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停滯不前亟需新思維

A New Paradigm for Energy Companies能源企業新思維

Are Protectionist Moves Good or Bad for China?保護主義對中國是禍是福？

What’s Holding Us Back? Time for a New Paradigm

Issue 22第

22期

Issue 22第22期

For business leaders www.hkiod.com

Symbol of Credit in Director CPD董事持續專業進修嘉許標誌

More details on P.33

詳情請參閱

第33頁Director CPD

H K I o D持續進修 2017

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Hon President & Founding Chairman 榮譽會長兼創會主席Dr the Hon Moses Cheng GBM GBS OBE JP 鄭慕智博士

Past Chairmen 前任主席Dr Herbert H M Hui JP 許浩明博士 (Deceased)(已故)Mr Peter S H Wong MBA 黃紹開先生Dr Kelvin Wong JP DBA 黃天祐博士

Council 理事會 (2016-2017)

Chairman 主席: Mr Henry Lai 賴顯榮律師

Deputy Chairmen 副主席:Mr George Magnus BBS OBE MA(Cantab) 麥理思先生 Ir Edmund K H Leung SBS OBE JP 梁廣灝工程師Dr David Wong BBS JP 黃友嘉博士Dr Christopher To 陶榮博士Mr Liu Tingan 劉廷安先生

Treasurer 司庫: Mr Man Mo Leung 文暮良先生

Immediate Past Chairman 前任主席: Dr Kelvin Wong JP DBA 黃天祐博士

Chief Executive Officer 行政總裁:Dr Carlye Tsui BBS MBE JP 徐尉玲博士

Council Members 理事會成員:Ms Bonnie S Y Chan 陳心愉女士Dr Leonard S K Chan 陳新國博士Dr Charles Cheung JP MBA DBA (Hon) 張惠彬博士Dr Justin K H Chiu 趙國雄博士Prof Y K Fan BBS JP 范耀鈞教授Mr George Hongchoy 王國龍先生Mr Randy Hung 孔敬權先生Mr Ip Shing Hing JP 葉成慶律師Mr Carmelo Lee JP 李嘉士律師Mrs Margaret S Leung 梁甘秀玲女士Mr Ka-Yin Li 李家彥先生Mr William Lo 羅志聰先生Ir Prof John Mok 莫建鄰教授Mr Stanley Mok 莫兆光先生Ms Cynthia Y S Tang 鄧宛舜女士Mr Richard Tsang 曾立基先生Mr Jim Wardell 詹華達先生Mrs Alison F Y Wong 黃李鳳英女士Mr Huen Wong BBS JP 王桂壎律師Dr Anthony Yeung 楊俊偉博士Dr Linda Y W Yung 翁月華醫師

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.

香港董事學會為香港代表專業董事的首要組織，其宗旨是促進所有公司的持久成就；為達成使命，學會致力提倡優秀企業管治與釐訂相關標準，以及協助董事的專業發展。

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ContentsIssue 22 第22期

內容

32 Members’ Milestones會員里程碑

06 Editor’s Note編者語

07 Directors’ Symposium 2016 Recapped

「董事研討會2016」回顧

34 HKIoD Programme Briefs香港董事學會活動簡報

12 CLP Holdings中電控股

Customers, Commitment, CarbonA New Paradigm for Energy Companies客戶、承諾、減碳

能源企業新思維

20 Feature Article特稿

How to Out-trump New Market Order of Trump’s Presidency特朗普當選新市場秩序下如何致勝市場

16 UBS AG (Wealth Management)瑞銀財富管理

Trump PresidencyAre Protectionist Moves Good or Bad for China?特朗普即將就任

保護主義對中國是福是禍？

24 Interview with an HKIoD “Family學會家族成員專訪

Kum Shing's Two Generations Believe in Learning for Life 金城兩代人深信學無止境

28 Outreach and Kindred Relations外展及友好聯盟活動

HKIoD Sends First Delegation to Shanghai 香港董事學會首次組團訪問上海

停滯不前亟需新思維

What’s Holding Us Back? Time for a New Paradigm

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I n a world that can be full of surprises, nothing is more important than to be prepared to think out of the box.

As 2016 draws to a close, we look back on two black swan events that astonished many on a global scale. On 23 June, the people of the UK voted to leave the European Union. Less than five months later, on 8 November, dark horse Republican candidate Mr Donald J Trump beat Democrat Mrs Hilary R Clinton in the race to the White House. In both cases, the polls had forecast just the opposite outcome. How does one survive – let alone succeed – given this paradigm shift?

In this light, The Hong Kong Institute of Directors picked creative thinking as theme for the Directors’ Symposium 2016. It’s been nearly two decades since Hong Kong reverted to Chinese sovereignty. What is holding back Hong Kong’s economic development? On 12 September, leading directors from different sectors took to the podium to explain and explore new approaches to guide Hong Kong through a “new paradigm.” Their views are recapped in this issue.

In addition, we invited two experts to share their views on the possible impact of a Trump presidency on businesses and investors. At the symposium, UBS AG (Wealth Management)’s Dr Hu Yifan gave attendees an economic overview; in her contributed article, she drills down to whether Mr Trump’s policies would be good or bad for China. In another article, Mr Manishi Raychaudhuri, Asian Regional Equity Strategist of BNP Paribas Securities, shares his views on how to out-trump the new market order of a Trump administration.

Please read on to glean whatever insight you can derive from this issue.

局變幻莫測，故此，能把思維跳出既有框架至

為重要。

2016年已屆尾聲，回顧這一年，出現了兩次震

撼全球的黑天鵝事件。6月23日，英國人民投票決定要離開歐

盟。不足五個月後的美國總統選舉，共和黨候選人唐納德‧

特朗普以黑馬姿態擊敗民主黨候選人希拉莉‧克林頓。這兩

宗事件中，事前的民意調查的預測都與結果相反。時局劇變

，先別談如何領先市場，我們應如何在新局面中立足？

有見及此，香港董事學會主辦的「董事研討會2016」以創新

思維為主題。香港回歸祖國接近二十年。有甚麼因素窒礙了

香港的發展？9月12日的董事研討會上，幾位來自不同業界的

優秀董事分享了真知灼見，探討如何以新思維帶領香港邁向

新局面。本期雜誌載有他們分享的撮要。

此外，本期獲兩位專家撰稿，分析特朗普當選總統可能對企

業和投資者產生的影響。董事研討會上，瑞銀財富管理的胡

一帆博士跟與會者分享了經濟前景預測。她投稿的專題文章

則進一步分析特朗普當選對中國的利與弊。另一篇專題文章

由法國巴黎銀行亞太證券策略師Manishi Raychaudhuri先生提供。

他分享了在特朗普政府促成的市場新秩序下，如何才能領先

市場。

請細閱本期刊載的文章，發掘應對未來挑戰的智慧。

6 HKIoD: THE 21ST CENTURY DIRECTOR

Editor’s Note編者語

時

Directors’ Symposium 2016 「董事研討會2016」

T he Directors’ Symposium is an annual event organised by The Hong Kong Institute of Directors (HKIoD). It began

as the Directors’ Conference in 2009. The objective was to allow busy senior executives to take time out to exchange ideas and to update one another on corpo-rate governance over a leisurely dinner.

Over the years, HKIoD had taken pains to pick a topic that was at once relevant and current for each symposium. The Institute’s efforts have been met with positive response from different quarters of society and strong support from sponsors, including eight consecutive years of sponsorship from the Hong Kong Compa-nies Registry. The Directors’ Symposium is now a major HKIoD event held annually. It serves more than one purpose. At a

About 150 participants gather for the Directors’ Symposium 2016.約150名嘉賓出席「董事研討會2016」。

7香港董事學會: 廿一世紀董事

「董事研討會2016」回顧

Directors’ Symposium 2016 Recapped

sumptuous banquet, attendees get a chance to catch up with one another and get updat-ed on corporate governance while earning credits for Continuing Professional Devel-opment to meet their various work-related and sectorial requirements.

Held on September 12, the Directors’ Symposium 2016 carried the theme: “What’s Holding Us Back? Time for a New Paradigm.” Change is constant in a business environment. Although Hong Kong’s competitiveness is recognised globally, businesses do not have an optimistic outlook on the local economy. The symposium advocated thinking out of the box to seek a new path for Hong Kong. That evening, seven guest speakers of international standing discussed and shared how they would break new ground in different sectors.

This past symposium comprised of four segments. A presentation by Dr Hu Yifan, UBS AG (Wealth Management)’s manag-ing director, regional chief investment officer for Greater China and chief China economist kicked off the evening with her “Economic Outlook” presentation. She told attendees that the investment big picture was clouded by a global economic slowdown, the threat of deflation and the unprecedented impact of negative interest rates. The only certainty is an uncertain global economic forecast. In the foreseeable future, population growth, an aging population and urbani-sation are themes that would prevail over investment decisions, she said.

HKIoD’s Immediate Past Chairman cum COSCO Shipping Ports Ltd’s Executive Director and Deputy Managing Director



Dr Kelvin Wong shared his views on the new mindset of an “enlightened” company director. He expressed belief that as business leaders, company directors must be visionary. While reviewing operations serves to ensure compliance, it is critical that directors look forward and apply innovative thinking and creative ideas to plan strategically for the company. It is only then that an organisation can implement a strategic corporate structure and change a corporate culture focusing on avoiding risks. In addition, outstanding directors must be communicative and maintain good exchanges with shareholders big and small and of course, institutional investors. At the same time, an effective director must be able to motivate other colleagues on the board as well as encourage company management to collaborate with one heart and one mind.

The third segment was presented by CLP Holdings Ltd’s Executive Director and Chief Financial Officer Mr Geert Peeters. Focusing on the three Cs (customers, commitment and carbon), he spoke of a “new paradigm for energy companies.” To strike a balance among reliable service, reasonable pricing and environmental protection, energy enter-prises must plan strategically and long term, he said. Energy suppliers also must think innovatively to meet changing social trends. While engaging in business expansion, they must not ignore the need to provide consumers with choices, promote energy efficiency and practice sustainable development. (For details of Mr Peeters’s presentation, please see his contributed article on pages 12 to 14.)

