Bank of America Awards a New Contract Order to RIWI for over $650,000

TORONTO, Nov 17, 2020 – (ACN Newswire) – RIWI Corp. (TSXV: RIWI) (OTC Pink: RWCRF) (the "Company" or "RIWI"), a global trend-tracking and prediction technology firm, announces that BofA Securities has awarded an initial contract order to RIWI for over US$650,000 under its new three-year long-term agreement (the "Agreement"). BofA Securities represents the Bank of America's institutional broker-dealer businesses, including Global Markets, Investment Banking, and Capital Markets.

This new contract order is the first request for RIWI data collection services under the Agreement signed between RIWI and BofA Securities on August 1, 2020. Under the Agreement, BofA Securities enjoys the opportunity to issue additional contract orders for RIWI data collection services – in any country of the world and on a broad range of topics affecting the global economy – up to July 31, 2023. This is the second three-year agreement RIWI has won with BofA Securities to date.

"This new, exciting work reflects RIWI's commitment to client delivery excellence and our commitment to innovative and proprietary data collection techniques for analysts and economists in diverse sectors and with investment interests across the world," said Neil Seeman, RIWI's Chief Executive Officer.

RIWI's offerings for the finance sector include: predictions about major geopolitical events that significantly impact equities and markets; high-frequency data on the behavioral and labor market impacts of public health phenomena, such as COVID-19 vaccine approvals and vaccine hesitancy; and real-time analytics about fast-changing consumer sentiment, employment, and business investment trends across China.

RIWI and the Future of Data Collection – Public Webinar, November 19, 3:30 pm Eastern Standard Time:

Please join us for: "The Legacy Polling Industry's 'Instrument Error' and the US 2020 Presidential Election – Why RIWI and other Anonymous Prediction Tools are Making the 'Art' of Polling Obsolete".

RIWI is among the only data organizations in the world to have defied media and consensus polling wisdom in the 2020 US election (RIWI always predicted an extremely close Electoral College race) and the 2016 US election (RIWI predicted an Electoral College win for President Donald J. Trump and the popular vote for Secretary Hillary Clinton). RIWI also predicted the outcomes of the key 2018 US Senate races, the turnout model that would define the outcome of Brexit and many market-moving, significant events across the globe, starting with the fall of the Mubarak regime in February 2011. In this talk, Jennifer Curley, President and CEO of Curley Company and publisher of The Association 100, the newsletter that provides actionable strategies and trends to top association executives across the United States, interviews Neil Seeman, founder and CEO of RIWI, to discuss why instrument error is the core problem with traditional polling – and why it is getting worse. Prior to founding Curley Company, Ms. Curley served as a Vice President at Edelman Public Relations Worldwide, where she ran the technology policy practice. During the Administration of President Bill Clinton, she was a political appointee in the Protocol Office of the White House and Department of State. Ms. Curley started her career in the United States Senate as an aide to Senator Daniel Patrick Moynihan.

Register at: https://us02web.zoom.us/webinar/register/WN_Xz2USLpmTKupGnNoRxrrig

About RIWI

RIWI is a global trend-tracking and prediction technology firm. On a monthly or annual subscription basis, RIWI offers its clients tracking surveys, continuous risk monitoring, predictive analytics and ad effectiveness tests in all countries – without collecting any personally identifiable data. https://riwi.com/

RIWI CORP.
Signed: "Neil Seeman"
Neil Seeman, Chief Executive Officer

For more information, please contact:
Daniel Im, Chief Financial Officer
danielim@riwi.com | +1-416-205-9984 ext. 2

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTION REGARDING FORWARD-LOOKING INFORMATION:

Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of Canadian securities legislation that involves risks and uncertainties. Forward-looking information included herein is made as of the date of this news release and RIWI does not intend, and does not assume any obligation, to update forward-looking information unless required by applicable securities laws. Forward-looking information relates to future events or future performance and reflects management of the Company's expectations or beliefs regarding future events. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68355

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XanPool Launches XanPay – New and More Efficient form of Payment Routing

HONG KONG, Nov 9, 2020 – (ACN Newswire) – Hong Kong-based Fintech Company XanPool (the "Company") having just raised raised it's US$4.3 million in a Pre-A financing last quarter, is pleased to announce that it has launched its latest, product XanPay.

XanPay is a unique payment routing technology that utilizes the Company's proprietary C2C-routing-technology and its network of Digital Currency Liquidity Providers to enable cross-border payments between payment service providers, merchants and their customers. XanPay's software allows its partners to instantly route and settle their cross border payments without any custody risk, simply by integrating with XanPay's REST API.

