果。

背景 2002年7月25日，港交所就《上市規則》中關於首次上 市及持續上市準則和取消上市程序的修訂建議發表諮詢 文件。其中一項建議是將任何買賣價低於0.5元的細價 股除牌。2002年7月26日曾出現細價股的大量拋售，其 中損失最嚴重的細價股，其價格暴跌了百分之八十八。 細價股事件導致當局委任一個調查小組檢討市場諮詢 機制，並於2002年9月發表《細價股事件調查小組報告 書》。根據該報告書建議，當局於2002年9月26日委 任一個由三名成員組成的專家小組負責檢討三層規管 架構。專家小組於2003年3月發表報告書提出了以下建 議： 「《上市規則》應該賦予法定地位以確保其有效性，但 應保持非法定的性質及不需接受立法審查，從而使它們 可以在必要時由HKLA（香港上市局）進行修改，以應 付瞬息萬變的市場環境。」 就《上市規則》的法定地位而言，專家小組報告書稱：

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“The Listing Rules should have statutory backing to ensure their effectiveness but should remain non-statutory and not subject to legislative vetting, so that they can be changed by the HKLA (Hong Kong Listing Authority) whenever necessary to cope with the rapidly changing market environment.”

On statutory backing of Listing Rules, the expert group report said: “We interpret it to mean that with statutory backing, suspected breaches of the Listing Rules will be dealt with by a statutory regulator that has effective powers to investigate, including the power to compel compliance, and to impose meaningful sanctions. As a statutory regulator would have a wide range of sanctions … the enforcement of the Listing Rules under such an arrangement will have more “teeth” than the existing arrangement where the HKEx makes and administers the Listing Rules the compliance with which by issuers are based on contractual listing agreements between the HKEx and the issuers.”

In his budget speech for 2004, the then Financial Secretary, Henry Tang, announced: “The Government has completed its consultation on enhancing the regulation of listing. From this, there is general support for … giving statutory backing to major requirements for listing … We expect to introduce the relevant legislative amendments early next year.”

Since the issue of the expert group report in 2003, the Government has consulted the market and the investing public in 2003, 2005 and 2010 on the statutory back of the Listing Rules generally, and on the codification of the disclosure of price sensitive information in particular. After these consultations, the Government finally proposed legislative amendments to the SFO to, inter alia, codify the disclosure of price sensitive information by listed companies through the PSI Ordinance. To assist listed companies and their officers to comply with their disclosure obligations under the PSI Ordinance, the SFC has also published the Guidelines on Disclosure of Inside Information (SFC Guide) in June 2012 under s399 of the SFO.

New Regime Under the new regime and subject to exceptions, waivers and safe harbours as contained in the SFO, a listed company is statutorily required to disclose inside information to the public as soon as reasonably practicable after such information has come to its knowledge. In addition, an officer of a listed company must take all reasonable measures from time to time to ensure that proper safeguards exist to prevent a breach of its disclosure requirement.

If a listed company is in breach of its disclosure requirement, the SFC will institute disclosure proceedings directly against such listed company in the Market Misconduct Tribunal (MMT). If a listed company is in breach of a disclosure requirement, its officer may also be in breach if his intentional, reckless or negligent conduct has resulted in a breach by the listed company or if the officer has not taken all reasonable measures to prevent such a breach. If there is any breach of the disclosure requirement by any person, the MMT may make the following orders:

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「按照我們的詮釋，如《上市規則》獲得法定地位，那 麼涉嫌違反《上市規則》的人士，便將會交由擁有有效 調查權力(包括強制合規的權力)的法定監管機構來處 理，並實施有效的制裁。由於法定監管機構擁有廣泛制 裁權力…在這樣的安排下，《上市規則》的強制執行將 比現有安排更為『有力』。在現有的安排下，港交所負 責制定和管理《上市規則》，而發行人對《上市規則》 的遵守，是建基於港交所與發行人之間所訂立的合約性 上市協議。」 前財政司司長唐英年在他的2004年財政預算案的演辭 中曾宣布： 「政府已就加強規管上市事宜完成了諮詢。從諮詢結果 可以看到，…賦予重要的上市規則法定地位，獲得市民 的普遍支持…。我們預計將在明年年初提出有關的法例 修訂。」 自專家小組的報告書於2003年發表後，政府已先後在 2003年、2005年及2010年就《上市規則》的法定地 位，以及具體地就將披露股價敏感資料的規定編纂為 成文法規，諮詢市場和投資大眾的意見。經過該等諮 詢後，政府最後提出對《證券及期貨條例》進行立法 修訂，並且除其他事項外，透過《2012年證券及期貨 （修訂）條例》（以下簡稱《股價敏感資料條例》）， 將上市公司披露股價敏感資料的規定編纂為成文法規。 為了協助上市公司及其高級人員遵守《股價敏感資料 條例》的披露資料要求，證監會也根據《證券及期貨 條例》第399條於2012年6月公佈了《內幕消息披露指 引》（以下簡稱《證監會指引》）。

