Hong Kong
Hong Kong Corporate Counsel Association (HKCCA) held its first annual general meeting since becoming a chapter of Association of Corporate Counsel (ACC) on 29 May, with several key appointments to the board and strategies in place that will help synchronize the newly merged groups.
HKCCA president Lin Shi said the AGM was particularly significant as it voted on amendments to the Articles of Association, in addition to electing five new directors, adding, “I’m happy to report that all matters were approved and five directors were elected.”
Shi said the objectives that amendments were aiming to achieve included addressing succession planning, and compliance with the Alliance Agreement with ACC.
Succession planning has long been on the board’s agenda. “In the past, there were concerns about lack of membership interest to serve on the board, which resulted in some of the directors serving on the Board for over a decade,” said Shi. “We recognize that an organization needs new ideas from new people to change and grow. However, it would be a disaster if the entire board were replaced every two years.
“Under the current articles, all directors are up for election at the same time, and it is only due to various mid-term resignations that have coincidentally resulted in one-third of the board being up for election this year.”
Next year, 10 directors will be up for election, which may result in two-thirds of the board being completely new to the job. “To ensure that the board will at all times be made up of a balance of new and incumbent directors, we needed to stagger the board with one-third of directors being elected each year for a three-year term,” said Shi.
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