What this means in practice, is that payment service providers that use XanPay's routing technology, are now able to settle their merchant payments instantly, at minimal cost. Whereas conventional payment routing requires long settlement times – from days to weeks – to clear payments between merchant and customer.

The Company is currently already integrated with over 20 payment service providers and merchant acquirers in Asia, helping them route cross border payments in seconds instead of days, without taking custody of their customers' funds throughout the entire process.

XanPay's routing technology currently supports over 15+ countries and currencies including but not limited to Hong Kong S.A.R., Pakistan, Bangladesh, Russia, China, Japan, Korea, Australia, New Zealand, Singapore, Malaysia, Philippines, Indonesia, India, and Vietnam, connecting the currencies and local payment methods of over 50% of the world's population into a single software stack.

Commenting on the XanPay launch, Daniel De Weyer, previously the Global Clients Director at SWIFT (the world's oldest and most established payment routing company), now having joined XanPay full time, said, "I'm incredibly excited about the XanPay product. Having worked for over 20 years at SWIFT, I instantly saw the value of XanPay's C2C-rounting-technology alongside the usage of Digital Currencies. I have big ambitions for XanPay, and am excited to grow it into an organization with global capabilities making it the go to routing provider for local, regional and global clients".

Evonne Tan, Business Manager at XanPay, said, "Our aim is to offer our business partners and merchants the quickest and most affordable infrastructure for the routing of money across the region (to enable cross-border payments); The interesting thing about XanPay's infrastructure is that the more businesses use it, the faster and cheaper it becomes. This occurs when our C2C network volumes increase, which allows us to optimize our network liquidity better."

Merchants in Asia are encumbered by legacy payments routing institutions, intermediaries, and infrastructure, forcing these merchants to have to contend with high costs and long settlement periods. Digital Currencies routed through XanPay's C2C network can enable instant, cross-border routing and settlement, cutting out a lot of middlemen. Such as, for example, a Bangladeshi merchant will be able to accept Singapore dollars with Paynow, while receiving Bangladeshi Taka into his bank account within a few minutes.

Jeffery Liu, Chief Executive Officer at XanPool, and Daniel De Weyer, Director of Banking Relationships at XanPool are available for interviews.

Media contact
Company: XanPool
Contact: Fred Tan, Marketing & PR Manager
Email: Fred@XanPool.com & Support@XanPool.com
Phone: +852 5334 3110 (for Whatsapp Only)
Website: https://xanpool.com/

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Endowus launches Fund Smart for Singapore investors: Build customisable portfolios with direct access to curated institutional best-in-class funds from the world’s leading asset managers

SINGAPORE, Oct 26, 2020 – (ACN Newswire) – Endowus.com, Singapore's leading MAS-licensed digital wealth management platform and the first and only digital advisor for the Central Provident Fund (CPF), has announced the launch of their new investment solution – Fund Smart. Singapore investors can now build investment portfolios from a selection of institutional share-class and trailer-fee free funds curated by the Endowus Investment Office, led by Samuel Rhee, Chairman & Chief Investment Officer at Endowus. This new solution gives investors the ability to customise their fund allocations, analyse the historical and projected performance, as well as look-through the underlying exposure and total costs across the selected funds. It also provides real time advice to investors on the suitability of the portfolio they have created against their financial needs. Similar to existing Endowus investment offerings, Fund Smart has no sales fees, no transaction fees, no lock-ups and 100% trailer fee rebates. Endowus has also built in automated rebalancing and regular savings plans capabilities to improve the client investment experience.

Endowus launched a market survey to better understand Singaporeans' investment preferences and needs prior to designing Fund Smart. The majority of respondents indicated a strong preference for the flexibility to customise their own investment portfolios, with exposure to specific geographies or sectors (74.5%) and lower costs (84%) as key considerations. Endowus Investment Office sought to design a differentiated investment solution to take into consideration Singaporeans' investment needs and also provide quality advice in the form of curated fund selection and model portfolios.

Samuel Rhee, Chairman and Chief Investment Officer at Endowus, said: "Fund Smart's value proposition is clear. People struggle with too many options – a growing array of platforms, and far too many funds to choose from with confusing fee structures. Transparency is important to us as it should be to our clients. We want our clients to experience the same quality of advice we have provided with our core portfolio products, but now with greater flexibility as we introduce a new way of investing through Fund Smart. Stick to our advised and new model portfolios, or make the tweaks you need. It's that simple. And at the same low and aligned fees you can't get elsewhere."

