Institute’s views on enhancing its Council election

(8 March 2022)

Dear members,

The Institute would like to supplement its views on a blog post (available in Chinese only) published today by the Secretary for Financial Services and the Treasury, Christopher Hui, with regards to enhancing the Institute’s Council election.

In the blog post, the Secretary shared that the Financial Services and Treasury Bureau (FSTB) had held two rounds of consultations with relevant stakeholders in the accountancy profession on the matter and summarized three major areas for review, namely changing the nomination threshold for potential candidates, reducing the frequency of election, and to increase the flexibility for holding general meetings, such as allowing online or hybrid formats. The blog states that the FSTB will further consult major stakeholders regarding specific proposals in the three areas.

The election process for the Council has been in place for many decades and there may be room for improvement to safeguard public interest with the changing role of the Institute. The Council believes that it is paramount that the views of the Institute’s members are obtained and consulted before any changes are made.

This year is a critical year of transition, the Council and management are staying focused to work hard in ensuring the smooth transition under the regulatory reform. The Institute will continue to keep members updated as we work with all major stakeholders on the matter.

Yours sincerely,

Hong Kong Institute of Certified Public Accountants

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