新制度 根據新制度和《證券及期貨條例》所載的例外情況、豁 免及安全港的規定外，法例要求上市公司在知悉內幕消 息後，須在合理切實可行的情況下盡快向公眾披露該等 內幕消息。此外，上市公司的高級人員必須不時採取一 切合理措施，以確保有妥善的預防措施來防止違反披露 資料的要求。如果上市公司違反其披露資料的要求，證 監會將直接向市場失當行為審裁處提起對該上市公司的 披露法律程序。如果上市公司違反披露要求，是由其高 級人員的故意、魯莽或疏忽行為所導致，或是其高級人 員沒有不時採取一切合理措施，以確保已訂立確保有妥 善預防措施來防止該等違規情況的發生，則其高級人員 可能也同樣違反了披露要求。就任何違反披露要求，市 場失當行為審裁處可作出以下命令：

對任何高級人員發出取消資格令﹔ 對任何人發出冷淡對待令﹔ 對任何人發出及停止終止令﹔ 對上市公司、其董事及行政總裁(但不包括其他高 級人員)罰款不超過800萬港元﹔ 對任何人發出政府費用令﹔ 對任何人發出證監會費用令﹔ 發出轉介命令予任何高級人員所屬團體，建議其 對該人員採取紀律行動﹔

Autumn 2012

a disqualification order against any officer; a cold-shoulder order against any person; a cease and desist order against any person; a regulatory fine not exceeding $8 million against the listed company and its directors and chief executives only, but not other officers; a Government cost order against any person; a SFC cost order against any person; a disciplinary referral order against any officer; an order that the listed company appoints an independent professional adviser to review its procedure for compliance and to advise it on compliance matters; and a training programme order against any officer.

is specific; is about the listed company, its shareholders or officers, or its listed securities or their derivatives; is not generally known to the persons who are accustomed or would be likely to deal in the listed securities or in general terms, such information is unpublished; and would if generally known to them be likely to materially affect the price of the listed securities or in general terms, such information is price sensitive.

Specific information is not defined in the SFO but has the following characteristics as stated in the SFC Guide: the information is capable of being identified, defined and unequivocally expressed; the information may not be precise; and information on a transaction contemplated or at a preliminary state of negotiation can be specific information, but vague hopes and wishful thinking may not be specific information.

命令上市公司委聘獨立專業顧問審查其合規程 序，並就合規事宜提供意見﹔以及 對任何高級人員發出培訓計劃令。

披露內幕消息 新制度的核心問題是強制性地和及時地披露內幕消息。 在採用了《證券及期貨條例》下就內幕交易而言的「有 關消息」定義後，內幕消息被界定為指以下任何消息：

Disclosure of Inside Information The core issue in the new regime is the mandatory and timely disclosure of inside information. Inside information is defined, adopting the definition of relevant information for the purpose of insider dealing under the SFO, as any information that:

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是具體的﹔ 是有關上市公司、其股東或高級人員，其上市證 券或該等證券的衍生工具的﹔ 並非普遍為慣常（或相當可能會）進行該上市證 券交易的人所知或普遍為他們所知的消息或簡單 而言，該消息並沒有公布﹔以及 該等消息或資料如普遍為他們所知，則相當可能 會對該等上市證券的價格造成重大影響或簡單而 言，該等消息是價格敏感消息。

《證券及期貨條例》並沒有界定具體消息或資料，但 《證監會指引》指出其具有以下特點：

該等消息或資料可予以識別、界定及以毫不含糊 的方式表達﹔ 該等消息或資料未必精確﹔以及 考慮進行的交易或處於初步階段的商議的消息或 資料可屬具體消息或資料，但不明確的希望及一 廂情願的想法則不屬具體消息或資料。

簡而言之，內幕消息是指與上市公司有關的未公開及價 格敏感的具體（非一般）消息。 上市公司及其高級人員的棘手問題，是如何確定一項特 定消息在宣布前是否價格敏感。價格敏感指價格發生變 化，程度達至足夠構成重大變動，而非僅僅的單純價格 波動或程度輕微的變化，並應考慮以下因素：

在該上市公司整體業務的背景下，該項事件或該 組情況的預期重要性﹔

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In short, inside information is specific (not general) information relating to a listed company that is unpublished (non-public) and price sensitive.

The difficult issue for a listed company and its officers is to determine whether a particular piece of information is price sensitive before it is announced. Price sensitive means a change in the price of sufficient degree to amount to a material change and not just a mere fluctuation or slight change in price. The following factors should be considered: t h e a n t i c i p a t e d m a g n i t u d e o f t h e e v e n t o r t h e s e t o f circumstances in question in the context of the totality of the listed company’s activity; the relevance of the information as regards the main determinants of the price of the listed securities; the reliability of the source; and market variables that affect the price of the listed securities in question.

