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Government role in HKEx directors voting slammed
Bill Kwok Chi-pui and Vincent Lee Kwan-ho, with
the apparent backing of the government, were yesterday re- elected as Hong
Kong Exchanges and Clearing (0388) non-executive directors. They defeated
Robert Bunker, who was endorsed by incumbent David Webb.
The government - the local bourse's largest single shareholder -
exercised its right to vote, sources said. The government holds 63 million
shares - a 5.88 percent stake.
"The turnout rate only accounted for 30 percent [of shares]. It
fell to only about 24.1 percent when the government's stake was
deducted," Webb said, accusing the government of intervening to
influence the result. "As a `strategic' investor, the government
shouldn't have voted," Webb said afterward.
The government declined to comment on the result or confirm if it had
voted. It announced the reappointment of Ronald Arculli, Laura Cha Shih
May-lung and Moses Cheng Mo-chi as directors. "We will continue to
join hands with the local bourse to promote the city as a premium listing
center and foster Hong Kong's status as a financial center," a
government spokesman said.
Bunker lost with 25 million net votes against him. Kwok and Lee won 296
million and 35.7 million net votes in favor, respectively. Bunker said he
was disappointed with the result.
A fourth candidate Gilbert Chu Kwok-tsu was unsuccessful with 214
million net votes against.
Hong Kong Securities Association chairman Chris Cheung Wah-fung said he
was not surprised by the result. "All I hope is that the newly
elected directors can act on behalf of the whole financial
community."
Meanwhile, HKEx chief executive Paul Chow Man-yiu said the Securities
and Futures Commission had on Monday approved the launch of Hong Kong
depositary receipts and GEM board reform, effective May and June. 2008-04-26 |
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