Companies (Amendment) Bill 2022 gazetted

Nov 30, 2022

The Government published in the Gazette on November 25 the Companies (Amendment) Bill 2022. The Bill aims to provide sufficient flexibility for companies to hold general meetings in various manners.

"Under the current Companies Ordinance, companies may use technology to hold general meetings at two or more places. In recent years, the advancement of technology has made adoption of virtual means to hold and participate in meetings possible worldwide. Taking into account local stakeholders' views and practices of comparable commercial centres, we propose amending the Companies Ordinance to expressly enable companies holding general meetings virtually or in hybrid mode, rather than holding meetings only at physical locations. This seeks to provide sufficient flexibility for companies to conduct corporate affairs smoothly and effectively having regard to their own circumstances and needs," a Government spokesperson said.

Key elements of the Bill include: - the amended Ordinance will come into operation on the expiry of 3 months after the day on which it is published in the Gazette; - adding a new definition of virtual meeting technology, meaning a technology that allows a person to listen, speak and vote at a meeting without being physically present at the meeting; - providing that a person who attends a general meeting by using the virtual meeting technology specified in the notice of the meeting is to be regarded as being present while so attending;

Any enquiries on this brief can be addressed to Mr Desmond WU, Principal Assistant Secretary for Financial Services and the Treasury (Financial Services), at 2528 6384.

Further information and the Bill can be obtained from Legco Brief : Companies Amendment Bill 2022