The curated model portfolios include an ultra-defensive fixed income portfolio to prioritise capital preservation to weather volatility in markets and also flexible cash management solutions, as well as thematic and sector-focused portfolios such as ESG (Environment, Social, Governance) or SRI (Socially Responsible Investing) funds, Shariah-compliant funds, and thematic funds.

Funds available on Fund Smart include those managed by Dimensional Fund Advisors, PIMCO, Vanguard, Schroders, First Sentier, Franklin Templeton, Eastspring, Fidelity, PineBridge, Legg Mason, Fullerton, Lion Global, Nikko, and UOB Asset Management.

Endowus' no sales fee and 100% trailer fee rebate policy not only lowers the total cost of investment, but also ensures alignment of interests with the investors. As a fee-only advisory firm, Endowus is not incentivised by product providers paying them hidden sales kickbacks. The average net cost of managing portfolios with Endowus is 65% cheaper than trying to replicate the portfolios on popular platforms and private banks in the market.

Kimberley Stafford, Managing Director and Head of PIMCO Asia Pacific said, "PIMCO has had the pleasure to collaborate with Endowus since their launch. With its unique solution offerings and the launch of the new innovative Fund Smart solution, we believe Endowus, as an industry leading digital wealth management platform, will help broaden PIMCO's outreach to retail investors in Singapore and provide them with the access to our fuller range of global fixed income investment solutions."

Gregory Van, Founding Partner at Endowus, said "Fund Smart provides transparency and flexibility for clients to express their investment views through access to best-in-class funds, all on a secure wealth platform that is home to all their money – Cash, CPF and SRS. We will continue to help clients cut through the clutter, keep fees low and aligned, and improve everyone's investment experience."

Joel Kim, CEO of Dimensional Asia ex-Japan, said "Dimensional is pleased to have worked with Endowus since they started serving Singaporean investors. They are one of the pioneers of fee-based independent advice in Singapore with a strong focus on low cost, transparent and systematic approach to investing. Endowus' launch of the Fund Smart solution is a significant evolution in their advice offering for Singaporeans wishing to invest more of their savings with Dimensional through Endowus."

Safety and Security together with Ease of Use Are Still Important

According to the investor survey conducted, the safety and security of the platform (83.9%) are crucial deciding factors in determining where Singaporeans invest. Through Endowus' partnership with Singapore's largest broker UOB Kay Hian, all client assets and investments are safely held in trust under the client's own name. As with all of the Fintech company's product offerings, Endowus Fund Smart gives users a fully digital, fuss-free onboarding experience using MyInfo within minutes from the comfort of their own homes.

About Endowus

Endowus.com is a MAS-licensed financial technology company and the first-and-only digital investment advisor for the Central Provident Fund (CPF), Supplementary Retirement Scheme (SRS), and cash.

Endowus offers access to superior investment products, personalised advice, and lower costs on a seamless digital investment platform for all investors. Partnered with UOB Kay Hian, Singapore's largest broker, client assets and positions are safely held in the client's own name. For more info, please visit www.endowus.com/

For media queries, please contact:
PRecious Communications for Endowus
E: endowus@preciouscomms.com
T: +65 6303 0567 / +65 9644 2930

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

kasko2go Open Source Solution Supports Profitability of European Auto Insurance

ZUG, SWITZERLAND, Oct 26, 2020 – (ACN Newswire) – Genadi Man, CEO of kasko2go, has announced that his company's advanced open source solution would be made available free of charge, to reduce the dramatic losses in the car insurance industry with a high-tech open source product. Speaking at this year's telematics trade fair (Leipzig, Germany, 6-7 October), kasko2go said it aims to make the business model of Swiss and foreign insurers "significantly more profitable"

Genadi Man, CEO of kasko2go

kasko2go open source solution

kasko2go has been developed and tested on more than 100,000 drivers in Europe. In Switzerland the software has been on the market for almost two years. The decision is to give the 900 European and Swiss motor vehicle insurance companies free access to telematics technology, enabling them to create Usage-Based-Insurance (UBI) products without high investment costs. kasko2go is aiming at real change and optimisation in the market.

