February 15, 2018

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Changes to the Code

 

Board Matters


New Listing Rules

  • Directors are subject to re-election every 3 years
  • Directors' independence shall be subject to a 9-year hard limit or two-tier vote
  • Independent directors must constitute at least one-third of Board
  • Must disclose the relationship between Chairman and CEO if they are immediate family members
  • Key information regarding directors must be disclosed in the annual report
  • Shareholding threshold for assessing director independence now lowered from 10% to 5%

Changes to the Code

  • Independent directors to make up a majority of the Board where the Chairman is not independent
  • Majority of board members should not have management or business relationships
  • The board diversity policy and progress made in achieving the policy, including objectives, are to be disclosed
  • Disclose non-controlling shareholders vote on the appointment of independent directors

 

Shareholder Engagement


New Listing Rules

  • Compliance with the Code Principles is mandatory. Companies will need to explicitly state and explain reasons for variations and how their practices are consistent with the intent of the relevant principles
  • Reasons for not paying dividends are to be disclosed

Changes to the Code

  • To give shareholders a balanced and understandable assessment of performance, position and prospects
  • Consider and balance the needs and interest of material stakeholders
  • Resolutions shall not be bundled
  • Directors’ attendance at AGM to be disclosed
  • Minutes to be comprehensive and published on company website as soon as practicable
  • IR mechanism to have a means for shareholder to question the company

 

Remuneration and Nomination


New Listing Rules

None

Changes to the Code 

  • To disclose relationship between remuneration and value creation, taking into account strategic corporate objectives
  • Disclose salary of staff who are substantial shareholders or immediate family members

 

Accountability and Audit


New Listing Rules

  • Board to express opinion on adequacy of financial, operational, compliance and IT controls
  • Audit committee to evaluate internal audit function independence, effectiveness and adequacy of resourcing
  • Internal audit to execute duties in accordance with international standards

Changes to the Code

Emphasis that internal audit principal reporting responsibilities are to the AC Chairman

 

photo 1517362467300 499a95b6d6ff

 

Considerations for Listed Real Estate Companies

 

Board Matters

  • The new code imposes requirements through the Listing Rules on disclosure of Board commitments and the independence concept. This throws a spotlight on the involvement of the Independent Directors, their business interests and the Board structure. Many real estate companies will be affected by these changes as the Chairman and CEO role is often helmed by the founding leader and majority shareholder. Boards may need to consider introducing new independent directors to address the majority independence guidelines and introduce diversity progressively
  • The enhanced principle of Board membership will also have an impact on the real estate sector. One would argue that the application of ‘independence test’ will have an impact on real estate-related companies. This is because there are a substantial number of existing independent directors in real estate company boards, whose current appointments will trigger the 9 year rule and 5% substantial shareholder threshold. Therefore Boards may need to (if they have not already done so) start evaluating impact of this change to the need to formalize their board renewal initiatives

 

Remuneration and Nomination

  • The new code squarely addresses Directors' performance. This is intended to be achieved through training and formal evaluation exercises enforced through the Listing Rules. The bar will inevitably be raised and could have an unsettling impact on certain Boards whom have already attained a healthy dynamic through a measured combination of trust, harmony and general respect accorded to the controlling shareholder whom often is the CEO and the Board Chairman. There may also be impact on re-election proceedings due to the need to assess non-controlling shareholder votes which could affect vote outcomes
  • Remuneration disclosures and their proposed changes will force many boards in the real estate segment to re-visit the transparency of the remuneration setting process. There may now be a need to formally link remuneration to performance contributions. Whilst it is reasonable to assume that this has existed in some form historically, the new code will advocate a more exacting approach of defining remuneration criteria

 

Accountability and Audit

Much of the emphasis on Audit and Accountability appears to be placed on internal audit. There is clearly a deeper emphasis of the importance of building up the third line of defense. Given the deep-rooted executive function of the majority shareholders in real estate companies, we believe that the traditional practices of keeping close and ‘walking the ground’ are key ingredients to continued success and should continue to prevail. However, Boards should now re-examine the purpose of engaging internal or external resources to help them to create a health tension across business operations and serve as an extension of the Audit Committee. This will not only reduce inherent business risk but also help to identify strategic opportunities.

 

Shareholder Engagement

Shareholder management principles in the new code ultimately offer greater protection for minority shareholders. The new code also promotes robust dialogue and a platform to exercise shareholder rights, including posing questions and receiving answers. The unbundling of resolutions also achieves this. Given the strong real estate ecosystem, Boards do need to thoroughly examine the implications of potential interested persons transactions and material stakeholder interests and disclose these accordingly.

 

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