The final segment involved a panel

discussion of the event’s theme. Panel-lists included: Ir James Chiu, chairman of Paul Y Engineering Group Ltd and GTECH Services Hong Kong Ltd; Mrs Cindy Chow, executive director of Alibaba Hong Kong Entrepreneurs Fund; Mr James McKeogh, partner of Fintech at KPMG Advisory (Hong Kong) Ltd; and Mr Simon Wong, chairman of the Kamp-ery Group.

Engineer Mr Chiu talked about the importance of making good use of talents. He cited the example of the construction industry’s shortage of engineers. Today, most talents are knowledge workers. These knowledge workers simply cannot live up to their full potentials under the old-style of management. Hence an enterprise must “lead” them using creative thinking and


not “manage” them to utilise fully what they have to offer.

From an investor’s point of view, Mrs Chow discussed the type of creative qualities that young entrepreneurs need to possess. She pointed out that young-sters about to embark on their career should be more open-minded to explore – either to start their own business or to join a startup. Parents should also be more supportive if their children want to deviate from the more traditional career path. If more young people take the entrepreneurial path, they will inject more vitality into the local economy. On another front, since Hong Kong is lagging behind other Asian countries in terms of e-commerce development, her Fund will also help to train talents and to promote the use of e-commerce.

Mr McKeogh specialises in e-finance, an emerging sector. He advised that enterprises and their directors prepare themselves mentally to “accept failure” in this fledgling sector. Failure merely means that not enough efforts are made to cross some uncharted territory. E-finance is at a nascent stage in this city. But no one can deny the huge business opportunity that a successful project can bring about. That is why enterprises must accept the possibility of failure, manage risk properly and embrace the business opportunity that e-finance may bring.

Mr Wong analysed the importance of creative thinking from the perspective of the food and beverage industry. The entire F&B supply chain – production, wholesale, retail and restaurant opera-tion – suffers from labour shortage. Thinking out of the box, the industry has introduced automation to overcome labour shortage. Moreover, led by mobile applications, new technology is overturn-ing traditional ways of running the F&B sector. In other words, creative thinking is just as important to beat a new path in the F&B sector.

Since 2012, “The 21st Century Director” magazine has devoted the last issue each year to contributions from guest speakers of the Directors’ Symposium. Key points discussed thus can be reviewed by attendees and communicated to those who could not make it to the event.

事研討會」是香港董事

學會主辦的年度活動，

前身為2009年舉辦的「

董事論壇」(D i r e c t o r s '

Conference)，活動旨在讓平日工作繁忙的

董事和高層人員，能夠利用一晚的時間，

汲取企業管治資訊。

一直以來，「董事研討會」的選題均務求

探討當年最貼身、最熱門的題目。項目經

過多年的經營，得到社會各界的正面迴響，

亦得到贊助商的鼎力支持，其中公司註冊

處更連續八年贊助，現時「董事研討會」

已發展成為香港董事學會其中一項年度重

點項目。此外，節目亦提供一個難得的聯

誼機會，讓與會者在聆聽董事之道之餘，

了解彼此近況，更可同享豐富的晚宴。此

外，「董事研討會」迎合來自不同行業的

參加者，出席的專業人士可透過研討會取

得持續專業進修學分，滿足持續專業進修

的要求。

「董事研討會2016」在9月12日舉行，並以

「停滯不前亟需新思維」為主題。營商環

境變幻莫測，縱使香港的競爭力獲國際認同

，商界對本地經濟前景仍未感樂觀。研討會

提倡以新思維為香港尋找新出路。當晚七位

具國際視野的嘉賓講者討論和分享了他們在

各自行業範疇所體會的新思維。

今年的活動由四部份組成，首先是「經濟

展望」環節，由瑞銀財富管理董事總經理

、大中華區首席投資總監及首席中國經濟

師胡一帆博士主講。胡博士先分析了當前

投資大環境，受全球經濟增長放緩、通縮

危機，及前所未見的負利率所影響，全球

市場充滿不確定性。未來的投資主題則圍

繞人口增長、人口老化和城市化。

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What's Holding Us Back?

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(Left to right) Ir James Chiu, Mrs Cindy Chow, Mr James McKeogh, Mr Simon Wong and session host Ir Edmund K H Leung.(左起) 趙雅各工程師，周駱美琪女士，麥高仕先生，黃家和先生和專題討論環節主持梁廣灝工程師。

香港董事學會卸任主席、中遠海運港口有

限公司執行董事兼董事副總經理黃天祐博

士，分享了優秀公司董事所要具備的新思

維。公司董事作為領導者，要有前瞻和遠

大的目光。檢視業務可以確保企業合規，

但董事更需要向前看，以創新思維和創意

協助公司制訂發展策略，組織能妥善實行

策略的企業架構，及改變只管迴避風險的

企業文化。此外，公司董事要有良好溝通

能力，要與大小股東及機構投資者有良好

交流，並要有能力讓董事會的其他成員，

以致管理層同心協力，愉快合作。

中電控股有限公司執行董事及財務總裁彭

達思先生，以「能源企業新思維的 3 C

(Customers, Commitment, Carbon)」為題作

分享。能源企業需要制訂長遠策略，以在

可靠服務、合理價格和保護環境間取得平

衡。能源企業亦要因應社會發展趨勢而創

新思維，發展業務時關注為客戶提供不同

的消費選擇，推廣能源效益，顧及可持續

發展需要。(彭先生於會議上分享的詳細，

可見於本期第12 - 14頁的特約文章。)

最後一部份為「專題討論」環節，參與討

論的分別是保華建業集團有限公司及英國

通用工程(香港)有限公司主席趙雅各工程

師，阿里巴巴香港創業者基金執行董事周

駱美琪女士，畢馬威諮詢(香港)有限公司

合夥人 (金融科技) 麥高仕先生，及金百加

集團主席黃家和先生。

趙雅各工程師的其中一項分享是企業善用

人材所需的新思維。他以建造業界為例，

指出現時工程師人材短缺。現今社會的人

材多是知識型人材 ( knowledge workers)，

從前的管理模式不能讓他們盡展所長。事

實上企業要以新思維來領導 (to lead) 他們

，而非管理 (to manage) 他們，才能收善用

人材之效。

周駱美琪女士從投資者角度分享香港青年

企業家所需的創業新思維。她指即將投身

社會的年青人應以更開放的態度探求新事

物 ― 可以是自行創業，或加入新成立的公

司。家長也要支持子女去闖傳統職業生涯

以外的路。更多年輕人走上創業之路，能

為香港經濟注入活力。此外香港相比內地

和其他亞洲地區，電子商貿的發展相對落

後，故此電子商貿是她的基金積極推廣的

新範疇。

新興的金融科技是麥高仕先生的專業範疇。

他建議企業和公司董事面對方興未艾的金

融科技，應有「接受失敗」的新思維。失

敗只不過是反映在探求新事物時，所付出

的努力還未足夠而已。香港的金融科技發

展正處於初期階段，但成功的項目可以顛

覆常規，為企業帶來商機。故此企業要有

接納失敗的新思維，同時做好風險管理，

擁抱金融科技帶來的新機遇。

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What's Holding Us Back?

hkiod_ad 2017_v01.indd 1 12/15/2016 12:42:32 PM

CLP Holdings 中電控股

Customers, Commitment, Carbon

A New Paradigm for

W hen CLP began life as China Light and Power Company Syndicate to serve Kowloon residents

more than a century ago, our chief financial officer – if there were one – probably knew all of his fewer than 200 customers by name. At that time, customers were happy if we could provide enough electricity for them to keep the lights on for just a few hours each week.

Fast forward to today. The CLP Group is now one the largest investor-owned electricity companies in the Asia-Pacific region where we power over five million homes and businesses. In Hong Kong, our vertically-integrated operation provides a highly-reliable electricity supply to 80 per cent of the city’s population. We also invest in Mainland China, India, Southeast Asia, Taiwan and Australia. Our business includes power generation, transmission and distribution, and electricity and gas retail activities.

Energy TrilemmaAs we embarked on our expansion, the challenge of providing a reliable and safe electricity supply produced in an environ-mentally responsible way and at a reasonable cost has become more complex. This so-called “energy trilemma” has an inevitable effect on the way we conduct our business. Simply put, at different times throughout history, these competing objectives have carried different weights


by Geert Peeters, Executive Director & Chief Financial Officer, CLP Holdings 中電控股執行董事及財務總裁彭達思著

Energy Companies

on our strategic and long-term decision making.

Initially, CLP's purpose was very clear: we had to ensure day-to-day availability of electricity. As electricity was still a novelty to this world, not to mention Hong Kong, we saw an explosive growth in demand for basic electricity services to support the city’s industrialisation.

Soon, we entered the next stage of devel-opment with investments in larger facilities to focus on the cost component of the trilemma. Prime examples include Castle Peak Power Station in Hong Kong in the 1980s and Daya Bay Nuclear Power Station in Guangdong Province in the 1990s. The Daya Bay project, in particular, was considered a bold move by any measure. It was China’s first large-scale commercial nuclear power plant, which, for over 20 years, has helped to keep power in Hong Kong reliable and afforda-ble. But no matter where we are, our goal is to meet Asia Pacific's energy challenge in a sustainable manner from one genera-tion to the next.

With time, along with our customers and stakeholders, we became more conscious of the environmental impact of electricity generation. Hence we adopted new technologies that would reduce emissions without compromising on reliability, availability and cost competitiveness. In the past two decades, CLP has achieved

over 80 per cent emission reduction despite an equal level of growth in electricity demand.