It will be a judgment call, but based on reasonable grounds, on the part of a listed company and its officers as to whether a piece of information is an inside information that is required to be disclosed under the new regime; examples of possible inside information are provided in the SFC Guide to give guidance to listed companies and their officers. Under the SFC Guide, the SFC has advised that:

materiality of the information will vary widely depending on a variety of factors, such as the listed company’s size, its course of business and recent developments, the market sentiment about the listed company and the sector in which it operates; a reasonable officer would consider whether the information is inside information based on his knowledge of all relevant facts and circumstances at the time; such information cannot be judged in hindsight taking account of factors that were not reasonably known at the time; and if a listed company has implemented reasonable measures to prevent a breach, an officer who acts in good faith and in accordance with all his fiduciary duties without actual knowledge of the information or involvement in the listed company’s breach is unlikely to be personally liable.

它將會是上市公司及其高級人員基於合理理由，就一項 消息是否屬於在新制度下須披露的內幕消息作出的判 斷﹔《證監會指引》中提供了可能的內幕消息例子， 給上市公司及其高級人員作為指引。根據《證監會指 引》，證監會建議：

As inside information is based on the concept of relevant information for the purpose of insider dealing, previous reports on insider dealings will be a good reference guide to determine whether a particular piece of information is inside information. For example, Chapter 4 of the Report of the Insider Dealing Tribunal, dated 20 October 2009 and chaired by Mr. Justice Saunders, contained a very good summary of the law relating to inside information. The report is accessible at http://www.idt.gov.hk/english/doc/Harbour_Ring_ Report.pdf.

As regards whether reasonable measures are in place by a listed company to prevent a breach of its disclosure requirement, there are no hard and fast rules and the SFC Guide provides examples of

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該等消息或資料與上市證券價格的主要決定因素 的相關程度﹔ 消息或資料來源的可靠性﹔以及 影響有關上市證券價格的市場可變因素。

有關消息或資料的重要程度會因應不同情況而 異，例如公司規模、業務運作過程及近期發展、 市場人士對該上市公司及其經營的行業的觀感等 多項因素而定﹔ 一名合理的高級人員會根據其當時所知的所有相 關事實及情況來考慮該消息是否內幕消息；該消 息並不可能按當時沒有合理地得知的因素作事後 判斷﹔以及 如果一家上市公司已實施合理妥善的預防措施來 防止違反披露規定，任何高級人員如按照其一切 受信責任真誠行事，且實際上並不知道該消息或 沒有參與該上市公司的違規行為，均不大可能負 上個人法律責任。

由於內幕消息是以就內幕交易而言的有關消息概念作為 基礎，因此要確定一項特定消息是否內幕消息，過往 與內幕交易有關的報告書會是很有用的參考指引。例 如，在2009年10月20日發表的《內幕交易審裁處報告

Autumn 2012

measures that may be considered when establishing such systems and procedures.

Works Done by Our Chamber Our Chamber and our FRA Committee have closely monitored the legislative process from the issue of the various consultation papers to the enactment of the new regime and have made submissions throughout the whole process. We have also met and discussed with all stakeholders, including the FSTB and the SFC, to air our views and concerns. We are glad that many of our views and proposals are accepted, including, (a) the new regime is civil, not criminal, in nature where the penalty is only confined to a monetary fine of not more than $8 million; (b) the regulatory fine is only applicable to the listed company concerned, its directors and chief executives but not other officers; (c) as regards the definition of officer which is widely defined to include a manager or any other person involved in the management of the listed company, the SFC has taken on board our concern and has clarified in the SFC Guide that the actual responsibilities are more important than the person’s formal title and that it normally refers to a person who, under the immediate authority of the board, is charged with management responsibility affecting the whole of the listed company or a substantial part thereof. In addition, the SFC has also clarified that any inside information cannot be judged in hindsight taking into account of factors that were not reasonably known at the time and that an officer will not be personally liable if he acts in good faith and in accordance with all his fiduciary duties without actual knowledge or involvement; (d) an officer will not be liable if the listed company is not in breach of its disclosure requirement; (e) exceptions, waviers and safe harbours are available to listed companies pursuant to which certain inside information is not required to be disclosed; (f) the SFC has issued the SFC Guide to provide advice and guidance on the new regime to listed companies and their officers; and (g) a consultation service will be provided by the SFC to assist listed companies and their officers to understand the new disclosure regime for a period of two years.

