TAILIEUCHUNG - Non-statutory Guidelines onDirectors' Duties

• If procedures are terminated at any stage (for example by the resignation of an individual) without conclusion that the complaints should be dismissed, the RO should consider the seriousness of allegations outstanding, the strength of evidence supporting the allegations, and the implications for the future research career of the individual. • Where serious concerns remain that misconduct may have occurred which have not been resolved, the individual complained against should be advised of this and be asked to see the investigation or hearing through to conclusion. • Where they do not agree to this, they should be advised that the details of the outstanding case may (without prejudice) be. | í J Non-statutory Guidelines on Directors Duties úi r ni flft COMPANIES REGISTRY Address Website Cyber Search Centre Email Enquiry Hotline IVRS 15th Floor Queensway Government Offices 66 Queensway Hong Kong crenq@ 852 22349933 Introduction In general the responsibilities and liabilities of directors derive from various sources including the constitution of the company case law and statute law. If a person does not comply with his duties as a director he may be liable to civil or criminal proceedings and may be disqualified from acting as a director. Although case law sets out and elaborates on most of these significant principles it tends to be complex and inaccessible. The objective of these guidelines is to outline the general principles for a director in the performance of his functions and exercise of his powers. All directors should read these guidelines which are also readily accessible on the websites of the Companies Registry the Hong Kong Exchanges and Clearing Limited the Securities and Futures Commission the Official Receiver s Office and the Hong Kong Monetary Authority . Hard copies are also available at their offices. Companies should give copies of these guidelines to new directors irrespective of whether they organize induction training for directors. In addition directors are also encouraged to refer to more detailed reviews of the role and duties of directors in law. For example the Hong Kong Institute of Directors has issued the Guidelines for Directors and the Guide for Independent Non-Executive Directors. COMPANIES REGISTRY 1 Directors should also refer to the Code on Corporate Governance Practices issued by the Hong Kong Exchanges and Clearing Limited to improve the manner in which listed companies are managed. It is important to note that the statements in these guidelines are principles only and are

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