|
|
|
|
Welcome to The Foreign Correspondents' Club, Hong Kong on . Local Time . |
|
 |
|
|
| |
|
|
|
|
| |
|
|
|
| |
|
FCC Expresses its Concern Regarding the Transparency of Financial Information |
| |
|
|
|
|
| |
|
|
| |
|
8 December 2009
Dear Professor Chan
We write to express our concern regarding the transparency of financial information and to propose concrete steps that would assure that journalists and the public at large have access to the same information, at the same time, that it is being disclosed by listed companies to financial analysts.
It is the government’s stated objective that Hong Kong should be a premier global financial center operating in accordance with the highest international standards. These standards must include the maximum possible transparency and fair disclosure of information.
Accordingly, the FCC proposes that Hong Kong authorities should require that when listed companies hold briefings with analysts from more than one firm -- whether these be physical meetings or conference calls -- the media and the public should be provided with real-time streaming of audio and video (where relevant) via the Internet.
Alternatively, or in addition, listed firms should be required to provide dial-in telephone access so that the media and public can listen to the meeting or conference call. Journalists should be free to publish any materials presented and to quote from the comments made. Recordings of the briefings as well as any presentation materials should remain available for at least five years on the company’s designated Web site.
We believe that our proposals would reduce the potential for analysts, their employers or their clients to benefit from privileged information, and would significantly increase the fair dissemination of information to the investing public. They would also help place Hong Kong at the forefront of financial best practices worldwide.
Yours sincerely,
Tom Mitchell
President
Colum Murphy
Co-convener
Professional Committee
c.c. Mr Ronald Arculli.
Chairman
Hong Kong Exchanges and Clearing Limited
The letter was sent to Secretary for Financial Services
8 December 2009
Dear Mr Fong
We write to express our concern regarding the transparency of financial information and to propose concrete steps that would assure that journalists and the public at large have access to the same information, at the same time, that it is being disclosed by listed companies to financial analysts.
It is the government’s stated objective that Hong Kong should be a premier global financial center operating in accordance with the highest international standards. These standards must include the maximum possible transparency and fair disclosure of information.
Accordingly, the FCC proposes that Hong Kong authorities should require that when listed companies hold briefings with analysts from more than one firm -- whether these be physical meetings or conference calls -- the media and the public should be provided with real-time streaming of audio and video (where relevant) via the Internet.
Alternatively, or in addition, listed firms should be required to provide dial-in telephone access so that the media and public can listen to the meeting or conference call. Journalists should be free to publish any materials presented and to quote from the comments made. Recordings of the briefings as well as any presentation materials should remain available for at least five years on the company’s designated Web site.
We believe that our proposals would reduce the potential for analysts, their employers or their clients to benefit from privileged information, and would significantly increase the fair dissemination of information to the investing public. They would also help place Hong Kong at the forefront of financial best practices worldwide.
Yours sincerely
Tom Mitchell
President
Colum Murphy
Co-convener
Professional Committee
c.c. Mr Ronald Arculli.
Chairman
Hong Kong Exchanges and Clearing Limited
The letter was sent to The Securities and Futures Commission of Hong Kong
|
|
|
September 10-12, Sports on TV
September 7-10, Bert's Schedule
September 6-10, Daily Lunch Specials
October 9, 9th Annual Charity Ball 2010
Johnnie Walker Whisky Home Delivery
New Zealand Hunter’s Wine Home Delivery
September 28, Club Lunch: From the front lines in the battle against censorship
September 22, Club Lunch: Fat China: Expanding Waistlines Change a Nation
September 20-22, Mid-Autumn Festival Set Dinner
September 13-18, Lebanese Food & Wine Promotion
September 13-17, Daily Lunch Specials
September 14-17, Bert's Schedule
September 13, Club Lunch: Threat of Islamic Fundamentalism to Asia
FCC Diary 2011
Man and Shark by Paul Hilton and Alex Hofford
FCC Special Promotion for New Correspondent and Journalist Members
Late Lunch Promotion
FCC Label Wine "Correspondents' Choice"
FCC Gratuity Fee
FCC 2010/2011 Board Election
|
|
|
| |