If any member has any view or comment on the new regime, please let us know. M

秋

書》的第4章，載有一個由辛達誠法官主審有關內幕消 息的案例，對內幕消息的相關法律作出了很好概述。該 報告書可透過以下網址閱覽﹕http://www.idt.gov.hk/ english/doc/Harbour_Ring_Report.pdf（英文版）。 至於上市公司是否已制訂合理妥善的預防措施以避免違 反披露要求，目前在這方面並沒有任何硬性規定，而在 建立有關的系統及程序方面，《證監會指引》提供了可 供考慮的措施實例。

香港上市公司商會的相應行動 從各種諮詢文件的發表到新制度的建立，香港上市公司 商會及其財經事務及監管政策委員會都一直在密切監察 有關的立法進程，並在整個過程中提出了意見。我們也 曾會晤各持份者，並與他們進行討論，包括財經事務及 庫務局和證監會，以表達我們的意見和關注。很高興我 們所提出的許多意見和建議都已被接納，包括﹕ (a) 新制度的性質是民事而非刑事，懲處只限於罰款 並且不超過800萬元﹔ (b) 民事罰款只適用於有關的上市公司、其董事及行 政總裁，但不包括其他高級人員﹔ (c) 關於高級人員的定義，其廣泛定義為包括經理或 任何其他參與管理上市公司的人士，證監會接納 了我們所提出的關注，並在《證監會指引》中澄 清，實際責任較該名人士的正式職稱更為重要， 而且它通常是指在董事會的直接授權下，並承擔 影響整家上市公司或其相當重大部分的管理責任 的人。此外，證監會也澄清了在判斷任何內幕消 息時，不應以後見之明，考慮那些在當時並不合 理地知悉的因素，進行事後判斷；而高級人員如 按照其一切受信責任真誠行事，且實際上並不知 道該消息或沒有參與，他將不需要承擔個人法律 責任﹔ (d) 如果上市公司並沒有違反披露資料的要求，高級 人員將不需要承擔法律責任﹔ (e) 上市公司可以援引安全港和豁免規定，而根據這 些規定，上市公司可以不須披露某些內幕消息﹔ (f) 證監會已經刊發《證監會指引》，就新制度向上 市公司及其高級人員提供有關建議和指引﹔以及 (g) 證監會將會提供諮詢服務，以協助上市公司及其 高級人員了解該新設的消息披露制度，為期兩 年。 各會員如對這一新制度有任何看法或意見，請隨時向我 們反映。 M

Vincent PC Kwan Member, FRA Committee The Chamber of Hong Kong Listed Companies

關保銓 香港上市公司商會 財經事務及監管政策委員會成員

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Living Style / Leisure 生活閒情

The

Future of Performance Cars

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n obituary for the combustion engine would seem to be premature, but the end of purely gasoline-powered cars is arguably in sight.

The future seems to be electric.

宣

Drivers who like to go fast should not mind. Anyone who thinks electric vehicles (EVs) could never be classed as “performance cars” should take note of the upcoming “Formula E” races. The first season of this new racing series, which will be only for cars powered by electric motors, will begin in 2014.

喜歡開快車的駕駛者應該不會介意。認為電動車永遠 不可能躋身「性能車」行列的人應當留意即將舉行的 「E級方程式」大賽。此項新賽車系列只供電動機驅動 的汽車參加，首個賽季將於2014年開始。

The latest electric cars and hybrid supercars are very slippery, indeed.

For instance, consider the fully electric-powered Tesla Roadster Sport’s performance: zero to 100 kilometres per hour (kph) in 3.7 seconds. That compares favourably with sports cars such as the Chevrolet Corvette Z06, and would only be behind lightning supercars like Lamborghini’s fastest, the V12 engine-powered Aventador, which reaches 100 kph from a standing start in 2.9 seconds. But the Aventador also consumes fuel at a ridiculously high 17.2 litres per 100 kilometres.

As for the very fastest, in September this year the “Nemesis”, a Lotus Exige modified by the UK utility company Ecotricity, set an EV land speed record by reaching an average speed of 243kph at a track in York. With batteries charged from electricity generated by wind turbines, Ecotricity’s founder Dale Vince said, “What we’ve been able to demonstrate is that wind-powered cars are not just feasible, but can be a load of fun.”

告內燃機壽終正寢似乎為時過早，但純粹汽油動 力車時代終結確實指日可待。未來似乎屬於電動

車。

確實，最新的電動車及混能超級汽車非常快速。就拿 全電動的Tesla Roadster Sport的性能來講：3.7秒便 可從靜止加速到每小時100公里。這與雪佛蘭考維特 (Chevrolet Corvette)Z06型之類的跑車相比毫不遜 色 ， 僅 落 後 於 快 如 閃 電 的 超 級 汽 車 ， 比 如 蘭博基尼 (Lamborghini)最快速的V12引擎驅動車Aventador， 後者可以在2.9秒內從靜止狀態啟動至時速100公里， 但Aventador的油耗量亦大得驚人，每百公里達17.2公 升。 至於說極限高速，今年9月，由英國公用事業公司 Ecotricity改裝的Lotus Exige跑車Nemesis在約克郡一條 賽道上創出電動車的地面速度記錄，平均時速達243公 里。這輛車配備的電池以風力渦輪機發出的電能充電。 Ecotricity創始人Dale Vince指出，「我們已經成功證 明，風電汽車不僅可行，而且會充滿樂趣。」

達到最高速度

Getting to Top Speed While electric cars win plaudits for having zero carbon emissions, they also have certain favourable characteristics for drivers looking for high performance. The most noticeable is they can get off the line very quickly. This is because 100% of the engine’s torque (known as “pulling power”) is available as soon as you step on the accelerator, unlike fuelpowered cars where the engine’s revolutions need to build up during acceleration.