In 2007, we made another bold move, publishing our “Climate Vision 2050” to lay out our long-term carbon intensity targets. We later set a group-wide fuel mix target of having 20 per cent renewa-bles and 30 per cent non-carbon-emitting generation by 2020. More recently, in support of the Hong Kong Government’s environmental policy to raise the natural gas to around 50 per cent of the fuel mix for 2020, we began studying the develop-ment of new infrastructure such as a gas-fired generation unit and an offshore liquid natural gas terminal in the city.

New Variables Meanwhile, new “variables” to the trilem-ma equation are emerging, which, in socioeconomic terms, translate into “disruptive trends” affecting the energy industry. For example, the shale gas technological revolution has accelerated retirement of coal plants in the US. Here in Asia, the evolution of other new technologies, such as wind, solar and batteries, is expected to transform funda-mentally the way we produce electricity.

These new trends have threatened in many cases to “break” the delicate balance of the trilemma. In the UK and on a smaller but more acute scale in Southern Australia, blackout risk is emerging partly

能源企業新思維

客戶、承諾、減碳


due to the tightening of supplies resulting from the closure of older polluting power plants. In Spain or Italy, there is talk about social discrimination as people with large houses enjoy solar rooftop panel subsidies partly paid by users living in more modest dwellings. In Germany, forced closure of nuclear plants and generous subsidies for renewable energy have evaporated the market capitalisation of the two largest utilities, namely Eon and RWE. Fortunately in Hong Kong, the model of responsible dialogue between the government, community and utilities has served the city well; the trilemma is still in balance.

Solutions to New ParadigmLooking ahead, maintaining the balance of the trilemma will not be enough. A few societal trends will shape the new paradigm in the energy sector and we need solutions.

First, in an age of smart living, customers demand more individual solutions. Our role as a utility is to empower them with more choices so that they can enhance their energy efficiency. At CLP, the use of smart meters and other energy saving solutions are part of our answers to those questions.

Second, in addition to individual needs, we are seeing new collective demand to save energy. How do we include in the system a large-scale rollout of electric

mobility? Electric vehicles at some point, also may be considered as a source of storage of electricity. As new grid control technology emerges, this may help signif-icantly to “shave the peak” and thus generate potential savings. As an initial response, CLP has launched “Smart Charge”, a new initiative with HKT to provide electric vehicle drivers an unpar-alleled one-stop charging solution.

Third, climate change is a threat not just to our industry, but to mankind as a whole. As an early embracer of clean energy technologies, we have built over 3,000 megawatts of renewable energy generation facilities so far, accounting for about 17 per cent of our total generation capacity. But we should and will do more. As a group, we are prepared to grow our non-carbon generation capacity. Will it be done through more nuclear energy, devel-opment of offshore renewable energy or even vertical solar panel technology? Watch this space.

Last but not least, in 2015 the United Nations adopted 17 Sustainable Develop-ment Goals (SDGs) aimed at tackling poverty, hunger, climate change and other global problems by 2030. The SDGs have provided the international community with a clear direction on the transformative steps that are urgently needed for sustainable development. They also inspired us to develop our own “Sustainability Principles,” which set the foundation for articulating

our sustainability priorities in support of longer term business strategy. The setting up of these principles signifies our willing-ness to play a role in helping the world achieve the SDGs, especially those on combating climate change and affordable electricity. More importantly, this is our commitment to our customers and to the world.

多年前，中電開始為九龍區

居民應電力。當時客戶的數

目還不足200個，假若當年中

電已有財務總裁一職，相信

他能記得所有客戶的名字。那時候，我們

只要每星期為客戶供電數小時，讓他們有

足夠的電力把電燈亮起，他們已心滿意足。

時至今天，中電已是亞太區規模最大的私

營電力公司之一，為五百多萬住宅和商業

客戶提供電力。集團在香港經營縱向式綜

合電力業務，為本港逾八成人口提供可靠

電力供應。中電的投資亦遍及中國內地、

印度、東南亞、台灣和澳洲，業務包括發

電、輸配電、及電力及燃氣零售。

能源政策的三重挑戰

隨著業務發展，我們面對的挑戰 - 以注重

環境保護和價格合理的方式提供安全可靠

的電力服務-越趨複雜，我們常說的「能源

政策的三重挑戰」無可避免對我們如何經

營業務造成影響。簡單而言，在過去不同

階段，這三項互為影響的要素對我們關鍵

和長遠的決策有著不同程度的影響。

初期，中電的目標非常清晰：確保日常電

力供應穩定。當時電力供應尚未普及，香

港也不例外。然而，我們看到香港的工業

發展開始啟動，並將帶動基本電力需求出

現爆炸性增長。

不久，中電的業務便進入了發展新階段，

我們投資大型設施，集中精力以應對三重

挑戰中的價格要素。這些設施包括例1980

年代投產的香港青山發電廠，和1990年代

投產的廣東省大亞灣核電廠，尤其是大亞

灣核電廠，當時更公認是大膽的投資，大

亞灣是中國首座大型商用核電設施，二十

CLP Holdings 中電控股

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CLP_com_ad_210_297_OP.pdf 1 4/5/16 4:39 pm


多年來提供可靠和價格合理的電力給香港

。不論是哪一個發展階段，我們的目標都

是以可持續發展的方式應對亞太區的能源

挑戰，並讓業務代代相傳。

今天，我們和客戶及持份者更重視電力業

務對環境的影響，因此，我們採用嶄新技

術，既可減少排放，又不會削弱供電服務

的可靠性、可用率和價格競爭力。過去二

十年，儘管電力需求增長約80%，我們的

排放量卻減少逾80%。

2007年，中電發表了《氣候願景2050》，

定下長遠的碳排放目標，是另一大膽舉措

。其後，集團定下發電燃料組合目標，於

2020年把可再生能源的比重提高至發電組

合的百分之二十、零碳排放的發電容量比

例增加至百分之三十。為配合香港政府推

出的環境政策，在2020年在發電燃料組合

中天然氣的比例增加至約百分之五十，中

電已開始研究新增相關基建設施，例如燃

氣發電機組和海上液化天然氣接收站。

新的變數

與此同時，我們在應對三重挑戰時，要考慮

越來越多的「變數」。從社會經濟角度來看

，這些變數構成顛覆性趨勢，影響能源行業

，例如頁岩氣科技使美國燃煤發電廠退役的

進度加快。在亞洲，隨著科技發展，我們預

期新的科技如風能、太陽能和電池科技將會

從根本上改變如何生產電力的模式。

這些新趨勢正威脅可能打破目前三重挑戰之

間的微妙平衡。由於舊式發電廠被淘汰而導

致電力供應短缺，英國和澳洲南部都面對大

規模停電的風險，而且後者的風險相對較大

，影響更為嚴重。在西班牙和意大利，則有

不少關於社會歧視的討論，爭議在於居所較

大的家庭，可享政府津貼在屋頂裝置太陽能

發電板，部分津貼卻由居於較廉價房屋的家

庭所承擔。在德國，核電廠被強令關閉，政

府給予可再生能源優厚的補貼，令Eon和

RWE這兩家最大規模的能源公用事業大受影

響，市值暴跌。幸好香港政府、社會和公用

事業的溝通對話仍持之有效，三重挑戰之間

的平衡得以維持。

擁抱新思維

展望未來，單在三重挑戰中取得平衡並不足

夠。一些社會發展新趨勢將為能源行業帶來

變化，我們必須做好準備並提出應對方案。

首先，在講求智慧生活的今天，客戶們要

求更為個人化的服務方案。中電作為公用

事業公司，必須為客戶提供更多不同選擇

，協助他們提升能源效益。中電推出智能

電錶和其他節能方案，正好滿足客戶這方

面的需求。

其次，除了客戶的個人需求，我們亦看到社

會對節約能源的集體渴望。我們的系統是否

可應付電動車科技和產品大量湧現？未來的

電動車或可兼具儲存電力的功能，配合新的

輸配電系統控制技術，或有助削減高峰用電

需求，從而達到節能效果。作為第一步，中

電最近和香港電訊合作推出「全線充」服務

，為電動車車主提供一站式充電方案。

第三，氣候變化不僅威脅能源行業，也為

全人類帶來威脅。中電早已採用潔淨能源

科技，至今已建成逾3,000兆瓦的可再生能

源發電設施，約佔集團總發電容量的17%

。我們明白要做更多，並會坐言起行，集

團正準備增加零碳排放的發電容量。至於

我們是會採用核能、離岸可再生能源，還

是垂直安裝太陽能板技術以實現此目標？

請拭目以待。

最後，聯合國於2015年採納了17項可持續

發展目標，旨為在2030年前應對貧窮、飢

餓、氣候變化和其他全球性問題。這些發

展目標為國際社會提供邁向可持續發展的

清晰指引切合落實可持續發展的迫切需要

。這些發展目標亦啟發我們訂立「可持續

發展原則」。中電以此原則為基礎，訂定

各可持續發展範疇的優先次序，以配合集

團的長遠業務策略。中電訂立這些原則，

表明我們願意為全球實現可持續發展作出

貢獻，尤其是關於應對氣候變化和提供合

理價格的電力服務方面。更重要的是，這

是中電對我們的客戶和世界的承諾。

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UBS AG (Wealth Management) 瑞銀財富管理

epublican Donald J Trump’s victory in the race for the White House is an upset for the political arena, not just in

the USA but also the rest of the world. Trump's victory adds to the sense of a swelling tide of populism and is likely to impact market perceptions of forthcoming European elections. Globalisation will face a great challenge with Mr Trump as US president, given his campaign promises of revoking free trade agreements and penalising overseas investors. In this light, existing trade ties between the US and China are likely to be in focus over the next four years

Unlike the US system of checks and balances for domestic policies, the US President has stronger decision-making power in international affairs. The US president-elect’s approach to interna-tional trade thus has drawn a lot of international attention. Based on his campaign theme, Mr Trump is likely to withdraw from the North American Free Trade Agreement. Using his presidential


by Dr Hu Yifan, Managing Director, Regional Chief Investment Officer for Greater China and Chief China Economist, UBS AG (Wealth Management) 瑞銀財富管理董事總經理、大中華區首席投資總監及首席中國經濟師胡一帆博士著

Trump Presidency;Are Protectionist Moves Good or Bad for China? 特朗普即將就任;

保護主義對中國是禍是福？

power, he could do so without approval from Congress. Mr Trump also has declared his outright opposition to the Trans-Pacific Partnership (TPP) initiated by the Barack Obama administration. While he has not made a clear statement on the future of the North Atlantic Trade and Investment Partnership, Mr Trump is unlikely to endorse negotiations, given his public position on other trade deals.

