Hang Seng Bank Limited (the “Bank”) is committed to maintaining and upholding high standards of corporate governance with a view to safeguarding the interests of shareholders, customers, employees and other stakeholders. The Bank has followed the module on “Corporate Governance of Locally Incorporated Authorised Institutions” (“CG-1”) under the Supervisory Policy Manual (“SPM”) issued by the Hong Kong Monetary Authority (“HKMA”). The Bank has also fully complied with all the code provisions and most of the recommended best practices set out in the Corporate Governance Code contained in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“HKEx”) (the “Listing Rules”) throughout 2020.
Further, to ensure that it is in line with international and local corporate governance best practices, the Bank constantly reviews and enhances its corporate governance framework by making reference to market trend as well as guidelines and requirements issued by regulatory authorities. The Bank has also implemented the “Subsidiary Accountability Framework” initiative introduced by the HSBC Group to simplify the subsidiary oversight framework, and strengthen and enhance corporate governance; and continued to embed “Ways of Working” Governance into Board and Board Committee governance to enhance meeting effectiveness. Lastly, a comprehensive Subsidiary Governance Review was initiated by the HSBC Group in 2020 for sharing of best governance practices, with full support of the Board.