電動車因零碳排放而深受讚譽。其實，對於追求高性能 的駕車人士來講，它們還具備某些討人喜歡的特點。

This is because a combustion engine, by design, has to be spinning to make torque. It needs to suck in air, compress and expel it, which it cannot do when the engine is not rotating. As the engine rotates faster, the torque output rises to a plateau and at this point, the car accelerates smoothly. Eventually, the torque starts to fall away, and then it is time to shift up to the next gear and start over. A car’s gears ensure the engine is revving at its maximum torque zone at just about any speed.

With electric motors, on the other hand, the car is propelled by the constant magnetic force created when an electric current is run through wire coils inside the motor. Therefore, its torque comes at full strength as soon as an electric motor begins to spin, with the maximum torque being delivered at zero revolutions per minute (RPM) and fading in a constant curve as it spins faster.

What is the result? An experienced driver who masters the skill of coordinating the accelerator pedal, clutch pedal and gearshift can take a sports car from standstill to 100kph in less than four seconds. But with an electric car, anyone can do the same by simply pushing the accelerator pedal to the floor.

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The Case for Combustion However, there are considerable arguments that the combustion engine is far from reaching the end of its road, particularly in high-performance cars.

“The combustion engine has a long history and it is getting more efficient, and the costs of making those engines are getting lower,” says Cedric So, the managing director of Crown Motors. “We think the combustion engine will still be here. But to get a more environmentally friendly car, Lexus and Toyota [for its future top-of-the-range performance cars] will probably need to mate a combustion engine with an electric motor to make a hybrid to give you performance and good mileage.”

Crown Motors is the distributor of the Lexus line of vehicles in Hong Kong, which all come in hybrid versions. However, two years ago Lexus jumped into the supercar class when it released the gasoline-powered Lexus LFA. Hand-made in a purpose-built factory in Japan, only 500 were released worldwide and just a handful allocated to Hong Kong.

And at a cost of HK$7 million, it is aimed at a very select crowd.

One of the LFA’s key innovations is the carbon fibre reinforced plastic (CFRP) used to make the cabin for a strong but lightweight construction.

Altogether, CFRP comprises about 65% of the car’s chassis structure, which achieves a weight saving of 100 kilograms compared to if it had been made from aluminum. This advance indicates where makers of performance cars are heading: as alternative materials and their construction methods improve, carmakers can reduce weight in their supercars and therefore achieve better power-to-weight ratios. With a 4.8 litre V10 engine and its lightweight body, the LFA can go from zero to 100kph in 3.6 seconds and achieve a top speed of 325kph.

Range Anxiety Hong Kong would seem to be an ideal place for electric cars. For EV drivers around the world, distance range is a cause for anxiety. Given the current technology, electric car batteries can last long enough to travel between 100 to 150 kilometres. Run out of charge before you

最突出的優點是，電動車可以在很短時間內起動。這 是因為踩踏加速器後，便可立即達至100%的引擎扭矩 （亦稱為「拉動力」），而燃油動力車的引擎則需在 加速過程中逐漸提升轉速。 之所以如此，是因為內燃機本身的設計使得它必須旋 轉才能產生扭力。它需要吸入空氣，再把空氣壓縮並 排出，引擎不轉動時便無法做到。隨著引擎轉速加 快，扭矩輸出增大至穩定值，此時汽車才平穩加速。 最終，扭矩開始減弱，此時應加到下一檔，再次啟 動。汽車的傳動裝置確保在任何速度條件下，引擎都 會在其最大扭矩區運轉。 電動機的情況則大不相同。電動車是靠電流通過發動 機內部線圈時產生的恒定磁力驅動。因此，當電動機 開始轉動時，其扭矩便可立即產生全部力量，於每秒 轉速為零時輸出最大扭矩，隨著轉速加快，扭矩以恒 定幅度減退。 結果如何？一般只有具豐富駕駛經驗的司機，掌握到 協調油門踏板、離合器踏板和變速排擋的技術，才能 在不到4秒的時間內將賽車從靜止加速到時速100公 里。但如果是電動車，任何人只需將加速器踏板踩到 底便能做到。