China Stands Chance to Promote Transnational Trade AgreementTPP's failure could be a positive develop-ment for China, which was excluded for an obvious reason – to counter the rise of China’s as a global economic leader. As it is, rather than a free trade deal, TPP is a prefer-ential arrangement favouring its members. In other words, TPP erects relative barriers to trading outside the alliance.

To offset the negative impact of TPP, China has been persuading TPP signatories of the virtues of an alternative preferential trade agreement – the Regional Compre-hensive Economic Partnership (RCEP) to

preserve China’s structure of specialisa-tion and factor endowments. If the Trump administration repealed TPP, it could mean more room for RCEP to develop. Not surprisingly, President Mr Xi Jinping used the Asia-Pacific Economic Co-opera-tion summit held in Peru in November as a forum to promote this idea. China is expected to continue to develop and complete the RCEP with the Asian Infrastructure Investment Bank's support. Furthermore, China is likely to remain an active member of the World Trade Organi-saion to promote global trade. China may even develop additional preferential trade agreements, particularly with other BRICS nations, to maintain its trade networks.

Trump Empowered to Impose Punitive TariffsAlongside the specifics of free trade deals is the issue of tariffs on goods and services. Mr Trump has spoken of raising import tariffs in general and specifically up to 45 per cent to be imposed on countries he believes manipulate their currencies. This would almost certainly include China.

R


Clear precedents can be found in US history. In 1971, President Mr Richard Nixon imposed a 10 per cent "import surcharge" (a tariff by anotherr name) on all imports into the US. It was all done by proclamation; Congress was not consult-ed at all in this process about the imposi-tion of the surcharge nor in its later removal. In a subsequent court case, the president was found to have the authority to impose such tariffs under the terms of the Trading with the Enemy Act of 1917. And there are other laws passed by Congress that would give Mr Trump the power to impose tariffs or to otherwise impose sanctions on other countries.

Arbitrary tariffs almost certainly would lead to a reaction against US exports and generate significant negative conse-quences for global trade. The world economy is a great deal more integrated today than was the case under President Nixon. Imposing punitive tariffs would prove very disruptive to supply chains.

The impact on China could be significant. With new heavy tariffs and aggressive corporate tax deductions, the trend to reshore manufacturing from China to the US may be on the rise. The flow started some years ago as a result of rising costs in China, increasing global trade protection after the 2008/09 financial crisis and new industrial policies in the US. It is likely to intensify under a Trump presidency. China must be prepared for a hollowing out of its manufacturing sector, with low-end manufacturing shifting to low-cost emerg-ing countries and some high-end manufac-turing returning to the US. China to Fast-track Diversification of Foreign Exchange ReservesWith Mr Trump likely to pursue trade tariffs and protectionism, the risk of retaliation by other countries is set to increase. Retaliation may not be confined to reciprocal tariffs; it also could include the threat of sovereign institutions selling their US assets and repatriating the proceeds. Whether or not this actually transpires, the threat of capital outflow as a trade war weapon can be very disruptive to financial markets.

As the largest foreign holder of US assets, China is likely to consider or threaten selling these US assets and repatriate the proceeds in response to new tariffs. Since about 60 per cent of China’s US$3 trillion-plus in foreign exchange reserves are denominated in US dollars, we believe that their repatriation would impact hugely global financial markets and the green-back’s stability.

In the past, China has challenged the stability of a US dollar-dominated international monetary system, especially after the 2008 global financial crisis. Hence China promoted the internationalisation of the renminbi and managed to include its currency in the Special Drawing Rights (SDR) basket of the International Monetary Fund this past October. Attaining the status of a global reserve currency bodes well for the renminbi in terms of its long-term diversification into foreign exchange reserves. Up till now, the Chinese curren-cy is under-represented in global foreign exchange reserves, making up only around one per cent of global reserve assets. Its weighting is likely to rise to five per cent by 2020.

China also has been promoting actively the SDR basket's wider use as a better alternative to the US dollar to stabilise the global monetary system. This was, in fact, the original intention behind the creation of the SDR – to serve as a dollar and gold substitute in the Bretton Woods system. Besides the SDR basket's official role under the IMF framework, SDR- denominated financial market instruments (called “M-SDRs”) and its use as a unit of account should gain momentum in the years to come. Following the World Bank’s issuance of SDR-denominated bonds this August - the first issuance of SDR bonds since 1981 - more SDR-bonds are expected to be launched. While the market for M-SDRs is still in its

infancy, we believe demand can be huge demand. Promoting M-SDRs will become an important strategy for renminbi’s internationalisation.

China's Hegemony to Increase in AsiaWhile additional tariffs and manufacturing reshoring might bring pains to China's economy in the short term, such acts will force China to speed up structural reforms and shift focus to regional development over time. China's deeper integration into the region will fulfill a major policy directive. The US, which pivoted more towards Asia in the past few years, has been China's single obstacle to achieving its expansive vision in Asia. If Mr Trump follows through with his isolationist promises, this counterweight to China's rise would be removed, thus tilting the balance of power in favour of China in the region.

With a diminished American presence in Asia, Mr Xi's regional initiatives probably will be received much more enthusiastically. These initiatives include the Asian Monetary Fund, the Asian Infrastructure Investment Bank, One Belt, One Road, and plans to make the renminbi into Asia's first regional currency. In such an environment, China eventually would become a hegemonic power, wielding significant influence over trade, finance, stability and soft culture, throughout Asia.

國總統選舉結果塵埃落定，

共和黨候選人特朗普勝出，

美國和全球政界皆深感焦慮

。特朗普的勝利令人感受到

愈趨激烈的民粹主義，市場對歐洲國家即

將舉行的選舉也因而有了不同觀感。特朗

普於競選活動中承諾推翻既有的自由貿易

協議和懲治海外投資者，他就任總統，將

對全球化造成重大挑戰。美國和中國現有

的貿易關係在未來四年相信將成為焦點所

在。

美國總統處理本土政策事務通常會有較多

掣肘，國際事務則有所不同，美國總統在

這範疇有較強的決策權。國際社會非常關

注這位候任總統的國際貿易政策。根據特

朗普的競選綱領，他大有可能推翻北美自

由貿易協議。他只需總統權力便能成事，

毋須國會批准。特朗普也已表明立場，全

盤否定奧巴馬政府推動的跨太平洋戰略經

濟夥伴關係協定(TPP)。儘管他尚未對跨大

西洋貿易及投資夥伴協議有明確表態，但

根據他對其他貿易協議的態度，相信他不

會參與相關談判。

中國推進跨地區貿易協議

TPP把中國拒諸門外，正為阻止中國成為

全球經濟領袖，原因明顯不過。因此TPP

的失敗可以成為有利中國發展的因素。現

時的TPP並非自由貿易協議，而是服務成

員國利益的優惠貿易安排。換言之，TPP

變相築起貿易壁壘排除非成員國。

為抗衡TPP，中國已在游說加入TPP的國家

，向他們推銷另一優惠貿易協議「區域全

面經濟夥伴關係協定(RCEP)」的好處，以

維護中國本身的經濟專長和生產要素。若

特朗普政府推翻TPP，RCEP將有更大的發

展空間。亞太經濟合作組織領導人峰會在

11月於秘魯舉行，一如所料，中國國家主

席習近平在會上積極推廣RCEP。我們估計

中國會借亞洲基礎設施投資銀行(亞投行)

的力量來發展和完善RCEP。此外，中國看

來會繼續樍極參與世界貿易組織的事務，

以推動全球貿易。中國甚至可能更熱衷於

與其他經濟體，尤其金磚國家，訂立優惠

貿易協定，以維持其貿易網絡。

特朗普施加懲罰性關稅的權力

自由貿易協議的細則，離不開向貨物和服

務徵收關稅的元素。特朗普曾談及整體性

提高關稅，並針對他相信是操控貨幣的國

家，徵收可高達百分之45的關稅。中國幾

可肯定會被特朗普列為貨幣操控國。

UBS AG (Wealth Management) 瑞銀財富管理

Visit the website of the Companies Registry at www.cr.gov.hk for more information in January 2017.