Potential to be developed

The European motor insurance market has immense potential with revenues from motor insurance premiums of 135.3 billion euros in 2016. In the same year, however, 103.5 billion euros were also paid out in insurance claims. This means that 76.5% of the income from motor insurance premiums had to be spent on claims, and explains the low margins of car insurers.*

Genadi Man explains "Why do we offer an open source solution? With the kasko2go solution approach there is enormous potential to change the industrial landscape in the field of motor vehicle insurance. Annual revenues in Europe amount to around 130 billion euros. If you take into account the high loss ratio of 76.5%, you realise that this business is not profitable. Our goal is to change the car insurance landscape sustainably – in a positive way."

Abolish an outdated business model

Traditional car insurers still base their risks on archaic parameters such as age, origin and gender. However, these business models lead to a high loss ratio because they are based on retrospective data, such as events that have already occurred. kasko2go, on the other hand, relies on empirical, behavioural and location-related information. This innovative solution is able to develop a comprehensive risk for the individual risk of each driver.

Low-risk drivers currently share the high costs of high-risk drivers. kasko2go's open source solution enables insurance companies to identify their risks in a targeted manner and to categorise them accordingly. This makes it possible to offer attractive premiums to low-risk drivers and create a portfolio with profitable policyholders.

What the experts say

Remo Weibel, Swiss Life Select for 25 years, 10 as CEO and Executive Boardmember, is an expert in financial products and serves on the Advisory Board of kasko2go. He says "For insurers, access to more behavioural data on motorists will help them to process claims more quickly and efficiently, to better understand the price of the risks they underwrite and to offer innovative new products and services to their current and new policyholders".

Frederic Bruneteau, Managing Director of PTOLEMUS Consulting Group, combines expertise in connected mobility with strategy and market analysis to support clients in shaping future mobility. Published in insurance telematics, analytics and connected vehicles, he says "kasko2go is the first company in Europe to pursue the vision of an industry standard in insurance driver rating and to take the necessary steps to achieve this goal".

*Source: Insurance Europe, "European Motor Insurance Markets", February 2019

About kasko2go AG

Zug-based kasko2go is an innovative provider of insurance solutions that aims to promote a safe driving culture in society. With specially developed AI and telematic big data assessments Pay-As-You-Drive and Pay-How-You-Drive models, kasko2go reduces insurance premiums by up to 50%. Since April 2019, kasko2go and its insurance partner, Dextra Versicherungen AG, have been offering a revolutionary car insurance app in Switzerland, which calculates the premium according to individual driving behaviour.

Visit www.kasko2go.com, register at https://twitter.com/kasko2go or see www.linkedin.com/company/kasko2go/.

Genadi Man, kasko2go
e: g.man@kasko2go.com, t: +41 79 852 12 30
Steinhauserstrasse 74, 6300 Zug, Switzerland

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Woori BMO Group Comments on Finance of America Set for IPO

TORONTO, ONTARIO , Oct 16, 2020 – (ACN Newswire) – Woori BMO Group has today commented on Blackstone Group-backed consumer-leading platform Finance of America Equity Capital LLC as they get set to go public with a valuation of $1.9 billion through a publicly traded special purpose acquisition company (SPAC) merger, the popular way to list this year.

"Finance of America is merging with the special-purpose acquisition company Replay Acquisition Corp. This will give the company a valuation of $1.9 billion. The company will also receive $250 million in investment from institutional investors as part of the deal," commented Christian Harper, Director of EMEA Wealth Management at Woori BMO Group.

As a result of the transaction, the Pennsylvania-headquartered company's founder and CEO Bill Dallas and funds managed by Blackstone will be left with a 70% ownership stake.

This year, SPACs have emerged as a popular IPO substitute for some businesses, offering a route to going public with less regulatory oversight and more clarity about the valuation that will be reached and the funds that will be raised.

"So far in 2020, U.S. SPACs have raised $53.8 billion through IPOs, which is more than the total raised in the last seven years," commented Director of Institutional Equity at Woori BMO Group, Andrew Williams.

Finance of America has generated over $65 billion in loans through its collection of companies since 2017, according to researchers at Woori BMO Group. The company operates in four emerging markets including Commercial Real Estate, Mortgages, Reverse Mortgages and Fixed Income Investing. In recent years, Blackstone has evolved Finance of America through a series of acquisitions, including purchases of Gateway Funding, Pinnacle Capital Mortgage and Skyline Home Loans.

In the third quarter, Finance of America generated over $7.4 billion, the highest of any quarter on record for the end-to-end lending and services platform. Like other mortgage lenders, the Blackstone portfolio company has highly benefited from ultra-low interest rates and a huge demand for refinancing business.