內燃機的存在理由 然而，還是有相當強的理據認為內燃機遠遠未到窮途 末路的地步，高性能車尤其如此。 「內燃機的歷史悠久，而且日益高效，而生產這些引 擎的成本也在下降」，皇冠汽車有限公司執行董事蘇 軒熲說道，「我們認為內燃機還會繼續存在，但為了 生產更加環保的汽車，凌志和豐田[的未來高端性能 車]可能需要將內燃機與電動機結合，製造混能車，以 提供高性能和應付到高行車里數。」 皇冠汽車有限公司是凌志系列汽車的香港分銷商，這 些汽車皆為混能車型。但是兩年前，凌志突然進軍超 級汽車領域，推出汽油動力的凌志LFA。這款型號是在 日本一間專門工廠中手工製造，全球僅發售500輛，僅 有寥寥數輛分配給香港。該車售價700萬港元，只面向 極少數買家。 LFA的其中一項主要創新是碳纖維強化塑料 （CFRP），用於製造強度高、重量輕的車廂。CFRP佔 車身底盤結構的65%左右，與鋁制結構相比可以減少 100公斤的重量。這項先進技術顯示了性能車製造商的 未來方向：隨著採用替代物料及改良的建造方法，汽 車製造商可以減輕超級汽車的重量，從而實現更佳的 功率重量比。擁有4.8公升的V10引擎和輕巧車身，LFA 可以在3.6秒內從零加速到每小時100公里，並達到325 公里的最高時速。

路程距離的顧慮 香港似乎會成為電動車的理想城市。對於世界各地的

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reach your destination and you’re stuck. But in compact Hong Kong, a trip from one end to the other would only be about 50 kilometres on the road, so you could do at least two trips without recharging.

In May, the government announced there would be 500 charging stations for electric vehicles installed for public use by the end of June this year. Added to the charging facilities installed by the private sector, the total number comes to about 1000. This would seem to give EV drivers plenty of options for convenient recharging.

However, So points out that there are only six quick-charging stations in Hong Kong (the government says this will be increased to 10 by the end of the year), which take two hours to fully recharge EV batteries.

The rest of the stations typically require eight hours to complete the process. “When you run out of gas, you can fill up in five minutes and away you go,” he says. “But with electric cars …even if it is a fastcharge station, you count in hours not minutes to fill it up. People do not have confidence that electric cars have the same convenience as a combustion engine.” Furthermore, using the car’s air-conditioner – essential in Hong Kong’s steamy climate – puts a significant drain on an EV’s battery and substantially reducing the car’s range.

Hybrid vehicles, with dual electric and combustion engines, offer an interim solution for Hong Kong, So argues. As they have a smaller battery, even a standard-charging station can recharge it within 90 minutes. “A hybrid has the best of both worlds. There is still some emission, but the emissions in covering the same journey would be much less [than a combustion-engine car].”

Clearly, there is still a lot to be done for electric vehicles to reach the levels of user convenience as combustion-engine cars. The future seems to be electric, but it is still only on the horizon in Hong Kong. M

電動車駕駛者而言，路程距離卻令人有所顧慮。鑒於目 前的科技，電動車的電池僅能維持100至150公里的路 程。如果未到達目的地便耗盡電量，那就沒法前行。但 在面積狹小的香港，從城市一端到另一端的道路距離 僅約50公里，因此可以無需充電亦能完成至少兩段路 程。 香港政府於5月宣佈，在今年6月底前將建成500個電動 車充電站供公眾使用。加上私營機構安裝的充電設施， 總數將達1000個左右。看來這可以為電動車駕駛者提 供大量選擇，實現充電的便利。 但是蘇軒熲指出，香港只有6個快速充電站（政府稱今 年底前將增至10個），可以用兩個小時完全充滿電動 車的電池，其餘充電站一般需要8小時才能完成。「如 果汽油用完，人們可以在五分鐘內加滿油繼續行程」， 他說道，「但如果是電動車 … 就算快速充電站也須等 候數小時，而不是數分鐘才能充滿。電動車能否像內燃 機那樣方便，人們沒有信心。」另外，車廂內使用空調 — 在香港的悶熱氣候中必不可少 — 會大量消耗電動 車的電量，並大大縮減汽車的行駛距離。 蘇軒熲指出，採取電動機和內燃機雙重保障的混能車暫 時給香港帶來解決問題的希望。由於這些車輛的電池較 小，即使普通充電站亦可在90分鐘內完成充電。「混 能車兼具兩者的優點，雖然仍有一些廢氣排放，但完成 同樣路程的排放量[比內燃機汽車]要少得多。」 顯然，要讓電動車達到與內燃機汽車一樣方便使用者的 程度，還有許多工作要做。未來似乎是電動車的時代， 但在香港，這個趨勢仍僅是剛剛露頭。 M

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安報施

Bruce Andrews

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In Review / Past Activities 活動重溫

7/8/2012 Briefing on SFC Guidelines on Disclosure of Inside Information (English Session) Speaker: Mr. Charles Grieve, Senior Director, Corporate Finance Division, Securities and Futures Commission