Corporate Governance Roundtable13 March 2017

Distinguished speakers

Kowloon Shangri-La Hotel

Conference Highlights :

Organisers:

Supporting Organisations:

香港特別行政區政府

The Government of the Hong Kong Special Administrative Region

Mr Tim Moss, CBERegistrar of Companies

Professor K C Chan, GBS, JPSecretary for Financial Services

Mr Brian Ho

Securities & Futures

Mr David Simmonds

Hong Kong

Mr William Lo Chi-chung

Hong Kong

Ms Natalia Seng

Mr Ashley Alder, JP

International Organization of Securities Commissions

Professor Say Goo

Mr Jamie Allen

Asian Corporate

Mr Mark MckeownMr David GrahamChief Regulatory Officer

Dr Kelvin Wong, JPMr Ivan Tam

Mr Kenneth Yap

Singapore

Mr Leon WheatleyAsia Representative

Commission

Keynote speaker Keynote speaker

(Names listed in no particular order)

C

M

Y

CM

MY

CY

CMY

K


美國歷史中確有開徵懲罰性關稅的先例。

1971年，美國總統尼克森向所有入口美國

的貨物徵稅百分之十的「入口附加費」，

即換了名字的關稅。他以公告形式落實政

策，上述關稅從開徵到撤銷，美國國會都

未被諮詢。隨之而來的法律訴訟中，法院

裁定美國總統根據1917年的「對敵貿易法

(Trading with the Enemy Act )」，有權實施

上述類型的關稅。此外，特朗普也可借助

其他已獲國會通過的法例以實施關稅，甚

或對其他國家施加制裁。

若特朗普隨意開徵關稅，幾可肯定美國出

口會因而被針對，並令全球貿易受影響。

現時全球經濟緊密相連，程度絕非尼克森

年代可比。開徵懲罰性關稅肯定大大擾亂

全球供應鏈的運作。

上述情況對中國的影響甚大。新增貿易關

稅和美國企業稅大幅削減的情況下，製造

業活動可能由中國重返美國或會成為新趨

勢。這苗頭已出現了幾年，主要原因是中

國生產成本上升，全球貿易保護主義在

2008/09年金融危機後重新抬頭，和美國新

產業政策出臺。這個趨勢在特朗普就任總

統後看來會進一步抬頭。中國要提前為製

造業空心化做好準備，因為低端製造業可

能會遷往生產成本更低的發展中國家，同

時一些高端製造業可能會遷回美國。

中國加速外匯儲備多元化

特朗普傾向實行貿易關稅和保護主義，其

他國家向美國施以報復性手段的風險也在

提高。報復行為可能不只在互惠關稅範疇

，也可能是主權基金拋售美元資產，把資

金調回本土，從而對美國構成威脅。上述

情況未必發生，但資本外流可能被用作為

貿易戰武器的威脅一日存在，便足以擾亂

金融市場。

中國是美元資產的最大外國持有者，若美

國實行新關稅政策，中國可能考慮或威脅

拋售美元資產，把資金調回本土。中國總

值逾三萬億美元的外匯儲備，約六成以美

元計價，我們相信這些資產一旦被調回中

國市場，環球金融市場和美元匯價將受極

大震撼。

中國過去曾質疑以美元為首的國際貨幣系

統的穩定性，尤其在 2008年環球金融危機

以後，質疑之聲更大。中國為此推動人民

幣國際化，成功讓其貨幣於十月獲國際貨

幣基金組織接納為特別提款權(SDR)的一籃

子貨幣之一。人民幣獲得國際儲備貨幣地

位，預示各國外匯儲備將因多樣化的長遠

目標而接納人民幣。目前人民幣在全球外

匯儲備中所佔比例不高，在全球儲備中僅

佔約百分之一，相信2020年時有望把比例

提升至百分之五。

中國亦大力推動SDR應用於更廣泛層面。

使之作為美元以外的選擇，以穩定全球貨

幣體系。這正是創立SDR的原意 ― 作為布

列敦森林體系下美元和黃金的替代品。

SDR除了在國際貨幣基金組織框架下的功

能外，未來數年可望有以SDR計價的金融

產品(稱為「M-SDRs」)，市場更為接受以

SDR為計價單位。世界銀行於八月發行了

以SDR計價的債券，是1981年以來的首例

，相信隨之將有更多 S D R 債券面世。

M-SDRs市場尚在襁褓階段，潛在需求鉅大

。推動M-SDRs將成為人民幣國際化的重要

策略。

中國於亞洲的影響力與日俱增

更重的關稅和製造業轉移可能給中國經濟

帶來短期的痛楚，但會驅使中國加快結構

性改革的步伐，並逐漸把發展重點放在亞

洲區域中。中國與區內國家建立緊密關係

，將與其政治目標相得益彰。美國在過去

數年嘗試重返亞洲，已成為中國擴展在亞

洲影響力的重要障礙。如果特朗普落實競

選時承諾的孤立主義，制衡中國崛起的力

量便不復存在，區內權力平衡的天秤將傾

向中國一方。

隨著美國於亞洲的影響力衰退，習近平在

區內推動的政策措施或會獲更熱烈支持。

這些措施包括亞洲貨幣基金、亞投行、「

一帶一路」，及使人民幣成為亞洲區內第

一的貨幣的措施。在這環境下，中國最終

會成為具影響力的國家，能對亞洲地區的

貿易、金融、局勢穩定，和軟文化，構成

重大影響力。

美

Visit the website of the Companies Registry at www.cr.gov.hk for more information in January 2017.

Corporate Governance Roundtable13 March 2017

Distinguished speakers

Kowloon Shangri-La Hotel

Conference Highlights :

Organisers:

Supporting Organisations:

香港特別行政區政府

The Government of the Hong Kong Special Administrative Region

Mr Tim Moss, CBERegistrar of Companies

Professor K C Chan, GBS, JPSecretary for Financial Services

Mr Brian Ho

Securities & Futures

Mr David Simmonds

Hong Kong

Mr William Lo Chi-chung

Hong Kong

Ms Natalia Seng

Mr Ashley Alder, JP

International Organization of Securities Commissions

Professor Say Goo

Mr Jamie Allen

Asian Corporate

Mr Mark MckeownMr David GrahamChief Regulatory Officer

Dr Kelvin Wong, JPMr Ivan Tam

Mr Kenneth Yap

Singapore

Mr Leon WheatleyAsia Representative

Commission

Keynote speaker Keynote speaker

(Names listed in no particular order)

C

M

Y

CM

MY

CY

CMY

K

Special Feature 特稿

W ith the election of Donald Trump as the 45th President of the USA, investors across

the world are understandably in a state of uncertainty because of the apparently indeterminate state of the upcoming Trump administration’s policies on taxation, trade, domestic spending and geopolitics. Having said that, Mr. Trump will be a Republican President and both the Senate and the House of Representa-tives are controlled by Republicans – a rare decision-making support absent over the past six years.

Watch for Consequences of Spending StimulationGiven this context of a Republican-con-trolled legislature, of all the policies Mr Trump discussed on the election campaign trail and subsequently in the “Hundred Day Promise,” the fiscal proposals seem relatively most achieva-


New Market Order of Trump’s Presidency

新市場秩序下如何處於領先地位

by Manishi Raychaudhuri, Asia Pacific Equity Strategist of BNP Paribas Securities法國巴黎銀行亞太股票策略師Manishi Raychaudhuri著

How to Out-trump

特朗普當選

ble. The key aspect of this fiscal plan is to boost spending by US$2 trillion over the next decade (representing 0.9 per cent of gross domestic product per year), and to slash corporate tax to 15 per cent from 35 per cent and cut taxes an average of 30 per cent for the middle class. That could add on average about 3.5 per cent of GDP to the deficit over the next 10 years. By our house estimate, this could raise the US’s federal debt-to-GDP ratio from the current 77.2 per cent to 120 per cent by 2026.

The consequence of such massive fiscal expansion would likely boost demand substantially over the next two years in terms of both public and consumer spending. If firms anticipate stronger demand and lower taxes, private invest-ment could get a boost as well. The impact of such a fiscal stimulus could be felt more in 2018 than in 2017. Conse-quently, we raised our house economic

forecasts for US GDP growth significantly to 2.2 per cent for 2017 and 2.8 per cent for 2018.

Higher Inflation, Interest RatesThe flip side is higher inflation and a sharper interest rate hike trajectory by the Federal Reserve. The US economy is operating close to full employment, with accelerating wages and core inflation. Large fiscal spending and a demand boost under such circumstances obviously would lead to a sharper inflation trajectory and concomitant tightening action by the Fed. We now see two rate hikes in 2017 and four in 2018, in addition to the December 2016 move, taking the Fed Funds rate to 2.0-2.25 per cent by the end of 2018.

Stronger US DollarRate hikes probably will still be measured and calibrated in comparison with previous rate hike episodes. But in combination with strong growth, policy


uncertainty and rising inflation, they are likely to lead to higher bond yields and steeper yield curves. A necessary corollary of this is a stronger US dollar. We believe the US hike cycle is likely to strengthen the greenback even more, particularly against the yen. The euro also could fall to parity against the US dollar by the end of this year, but might rebound in 2018 if the European Central Bank were to start ”tapering” of government bond purchases ahead of concluding quantitative easing.

Expect Higher Risk Premia from Policy UncertaintiesPresident-elect Mr Trump’s immigration policies, trade policies and geopolitical plans are more uncertain than his fiscal policies. Many have implications for the domestic economy. The proposed large tariffs on non-energy imports from Mexico and China could increase costs for US companies, and the immigration policies could lead to expectations of reduced labour supply. The Trump administration’s relations with the North Atlantic Treaty Organisation, Russia, the Middle East and China remain uncertain for now. Until some policy clarity emerges, the risk premia (or the expected differen-tial between an actual return and that of a riskless security) in these markets could stay high, especially in the China market among Asian equities.

Two other stated plans of Mr Trump deserve mention in the context of Asian investment ideas. They pertain to health-care and climate change. Repeal of Obamacare and reducing healthcare costs in general are stated objectives of the Trump administration. The Trump Healthcare Reform Programme specifi-cally states the intention to “remove barriers to entry into free markets for drug providers that offer safe, reliable and cheaper products.” The positive implica-tion for generic drug manufacturers in emerging markets is easy to gauge. Mr Trump also has proposed cancelling payments to the United Nations Climate Change Programmes and using the money to fix America’s water and environmental infrastructure. An obvious

implication is less pressure on the fossil-fuel based energy sector and a slowdown in the coal-to-gas switch in the US.

Know Implications of Strong US Dollar on Company PerformanceConsequently, several investment themes emerge for Asian equities. An appreciating US dollar has clear positive implications for exporters in Asia, particularly those with revenues largely denominated in the greenback and costs based in domestic currencies. North Asian exporters of consumer discretionary items – textiles, garments, sportswear, furniture etc – and service exporters in India fall into this category. North Asian insurers with US assets could gain from the same phenomenon. Likewise, steepening of yield curves could boost the net interest margins of banks – particularly those in Hong Kong, Singapore and Japan.

