Supplementary Question on Legislative Council Meeting (Q1 – Remittance of money to the Mainland & Q6 – The environmental, social and governance performance of listed companies)

Question 1 – Remittance of money to the Mainland

MR CHAN CHUN-YING (in Cantonese):

President, to target financial frauds, generally speaking, the Financial Services and the Treasury Bureau produces promotional materials to be aired on television stations, radio stations, etc., to raise public awareness of such incidents. Concerning the ever-increasing number of remittance traps involving ever-increasing amounts of money, apart from making use of such rather passive means as pamphlets, webpages, etc., will the authorities also step up other forms of publicity and education, including producing some short videos and even requesting such institutions as C&ED and HKMA to set up hotlines, so that members of the public who do not understand the laws, regulations and procedures related to remittance can make enquiries and learn about them?

SECRETARY FOR FINANCIAL SERVICES AND THE TREASURY (in Cantonese):

President, I thank the Honourable Member for his suggestion. In fact, apart from the passive or existing measures mentioned just now, C&ED also holds talks and seminars for the sector from time to time―by the sector I mean the Hong Kong Money Service Operators Association―to enhance the sector’s understanding of compliance requirements and explain to it the unscrupulous trade practices prohibited by TDO, so that operators can have a better understanding of the legal requirements.

In addition, in respect of users, C&ED also takes part in the seminars organized by HKMA designed to deepen the banking industry’s understanding of the regulatory regime for MSOs. C&ED will continue to implement thematic outreach programmes in various social groups. We also distribute leaflets to shops run by ethnic minorities and at locations where foreign domestic helpers congregate to enhance their knowledge of the licensing regime for MSOs and anti-money laundering efforts.

As regards the Member’s suggestion on short videos and hotlines, we will consider them further.

 

Question 6 – The environmental, social and governance performance of listed companies

MR CHAN CHUN-YING (in Cantonese):

President, in order for listed companies to have concern for their ESG performance, ESG must be linked up with investors’ investment sentiments. In other words, if good ESG performance would lead to a rise in the share price, more investors will be willing to buy the shares of that company.

The Secretary mentioned in part (1) of the main reply that the HSI ESG Index was launched in May this year, so there is a benchmark indicator at present. Will the Administration consider requesting SEHK to prescribe the format of disclosure under which listed companies are required to list their ESG rating and share price performance? This will enable investors to figure out the relationship between the two more easily and enable them to make smart investment choices, whereas listed companies will also attach greater importance to their ESG ratings. While some institutions are conducting such analyses, the public is unable to obtain such information. I believe it will be enormously helpful if SEHK can provide such information for reference by the public on its website or through other means.

SECRETARY FOR FINANCIAL SERVICES AND THE TREASURY (in Cantonese):

President, we are aware of the issues relating to the transparency of disclosure. At present, HKQAA would pass its ratings to HSIL after compilation. On the other hand, as regards the recommendation on online disclosure, we will collaborate with SEHK to study how best the transparency in this respect can be enhanced.