證監會內幕消息披露指引簡介會 (英語講解) 講者﹕證券及期貨事務監察委員會企業融資部高級總監紀禮富先生 In anticipation of the coming into effect of the legislation governing inside information disclosure, the Chamber organized another seminar, this time conducted in English, to help members better understand the contents of the law and to provide opportunity of raising questions directly to a senior SFC officer. The session was very well received attracting over 100 members and representatives. 鑒於內幕消息披露法例即將生效，本會再舉辦了另一場以英語講解的研討會，以助會員加深了解有關法例的內 容，並讓會員有機會向證監會高級人員直接提問。是次簡介會反應熱烈，吸引了逾100名會員和代表參加。

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17/8/2012 Seminar on The Hong Kong Competition Ordinance: An International Perspective jointly organized with Allen & Overy 與安理國際律師事務所合辦有關香港《競爭條例》 – 一個國際視角研討會 In addition to focusing on listing rules and other issues directly concerned with listed issuers, the Chamber also brings to the attention of its members business issues and developments affecting the business environment. We partnered with law firm Allen & Overy to organise a seminar on the Competition Ordinance, discussing about the details of the law and its applications and how businesses should get prepared. This seminar featured the Hon. John Ronald Mansfield AM, Judge of the Federal Court of Australia and President of the Australian Competition Tribunal. 除了專注於與上市發行人直接相關的上市規則及其他問題，本會也讓會員關注到影響營商環境的商業問題和發 展。本會與安理國際律師事務所合辦《競爭條例》研討會，探討有關法例的詳情及其應用，以及企業應如何作好 準備。是次研討會邀得澳洲聯邦法院法官兼澳洲競爭審裁處主席Hon. John Ronald Mansfield AM擔任講者。

For advertising in Momentum, the offical publication of CHKLC, please contact:

LexisNexis Robin Chappelle Tel: (852) 2965 1431 Email: robin.chappelle@lexisnexis.com

CHKLC Secretariat Amy Leung Tel: (852) 2970 0886 Email: amyleung@chklc.org

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21/8/2012 Breakfast Meeting with Mr. Ashley Alder, Chief Executive of the SFC 與證監會行政總裁歐達禮先生早餐例會 As part of our continued efforts to build rapport with our regulators, a breakfast meeting with Mr. Ashley Alder, Chief Executive of SFC was arranged. Mr. Alder updated our members on the recent work of the SFC and international trends in financial market regulation. Views were also exchanged on the inside information legislation. 本會一直致力與監管機構保持連繫，早前舉行了早餐例會與證監會行政總裁歐達禮先生會面。歐達禮先生就有 關證監會的近期工作和金融市場監管的國際趨勢向會員提供最新信息。大家亦在會上就內幕消息披露法例交換 意見。

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4/9/2012 In-house seminar on 2012 Mainland China Tax Trend Speaker: Mr. David Chan, Head of Transaction Tax, Greater China, Ernst & Young

小型午餐講座 – 2012年中國內地稅收趨勢 講者﹕ 安永大中華企業交易稅務諮詢主管陳子恒先生

11/10/2012 In-house seminar on Detection of Financial Statement Fraud Speaker: Barry Tong, Partner, Advisory, Grant Thornton Hong Kong Ltd.

小型午餐講座 – 鑒別財務報表的欺詐及舞弊行為 講者﹕致同（香港）會計師事務所有限公司諮詢服務合夥人湯飈先生 A seminar on how to detect fraud in financial statements was organized to sharpen members’ awareness on fraud prevention. Response to this seminar was so good that a re-run had been arranged. 本會舉辦了一場涉及如何鑒別財務報表的欺詐行為的研討會，以提高會員對於防範欺詐的警覺性。是次研討會反 應理想，並已安排重辦。

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CHKLC Director Training Series 2012 CHKLC董事培訓課程系列2012 Our Director Training Series continued in the past months with three very pertinent topics on corporate governance, risk management and internal control and directors’ responsibilities and liabilities, all with direct relevance to directors and running of a listed company. Over 60 attendees at each of these sessions enthusiastically learned from our expert speakers and participated in discussion. 我們一連數月舉辦了董事培訓課程系列，涵蓋有關企業管治、風險管理和內部監控，及董事權責和法律責任等課 題。該等課題皆與董事和上市公司營運有直接關係。每個課程都有逾60人出席，他們都積極地向專家講者請教， 踴躍參與討論。

13/9/2012 CHKLC Director Training Series 2012 (Session 4) – How to Manage Risks and Effective Internal Control Speakers: Mr. Patrick Rozario, Director and Head of Risk Advisory Services and Ms. Vivian Chow, Managers, Risk Advisory Services, BDO Limited

CHKLC董事培訓課程系列2012 (單元四) – 如何管理風險及有效的內部監控 講者﹕立信德豪董事兼風險諮詢服務總監羅柏達先生及風險諮詢服務經理周珮蒂女士

18/10/2012 CHKLC Director Training Series 2012 (Session 5) – Managing Director’s Responsibilities and Liabilities Speakers: Mr. David Smyth, Senior Partner and Mr. Jason Carmichael, Partner, Smyth & Co