At the same time, we believe investors may want to avoid companies with significant debt denominated in US dollars. Appre-ciation of the US dollar would lead to an increasing debt burden for these compa-

nies and consequent pressure on their incomes. Several Chinese property companies, Chinese airlines and some South Asian industrial and telecom companies – to name a few – belong in this category.

A broader consequence for Asian and emerging market (EM) equities could be a contraction in the flows that they have been receiving. Over the past 20-odd years, we have seen such a negative impact on EM flows due to the US dollar appreciation on a few occasions, the most egregious being of the period of 1996 to 2002 and 2014 to 2015. In this instance, a mitigating factor is the likely recovery in US growth, which obviously could have positive implications for EM economies and companies. That said, investors should remain cautious on countries with large current account deficits and those facing capital outflows.

Special Feature 特稿


朗普當選美國第45任總統，我們

不難明白為何世界各地的投資者

感到前景不太明朗，因為特朗普

政府在稅收、貿易、國內支出和

地緣政治的政策，現階段尚未有明確方向。然

而共和黨既有特朗普出任總統，又同時控制參

議院和眾議院，特朗普施政所能獲得的支持，

是過去六年裡未見到的。

刺激開支注意後果

在共和黨控制立法機關的前提下，縱觀特朗普

在競選活動時討論過的政策，以至他所談及當

選後的「百日規劃」，當中有關財政政策計劃

看來是最有機會實現的。其財政計劃的核心是

在未來十年增加總值二萬億美元的開支（佔每

年國內生總值(GDP)的0.9％），同時把公司稅

由百分之35下調至百分之15，中產階層的稅

項平均削減百分之30。在這些措施下，估計

在未來十年，美國財政赤字佔GDP的比率將平

均增加3.5個百分點。我們的經濟分析師估計

美國聯邦債務佔GDP比率將因此從現時的百分

之77.2提高至2026年的一點二倍。

龐大的財政開支擴張，後果可能是公共和個人

消費意慾提升，顯著刺激未來兩年的需求。如

果企業預期更強的需求和更低的稅項，私人投

資也可以獲得提振。上述財政政策在2018年

收到的效果會比2017年好。我們大幅調高了

對美國2017年和2018年GDP的預測，預測

2017年為百分之2.2，2018年為百分之2.8。

通脹升溫息率上揚

令人憂慮的是通脹將會升溫，美國聯邦儲備局

的加息週期強度亦會提升。美國目前接近全民

就業，工資水準和核心通脹正在上升。在這大

環境下，龐大的財政開支和需求增長顯然會推

高通脹，而高通脹又會驅使聯儲局採取相應的

緊縮措施。我們現時估計聯儲局將於2016年12

月加息，並於2017年內加息兩次，2018年加息

四次，2018年末聯邦基金利率將達到百分之

2.0-2.25。

美元走強

要評估加息所能帶來的影響，大概可以參考過

往加息的情況。但經濟增長強勁、政策不明朗

和通脹持續上升，可能令債券孳息上升，收益

率曲線傾斜度變大。這肯定會導致美元匯率走

強。我們相信美國這輪經濟上升週期將進一步

推高美元匯價，尤其是兌日圓的。歐元匯價在

年末有機會下跌至與美元一兌一的水準，但若

歐洲中央銀行開始縮減政府債券購買計劃的規

模，以終結量化寬鬆政策，歐元匯價有機會於

2018年反彈。

政策不明朗風險溢價高企

總統當選人特朗普的移民政策、貿易政策和地

緣政治計劃比其財政政策更不明朗。這些政策

不少對美國國內有重大影響。特朗普提出對墨

西哥和中國的非能源進口開徵大額關稅，可能

增加美國公司的營運成本，移民政策亦可能導

致人們預期勞動力供應減少。特朗普政府與北

大西洋公約組織、俄羅斯、中東和中國的關係

至今亦不明朗。在出現方向清晰的政策前，這

些市場的風險溢價 (即對實際回報與投資低風

險證券回報差異的預期)可能持續高企，這情況

在亞洲股票市場中以中國最為顯著。

從亞洲投資概念而言，特朗普提及的另外兩個

計劃值得一提，它們分別關於醫療和氣候變化

的範疇。特朗普政府表明要廢除奧巴馬推動的

醫療保險，並削減整體醫療開支。特朗普改革

醫療保健的計劃明言其目標是「為提供安全，

可靠和便宜的產品的製藥商消除進入自由市場

的障礙」。估計新興市場的非專利製藥商將受

其惠。他又提出取消對聯合國氣候變化計劃的

供款，把資金用以修復美國的水利和環保基礎

設施。不難想像，這些政策將有助紓緩美國石

化燃料能源工業所受的壓力，而美國也將暫緩

燃料由煤轉天然氣的步伐。

美元強勢影響企業表現

綜合上述因素，現時可預見以下有關亞洲股市

的投資主題。美元升值顯然有利亞洲的出口商

，一些以美元為收入，以本土貨幣支出營運成

本的公司，最能受惠。銷售消費者非必須品 ―

例如紡織品、服裝、運動用品、傢俱等的北亞

出口商，以及印度的服務出口商，正符合上述

條件。持有美元資產的北亞保險公司也能得益

。同樣地，越來越傾斜的收益率曲線可以提高

銀行的淨息差，特別是香港、新加坡和日本的

銀行最能受惠。

同時，我們認為投資者可避免投資持有大量美

元債務的企業公司。美元升值將加劇這些公司

的債務負擔，從而對其收入造成壓力。僅舉數

例，部份中國房地產企業、中國的航空業、一

些南亞的實業和電信公司，便屬於上述類型。

就亞洲和新興市場股票而言，一個更廣泛的後

果是市場的流動資金減少。過去二十多年，有

一些例子可見美元升值對新興市場的負面影響

，例如 1996 - 2002年和2014 - 15年便是深刻

的教訓。這情況下，如美國經濟復甦，才能減

輕上述影響的因素，因為新興經濟體和其企業

顯然會受惠於美國經濟復甦。故此，對於貿易

赤字龐大的國家和有資本外流情況的國家，投

資者應保持謹慎。

特

學會家族成員專訪Interview with an HKIoD “Family”

As chairman, you have been at the helm of the Kum Shing Group for decades. You were a winner of the Director Of The Year Awards 2014. Can you share with us your insights in leading a company?

Dr KK Wong: In the Kum Shing Group’s 50-plus years of existence, I played a transitional role to instil the spirit of corporate governance into a traditional entrepreneurial company.

Founded by my father (Mr Wong Kam Fai), Kum Shing is a rather typical Chinese family business. It started out as a contractor specialising in laying power lines underground. Father’s managing style was hands on; he was the one to make all business decisions, big and small. When I took over from Father 30 years ago, I saw that the company was expanding. To manage effectively, a system would have to be put in place especially in areas such as work safety, finance and human resources. To be honest, in the Chinese culture, the boss usually has the last say in family-run businesses. To implement decentralisation and accountability, however, I introduced a system to engage all staff in helping run the company.

It is not unusual to find members of the same family joining The Hong Kong Institute of Directors (HKIoD). Although their occupation, position and seniority as company directors may differ, they all share the passion of striving towards director professionalism while sharing and passing on good values and high standards. We can learn from their stories. Below is our interview with one such family.

學會的會員不少來自同一家庭，雖然他們所處的行業、崗位、董事年資並不一定相同，都各自為董事專業而努力，彼此分享，傳承良好的價值，他們的故事值得我們借鏡。


Kum Shing's Two Generations Believe in Learning for Life金城兩代人深信學無止境Interviewees 受訪對象Ir Dr KK Wong, FHKIoD – Group Chairman and CEO, Kum Shing Group王國強博士工程師–金城營造集團主席兼行政總裁，香港董事學會資深會員

Mr Rex Wong, MHKIoD – Executive Director and Deputy CEO, Kum Shing Group王紹恆先生–金城營造集團執行董事兼副總裁，香港董事學會會員

A system is indispensable in the running of any business. I must confess, however, that having worked shoulder to shoulder alongside so many of my employees, I harbour relatively strong personal feelings towards them. When an employee makes a mistake, I can’t help being a bit lenient. But from a corporate governance standpoint, this is far from ideal. A company must execute firmly a system of rewards and penalties. In this respect, my son Rex is doing a better job. Where I err in being too lenient, I leave it with his generation to make amends.

Rex, your father is publicly recognised as an outstanding company director and entrepreneur. What have you learned from his knowledge and experience in running a business? As the next generation in senior manage-ment, how do you introduce new ideas to the company?

Mr Rex Wong: Dad is indeed an outstanding executive director. In maintaining a long-standing relationship with quality clients such as the CLP Group and the MTR Corporation, he managed to transform Kum Shing from a small sub-contractor into an established

engineering group. I have always looked up to him in terms of personal charisma, leadership ability and spirit of integrity. As chairman of the board, he ensures that board members work as a team to put their best foot forward. At meetings, board members bring to the table their specialised opinions and ideas to contribute to running the company.

When it comes to introducing new ideas, I come into play by adjusting the group’s business scope and strategy to cope with a changing operating environment. In the past, Kum Shing’s business was Hong Kong focused. But as times change, relying solely on Hong Kong would restrict the growth of our business. As I got involved in management, I made it a priority to analyse and understand the group’s background and its strengths and weaknesses. Having worked in an overseas company, I have some international experience and a geographically broader perspective. Hence, I could compare our group with competitors both on Mainland China and overseas to position Kum Shing better and to seek out expansion opportunities. For instance, we are looking to the “One Belt One Road” policy being promulgated by President Xi Jinping to try entering overseas markets.


Ivan (left), Rex (right) and Ann present their father Dr KK Wong with a special gift – the certificate of “Doctor of Family Administration.”王紹基先生(左)、王紹恆先生(右)及王沛芝小姐頒授「家庭管理學博士」證書予父親王國強博士。

Our objective is to transform Kum Shing from a Hong Kong-based construction company into a regional construction play and power-generation equipment installer.