About Woori BMO Group

Founded in 2007, Woori BMO Group is a full-service wealth management company providing both corporate institutions and private clients a tailored financial advisory service from its retail office in Toronto, Canada.

Media Contact
Company: Woori BMO Group
Contact: Mr. Shinsato Masao, Chief Economist
Telephone: +1-647-946-8880
Email: shinsato.masao@wbginternational.com
Address: 25F Exchange Tower, 130 King Street West, Toronto, ON, Canada M5X 1E3

Related Links
Woori BMO Group https://www.wbginternational.com/

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/66036

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Woori BMO Group Reports on Clover Health as They Go Public in $3.7 Billion SPAC Deal

TORONTO, ONTARIO , Oct 9, 2020 – (ACN Newswire) – Woori BMO Group has today commented on Clover Health, the insurance start-up backed by Alphabet Inc. and Sequoia, as it agrees to go public through a merger with a special purpose acquisition company created by Palo Alto-based venture capitalists, Social Capital Hedosophia Holdings Corp. III.

Christian Harper, Director of EMEA Wealth Management at Woori BMO Group, reported, "The deal gives Clover Health a company valuation of $3.7 billion, raising $1.2 billion in proceeds. Of this amount, $828 million will come from the SPAC company, Social Capital Hedosophia Holdings Corp. III, with a further $400 million coming from private investors."

The founder and chief executive officer of Social Capital, Chamath Palihapitiya, said he would personally invest $100 million into the combined company.

Palihapitiya said in an investor call on Tuesday, "I have known Vivek (CEO of Clover) for almost ten years. As an investor, the most basic thing you need to know is this is the ultimate healthcare disruptor. We are going to fortify this balance sheet, so Clover has the ability to aggressively build and expand all throughout America."

Clover Health provides Medicare Advantage plans in 34 counties across seven states, with its biggest market being New Jersey. Its plans received a three out of five Medicare star rating for 2020.

Unlike many other health insurance start-ups which promote narrow-network plans to lower costs, Clover Health has structured most of its plans as PPO networks. It advocates a software tool it has developed for primary care physicians as a way of reducing variability and healthcare expenses.

The company has also faced some challenges along the way. In 2018, Clover lost its former CTO and COO in quick succession. It later hired Andrew Toy, who sold his previous start-up to Google, as its CTO and president. Last year, after raising $500 million, the company cut a quarter of its workers, which it described as a restructuring to shift some of its resources to become experts in the Medicare Advantage market.

Woori BMO Group's Head of Institutional Equity, Andrew Williams, reported, "Clover Health generated $462 million in revenue last year, an increase from $290 million in 2018. The company did, however, suffer a net loss of $60.57 million."

Williams added, "Looking toward 2021, the company is projecting revenues of $880 million and 273,000 members. That is over four times the amount of its current memberships which is around 57,000."

Clover will use the funds to boost the start-up's growth, with the company planning to expand into 74 more counties and an eighth state next year.

About Woori BMO Group

Woori BMO Group is a full-service wealth management company providing both corporate institutions and private clients a tailored financial advisory service from its retail office in Toronto, Canada.

Media Contact

Mr. Shinsato Masao
Chief Economist
Telephone: +1-647-946-8880
Email: shinsato.masao@wbginternational.com
25F Exchange Tower
130 King Street West
Toronto, ON, Canada
M5X 1E3

Related Links
Woori BMO Group https://www.wbginternational.com/

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/65615

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com

HKIoD Voices Reservations about “Lead INED” but Affirms Room for Improving Effectiveness of INEDs

HONG KONG, Oct 8, 2020 – (ACN Newswire) – Recently, there have been discussions in the financial market about the suggested introduction of a lead independent non-executive director ("Lead INED") on the boards of listed companies. The Hong Kong Institute of Directors ("HKIoD") expresses strong reservations about the suggested introduction and states its views regarding enhancing the effectiveness and accountability of INEDs.

HKIoD's views stem from the legal stipulation that all directors bear equal responsibility as well as the basic principle that INEDs must serve on the board with independent perspective towards protecting the long-term interests of the company and all shareholders. INEDs carry the trust bestowed upon them. HKIoD therefore affirms that INEDs should be effective and accountable in fulfilling their roles. According to HKIoD's observation, there are INEDs who perform their duties well, particularly those who are recognised recipients of Directors Of The Year Awards. However, there is still room for improvement in terms of change in culture and general development.