CHKLC董事培訓課程系列2012 (單元五) – 董事權責及法律責任之管理 講者﹕Smyth & Co高級合夥人Mr. David Smyth及合夥人Mr. Jason Carmichael

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Upcoming Events 30/10/2012

秋

未來活動

In-house seminar on Short Seller Attacks: Self-defense Class Speakers: Ms. Diana Shin, Partner, Fraud Investigation & Dispute Services

Ernst & Young, Shanghai; and

Mr. Chris Fordham, Partner, Fraud Investigation & Dispute

Services Ernst & Young, Hong Kong 小型午餐講座 – 由安永會計師事務所代表主講有關法務會計 講者：安永上海糾紛協調及審查服務合夥人單藹然女士;及 安永香港糾紛協調及審查服務合夥人Mr. Chris Fordham

31/10/2012

In-house seminar on Environmental, Social and Governance Reporting Speaker: Sean Gilbert, Director, Sustainability and Climate Change Services,

KPMG China 小型午餐講座 – 環境、社會及管治報告 講者﹕畢馬威中國氣候變化和可持續發展服務總監鍾德明(Sean Gilbert)

22/11/2012

CHKLC Director Training Series 2012 (Session 6) – Valuation of Transaction and Latest Financial Reporting Standards

Speakers: Mr. Kenneth Yeo, Director, Specialist Advisory Services and Mr. Paul Williams, Principal of Specialist Advisory Services, BDO Ltd. CHKLC董事培訓課程系列2012 (單元六) – 交易估值及最新財務報告準則 講者﹕立信德豪專項諮詢服務董事楊文安先生及專項諮詢服務主管偉保羅先生

13/12/2012

CHKLC 10th Anniversary Celebration cum 2012 Hong Kong Corporate Governance Excellence Awards Gala Dinner Guests of Honour: The Honourable Mr. John Tsang, GBM, JP,

Financial Secretary, HKSAR

Professor K C Chan, GBS, JP, Secretary for Financial

Services and the Treasury, HKSAR Keynote Speakers: Mr. Chung-kong Chow, Chairman, Hong Kong

Exchanges and Clearing Ltd. Venue: Convention Hall, Hong Kong Convention and Exhibition Centre 本會成立十週年紀念晚宴暨2012年度香港公司管治卓越獎頒獎典禮 主禮嘉賓﹕ 香港特別行政區財政司司長曾俊華先生,GBM,JP 香港特別行政區財經事務及庫務局局長陳家強教授,GBS,JP 演講嘉賓﹕ 香港交易及結算所有限公司主席周松崗先生 地點﹕香港會議展覽中心會議廳

Please watch out for further information on the above events from the Chamber. For enquiry, please contact the Chamber’s Secretariat (Tel: (852) 2970 0886-7 / Email: info@chklc.org). 有關上述活動之詳情，請留意本會稍後公佈的資料。如有查詢，請與本會秘書處聯絡 (電話﹕(852) 2970 0886-7 / 電郵﹕info@chklc.org)。

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Dispute Avoidance and Resolution Conference 9 November 2012

6 & 7 December 2012

Shanghai

Beijing

Dispute issues can harm a corporation in many ways. Not only do they have the potential to inflict direct financial losses, they can result in wasted management time, unbudgeted costs, strained relationships and broken reputations. Most seriously, even minor disputes can escalate and potentially threaten the survival of your business.

Therefore, when any commercial dispute arises, it is vitally important to get on top of the problem quickly, to understand your options and to implement the best strategy for achieving your commercial objectives within your budget and an appropriate timescale.

For our seventh year, LexisNexis will spare no effort to deliver an exciting and productive programme on dispute avoidance and resolution. This conference will congregate some of the leading law firms, corporate general counsels and industry professionals to pass on their experiences and wisdom on this topic.

Supporting Sponsers:

Delegate Registration Please contact Molly Jiang in Shanghai on +86 21 5117 6188 or at molly.jiang@lexisnexis.com

Earn

CLE

Credits

Conference Highlights: • • • • • •

When facing US lawsuits against Chinese companies: are you ready?

Update of CIETAC’s new rules of arbitration Arbitration vs Litigation – your way out of a bad deal!

Challenges for in-house counsel in relation to managing complex cross-border disputes In-depth investigation and planning for available strategies to help corporate counsel prevent and mitigate the risk of litigation and arbitration Master the drafting of effective international dispute resolution clauses

Who should attend: • • • • • • •

General Counsels/Legal Directors/In-house Counsels Chief Risk Officer/Risk Management Director/Manager Compliance & Ethics Director/Manager IP Director/Manager Patent Counsel Judges/Magistrates/Arbitrators Legal practitioners & Consulting Firms

Speaking & Sponsorship Opportunities Please contact Jon Martin in Hong Kong on +852 2965 1473 or at jon.martin@lexisnexis.com

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