Rex, to the amazement of many, your dad just obtained his doctorate degree in business administration after spend-ing three years attending classes part time. He highly values education and sets an example of learning through life. How does this attitude affect your learning and career?

Mr Rex Wong: I really admire Dad’s stamina. At first I even cautioned him not to tell others that he was studying for this degree. What if he couldn’t complete his studies? Wouldn’t that have been embar-rassing? Little did I realise that he spread the word to give himself no excuse to fail. Well, he did it!

Since Dad highly values education, he gave us not just every opportunity for the usual schooling but also set example in spirit and action. Since childhood, my two siblings and I often accompanied Dad to construction sites where he carried out inspection. While every child in Hong Kong probably visited Ocean Park to watch marine animals perform, we went there to check on the progress of a Kum Shing project. He wanted us to know how the family business was run, that every cent was hard earned. During our trips overseas, while a normal family would go sightseeing, we would be taken to university campuses. He harbours a special sentiment for institutions of higher education and is fond of buying campus souvenirs. I think it was largely because of his influence that I pursued and obtained a degree in architecture. He believes that through their specialised knowledge, professionals provide society the core strength to develop. Given this exposure – a sort of like osmosis – and my own interest, I chose to study architecture and became an architect.

Dr KK Wong: I took a relatively “laid-back” attitude towards the education of my children. The only bottom line I drew was that they must complete college. All three

of my kids finished junior high school locally so they do have a certain level of command of the Chinese language. Then they were sent to boarding schools overseas to learn how to be independent and to interact socially. I never specified which faculty they should enter at university. I simply discussed with them what each profession would offer career wise to help them make a choice that would allow them to live up to their potentials. I am glad that each of my children has different talents.

Ivan (Fellow of HKIoD), my eldest, now runs non-construction business and focuses on leading social and community organisations; Rex is taking over my work and role at Kum Shing; Ann is in charge of finance.

Continuing Professional Development is what company directors need to keep informed on new know-how and events. It is also a key task of the Hong Kong Institute of Directors. Please share your views on both HKIoD and CPD.

Dr KK Wong: I first learned about HKIoD through a friend. HKIoD Deputy Chairman Edmund Leung Kwong Ho is a long-time friend. He was the one who told

me about this organisation advocating corporate governance in Hong Kong. I’ve always been a believer in governance. That was why I deployed listed company govern-ance rules for my own company, even though it was unlisted. Given that HKIoD champions something I believed in, I decided to become a member.

Mr Rex Wong: My older brother and I decided to join HKIoD because it can set standards in corporate governance and

director professionalism for companies. CPD courses offered by HKIoD are a valuable resource for us. Through taking such courses, board members and senior execu-tives can enhance their corporate govern-ance knowledge and other technical skills. We look forward to participating in more HKIoD-organised courses and events.

KK (王國強博士的英文小寫，是他愛用的

稱號名)，你擔任金城集團主席多年，並曾

贏得學會的「傑出董事獎」(2014年)，請

你分享領導公司方面的心得？

王國強博士：在金城五十多年的歷史裡，

我想我擔當了推動轉變的角色，把企業管

治的精神帶入傳統企業。

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學會家族成員專訪Interview with an HKIoD “Family”


The Wong Family celebrate Ann’s graduation from the University of Toronto in Canada.王氏一家在加拿大慶祝王沛芝小姐於多倫多大學畢業。

金城是一家華人家族企業，始創於我父親(

王錦輝先生)，以從事電線壕坑工程起家。

父親的做事風格是事必躬親，事無大小都

會過問，公司的所有事都由他一人決定。

三十年前我從父親手中接過金城，我看到

公司業務規模越大，越需要制度，譬如是

工作安全、財務、人事管理的制度等，才

能實施有效管理。坦白說，華人家族企業

始終難免老闆一人話事，但我實行「放權

問責」，為公司訂下制度，放權讓員工通

過制度營運公司。

制度是企業管理中不可或缺的，但我跟金

城員工一起奮鬥數十年，對他們有較強的

私人感情。下屬犯錯，我不免比較寬容，

但站在企業管治角度，這不是理想做法，

公司需要確切執行賞罰分明的制度。這方

面 Rex (王紹恆先生) 這一代做得比我好。

我的管治有些太過寬鬆之處，就有賴他們

替我糾正過來。

Rex，你的父親是公認的出色董事和企業

家，你從他身上學到甚麼領導企業的知識

與經驗？你作為公司新一代領袖，如何為

公司帶來新思維？

王紹恆先生：父親是出色的行政總裁，他

與中電和港鐵等優質客戶締結長期合作關

係，讓金城由小型分包公司，成長為具規

模的工程集團。他的個人魅力，領導能力

，講求誠信的精神，都一直是我的學習目

標，作為集團主席，他確保董事會能發揮

團隊精神，每位成員都能在會議發揮自己

的長處，為公司作出貢獻。

說到給公司帶來新思維，我想是協助公司

作業務和策略調整，以配合經營環境變遷。

過去金城的業務集中於香港，時移勢易，

單靠香港市場反而成為公司發展的局限。

我接手金城業務，第一件事便是先了解我

們作為本土公司的背景和強弱。我從前於

外國企業工作，有比較國際化的經驗和視

野，可以比較金城與國外和內地的企業，

為金城找到更好的定位和發展機遇，例如

借助「一帶一路」概念拓展海外市場。我

們希望把金城由一家本土的基建工程公司

，發展成區域性電力設備建設集團。

Rex，你父親剛以三年時間完成工商管理

博士學位課程，為人津津樂道。他重視教

育，身體力行終身學習，對你的學習和事

業有何影響呢？

王紹恆先生：我很敬佩父親的魄力，當初我

還勸他先別跟人說讀書的事，不然完成不了

課程就尷尬了。沒想到他反而把這事說開去

，以之作為進修動力，結果真的成功了。

父親非常重視教育，除了給我們接受常規

學校教育的機會，還有身教。我們三兄妹

從小就跟隨視察工程的父親前往工地，譬

如每個香港小孩都去過的海洋公園，人家

的孩子去看動物，我們則是跟父親去看金

城項目的工地。他要我們知道家裡的生意

是怎樣做的，每一分錢都得來不易。又如

出國旅遊，人家去的是旅遊景點，父親就

總是帶我們去看人家的大學校園。他對大

學有種很特別的情懷，還特別喜歡買大學

的紀念品。我取得建築師的專業資格也可

說是受他影響。他相信專業人士是社會發

展的中堅力量，耳濡目染下，加上自身的

興趣，我在大學選擇了建築學，成為了建

築師。

王國強博士：我對兒女的教育還是比較「

寬鬆」的，唯一的底線是必須完成大學教

育。我三子女都在香港完成初中教育，確

保有一定的中文水平。高中便去外國的寄

宿學校，學如何自立，如何跟人相處。我

倒沒要求他們大學要讀哪一科，但會跟他

們分析不同專業有何出路，引導他們選擇

最能發揮所長的一科。我很慶幸三位子女

有不同的專長。大哥Ivan(王紹基先生，香

港董事學會資深會員)主要負責在建造工程

以外，繼承我在社會及公共事務領域的工

作，Rex繼承我在金城的工作和職務，而女

兒Ann(王沛芝小姐)則管理財務。

董事專業發展是董事所需的持續教育，也

是香港董事學會的主要工作。請兩位分享

對學會和董事專業發展的看法。

王國強博士：當初認識香港董事學會是經

同行朋友介紹的，我跟學會副會長梁廣灝

是多年朋友，正是他跟我介紹香港有這一

個提倡企業管治的組織。我同樣追求企業

管治，才會以上市公司的規則管治非上市

公司。因為學會提倡我相信的理念，我便

加入學會成為會員。

王紹恆先生：學會可以為企業管治和董事

專業水平訂下標準，所以我和大哥都成為

了學會會員。學會的培訓課程是企業的重

要資源，能增強董事會和管理層在企業管

理和其他方面的知識和技能。我們期望能

參加更多學會的課程和活動。

With 120,000+ users globally, Diligent Boards™ is the Most Used Board Communications and Collaboration Tool in the World

Diligent is a trademark of Diligent Corporation, registered in the United States. All third-party trademarks are the property of their respective owners. ©2016 Diligent Corporation. All rights reserved.

SCHEDULE A DEMO:

+852 3008 5657

[email protected]

diligent.com/HKIOD

The World’s MostSuccessful Board Portal

Digitally compile, distribute and access board materials via simple and intuitive interface

Work online or offline from any global location

Benefit from world-class, market leading security features

Utilize award-winning 24/7 service from Diligent experts

Combining pioneering features, unparalleled technology andremarkable performance, Diligent Boards enables users to:

size: 210mm (W) x 285mm (H)

Outreach and Kindred Relations 外展及友好聯盟活動

HKIoD Chairman Mr Henry Lai led a delegation of 19 members to pay a first official visit to Shanghai on 23 – 26 October 2016. Here are the objectives of this visit:

to strengthen the relations and communication between HKIoD and similar organisations in Shanghai, to obtain a better understanding of Shanghai’s public policies,to communicate comprehensively HKIoD’s views on economic development and corporate governance in Hong Kong and Shanghai, and;to enhance co-operation in directors’ trainings and the advancement of corporate governance between Hong Kong and Shanghai

香港董事學會主席賴顯榮律師率領另外18位會員組

成的訪問團，於2016年10月23 - 26日前往訪問上海。

是次訪問團的目的如下：

促進香港董事學會與上海主要有關機構的聯繫和

溝通；

瞭解上海政府的政策；

反映對滬港經濟及企業管治發展的綜合意見，及；

增強滬港在董事培訓及推動企業管治的合作。


HKIoD Sends First Delegation to Shanghai香港董事學會

首次組團到訪上海

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Itinerary 行程

Monday 24 October 2016 ‧ 2016年10月24日 (星期一)Morning 上午

Visit to Shanghai Stock Exchange拜訪上海證券交易所

Visit to The Listed Companies Association of Shanghai拜訪上海上市公司協會

Afternoon 下午

Luncheon hosted by The Listed Companies Association of Shanghai上海上市公司協會宴請本會代表午膳

Visit to China (Shanghai) Pilot Free Trade Zone參觀中國(上海)自由貿易試驗區

Tuesday 25 October 2016 ‧ 2016年10月25日 (星期二)Morning 上午

Visit to Explorium 參觀利程坊

Visit to Hong Kong Economic and Trade Office in Shanghai 拜訪駐上海香港經濟貿易辦事處

Afternoon 下午

Visit to Shanghai Federation of Industry and Commerce 拜訪上海市工商業聯合會

Visit to Shanghai Office of Hong Kong Trade Development Council拜訪香港貿易發展局上海辦事處

Shanghai Stock ExchangeThe trip started on 24 October with the delegation’s visit to the Shanghai Stock Exchange (SSE), one of the two stock exchanges on the Mainland. During the meeting, Mr Zhuang Jiangbo, Deputy Director of SSE Listed Company Supervision Department I, gave our delegation an overview of its operations and rules. They stressed that the state attached much importance to the role of independent non-executive directors (INEDs). Hence INEDs of Shanghai’s listed companies must undergo training programmes offered by SSE. They also recognised the significance of liability insurance for directors and officers in Hong Kong and would use that as reference develop similar coverage on the Mainland.