"There are many measures that can be taken to enhance INED effectiveness and accountability," said Dr Christopher To, Chairman of HKIoD. "However, we do not think the appointment of a Lead INED is the solution. Having a Lead INED may be effective where the majority of the board consists of INEDs. If the majority of board members are executive directors and the major shareholders are holding more than 50% of the issued share capital of the company, appointing a Lead INED does not help the independent shareholders in the decisions of the board, except in the case of a connected transaction, in which the major shareholder is already required to abstain from voting."

"We are concerned with how the appointment of a Lead INED could affect the other INEDs' perception of their roles and responsibilities, and in turn their desire and motivation to perform," added Dr To. "Having a number of INEDs on a board helps to widen the opinion base and generate balanced views. The emphasis on the Lead INED risks disrupting this balance."

Mr Henry Lai, Past Chairman of HKIoD and current Chairman of the Institute's Corporate Governance Policies Committee, has in mind a number of measures for enhancing the system of INEDs, though the introduction of a Lead INED would not be among such measures. "Firstly, we should review the selection criteria of INEDs, such as independence, special roles expected of each INED, board diversity, et cetera, including the procedures for appointing INEDs," said Mr Lai. "In addition, priority must be given to initial and ongoing education and training of INEDs. In some other jurisdictions, it is a developed culture for the INED and the company to seek recognised training in INED practices. Companies should also be encouraged to have more professional and experienced directors appointed as INEDs."

"Secondly, meetings with independent shareholders can be set up for INEDs collectively before every EGM to discuss and explain the resolutions that the EGM seeks to pass, in supplement to the recommendations made by the independent board committee and independent financial adviser ("IFA")," explained Mr Lai. "Such meetings can be arranged in the interest of serving as another bridge between shareholders and the board, in addition to the company's Investor Relations communications. In performing their duties, INEDs should be allowed to choose their own IFAs."

"Thirdly, the inclusion of an INED report in the company's annual report is another measure to enhance the accountability of INEDs," added Mr Lai.

Dr Carlye Tsui, CEO of HKIoD, observed, "INEDs need to be educated continually in order to remain up to date on trends of corporate governance. Currently, many companies do not seem to understand or appreciate the functions and benefits of INEDs; hence, they too need to be educated. Continuing education, for both INEDs and other directors and management, is significant in increasing understanding and in encouraging collaborative working relationships, which ultimately result in bringing the true value of INEDs' contribution to realisation." She further said, "Corporate governance is in continual evolution. While executive directors and management may be preoccupied with business development, INEDs can act as catalyst for championing board leadership in such issues as ESG adoption and board evaluation. This will enhance the effectiveness of INEDs."

Dr To remarked, "In some other listing regimes, the ecosystems are characterised by a market with a high ratio of institutional investors to retail investors. In Hong Kong, the reverse scenario holds true, with retail investors outnumbering their institutional counterparts. Having a Lead INED in dialogue with institutional investors may therefore be unfair to the retail investors."

"In the evolution of corporate governance, HKIoD believes that the number of INEDs in a board can be increased given time, leading ultimately to an INED-majority board," remarked Mr Lai. "Now it may be appropriate to consider the roadmap towards this majority. Then a Lead INED may be able to serve the leading purpose. Otherwise, it is unfair to the Lead INED as enormous pressure would be thrusted solely upon him or her while the other INEDs would remain in the back seat."

Dr Tsui posed a crucial question, "The final question is: Who will be willing to take up the position of Lead INED, given the tremendous responsibility and liability that the role entails? It will be an immensely difficult task, if not impossible, to look for candidates to fill this position. This also brings up the issue of awarding reasonable remuneration to INEDs, particularly a Lead INED to attract the right candidates."

About The Hong Kong Institute of Directors

The Hong Kong Institute of Directors is Hong Kong's premier body representing directors to foster the long-term success of companies through advocacy and standards-setting in corporate governance and professional development for directors. A non-profit-distributing organisation with membership consisting of directors from listed and non-listed companies, HKIoD is committed to providing directors with educational programmes and information service and establishing an influential voice in representing directors. With international perspectives and a multi-cultural environment, HKIoD conducts business in biliteracy and trilingualism. Website: http://www.hkiod.com.

Media Enquiries:
Strategic Public Relations Group
Brenda Chan, +852 2114 4396, brenda.chan@sprg.com.hk

The Hong Kong Institute of Directors
Moni Ching, +852 2889 1414, moni.ching@hkiod.com

Copyright 2020 ACN Newswire. All rights reserved. http://www.acnnewswire.com