上海證券交易所

訪問團於24日展開訪問行程，首先拜訪「上海證券交

易所(上交所)」，內地兩所證券交易所之一。上交所

上市公司監管一部副總監莊江波先生與訪問團會面，

介紹了上海證券市場的運作及監管規例，並指出內地

政府重視獨立非執行董事的功能，上市公司的獨立非

執董須接受上交所提供的培訓課程。他又認同香港的

董事及高級職員責任保險所涵蓋的內容，認為值得內

地參考。

Delegation list 訪問團成員名單

Mr Henry Lai 賴顯榮律師

Ir Edmund Leung 梁廣灝工程師

Dr David Wong 黃友嘉博士

Dr Carlye Tsui 徐尉玲博士

Mrs Alison Wong 黃李鳳英女士

Mr Ka-Yin Li 李家彥先生

Dr Leonard Chan 陳新國博士

Ms Susanna Chiu 趙麗娟女士

Mr Charles Ng 吳明華先生

Mr Wen Xiao Lin 溫曉林先生

Dr Stephen Chan 陳榮斌博士

Prof Eric Chiang 江昕教授

Ms Zhang Jiaqi 張嘉琦女士

Mr Lai Woon Ching 黎垣清先生

Mr Terry Ho 何睿博先生

Mr James Choa 蔡德剛先生

Mr Wilson Kwong 鄺永銓先生

Mr Almon Kwan 關文亮先生

Ms Lilian Wan 溫惠晴女士

Leader 團長

Deputy Leaders 副團長

Secretary General 秘書長

Members (Council Members)

團員 (理事)

Members 團員

Outreach and Kindred Relations 外展及友好聯盟活動


Listed Companies Association of ShanghaiThe delegation then visited The Listed Companies Association of Shanghai. The delegation was received by the association’s Secretary General Mr Qian Heng. The two parties exchanged views on corporate governance of listed companies. The association recognised directors training as a means to improve corporate governance standards and expressed a wish to send a delegation to Hong Kong further communicate with HKIoD. Our delegation was treated to a scrumptious lunch after the meeting.

上海上市公司協會

訪問團接著拜訪了「上海上市公司協會」。本會代表和協會秘書

長錢衡先生會面，席間互相交流上市公司的管治心得。協會認同

透過董事培訓能提升企業管治水平，希望日後能派員到香港與本

會進一步交流。會議後，協會宴請本會代表午膳。

Shanghai’s Pilot Free Trade ZoneThe delegation then visited China (Shanghai) Pilot Free Trade Zone (FTZ). At the FTZ, the delegation visited the International Artwork Exchange Centre and an exhibition gallery of parallel-import automobiles. Members got to understand how Shanghai businesses rode on state policies for FTZs to adopt creative business models for their operations.

上海自貿區

訪問團接著前往參觀「中國(上海)自由貿易試驗區 (上海自貿區)」

。訪問團參觀了自貿區內的國際藝術品交易展示中心和平行進口

汽車展示廳，瞭解企業如何借助自貿區相關的國家政策，以創新

的商業模式經營生意。


ExploriumOn 25 October, the delegation visited the Fung Group’s Explorium, a platform for organisations to fast-test innovative business models. It provides a controlled setting for businesses to observe and analyse how consumers interact with new technologies, products and environments. The person who introduced the research platform to the delegation was no other than HKIoD Fellow Ms Susanna Chiu and chief representative for Eastern China of the Fung Group, who was also with the delegation.

利程坊

25日早上，訪問團前往馮氏集團旗下的「利程坊」參觀。利程坊是讓商家快

速測試嶄新商業模式的平臺，提供實驗環境以觀察並探索消費者在真實的環

境中如何和新科技、新產品，以及新的購物環境互動。本會資深會員、馮氏

集團華東首席代表趙麗娟女士是訪問團成員之一，她為其他團員介紹了這創

新的商業模式研究實驗室。

Hong Kong Economic and Trade OfficeThe delegation’s next stop was the Hong Kong Economic and Trade Office (HKETO) in Shanghai. Miss Victoria Tang, Director, HKETO, received the delegation and gave an overview of how Hong Kong companies conduct business in Shanghai as how they are assisted by HKETO.

駐上海香港經濟貿易辦事處

然後，訪問團到訪「駐上海香港經濟貿易辦事處」。駐滬辦主任鄧仲敏女

士與本會會員會面，並講解了香港人在上海營商的概況，及辦事處能為港

商提供的協助

Shanghai Federation of Industry and CommerceThe delegation next visited the Shanghai Federation of Industry and Commerce. Federation Vice Chairman Mr Jian Liang received the delegation and explained its structure, major duties and membership. He expressed hope that the federation and HKIoD could function as a bridge to encourage collaboration of enterprises between the two cities.

上海市工商業聯合會

訪問團隨後拜訪了「上海市工商業聯合會(上海工商聯)」。上海工商聯副

主席金亮巡視員為代表團介紹該組織的網路架構、主要職能、企業會員等

資訊，並期望雙方加強溝通，發揮商會、學會的橋樑作用，推動滬港兩地

企業合作。

Trade Development CouncilThe delegation’s last stop was at the Shanghai Office of Hong Kong Trade Development Council (TDC), where our member met with Mr Jacky Chung, TDC’s Regional Director, Eastern & Central China. Our delegation learned about latest business trends in Shanghai and adjoining areas, notably, the forefront positioning of the region’s information technology (IT) industry. Such success sets a good example for IT peers in Hong Kong to follow.

香港貿易發展局上海辦事處

訪問團的最後一站是「香港貿易發展局上海辦事處」。貿發局華東、華中

首席代表鍾永喜先生跟訪問團介紹了上海及周邊地區的商業發展趨勢，尤

其資訊科技行業已經走在世界的最前線。這方面藉得香港借鏡。

會員里程碑Members’ Milestones

Director CPD

H K I o D2017

Focusing on the fostering of the long-term success of companies and professional development for directors, The Hong Kong Institute of Directors (“HKIoD”) is pleased to launch the “Symbol of Credit in Director CPD” (“the Symbol”).

HKIoD( “ ”)

Objectives of introducing the Symbol:Recognising companies that have completed a Board Training Programme of HKIoD and ful�lled the necessary requirement.Promoting Continuing Professional Development (“CPD”) for directors to strengthen board competence in the responsibilities of corporate governance.Encouraging the pursuit of CPD by directors.Promoting awareness among the public of the signi�cance of director CPD.

• • • •

Qualifying for the Symbol:A company having engaged HKIoD in a Board Training Programme and ful�lled the necessary requirement for a prescribed time within a year will be granted the Symbol for application in the company’s corporate and promotional materials such as Annual Report, website and any other corporate collateral.

( : )

For inquiry of the “Symbol of Credit in Director CPD”, or HKIoD Board Training Programme, please contact our training department at 2889-9986 or email to training @hkiod.com.

2889-9986 training @hkiod.com

•

•

• •


Members’ Milestones 會員里程碑The following members have different reasons to celebrate, Congratulations!本會向以下會員致以衷心祝賀。恭喜！

Mr Lee Wing Kee, Kelvin The Ensign Group just celebrated its 30th anniversary. Managing Director and Fellow of HKIoD Mr Kelvin Lee is all smiles as he reminisces on his long service, having been with the company since its founding in 1986.李永基先生

旗峰集團剛慶祝三十周年。行政

總裁兼本會資深會員李永基先生

在旗峰於1986年創立時便入職，

當然感到欣慰。

Ir Dr KK Wong Ir Dr KK Wong, Fellow of HKIoD, received a Degree of Doctor of Business Administration from the Hong Kong Polytechnic University on 12 November.王國強博士工程師

本會資深會員王國強博士

工程師於11月12日獲香港

理工大學頒授工商管理博

士學位。

Dr Abril Choy Dr Abril Choy, Associate of HKIoD, was appointed honorary legal adviser of the Hong Kong Logistics Association.蔡鳳萍教授

本會附屬會員蔡鳳萍教授獲香港

物流協會委任為榮譽法律顧問。

Mr Ronald Ho (1946 – 2016)We are deeply saddened that long-serving HKIoD Fellow Mr Ronald Ho passed away peacefully on 27 November 2016. Mr Ho joined HKIoD in 1997 and served the Institute as Council Member in 1997-2011, during which he took up the role of Treasurer in 1997-2006. He will be remembered for his contribution to HKIoD and his warm friendship with those who knew him.何猷灝先生

本會資深會員何猷灝先生於2016年11月27日辭世，本會深感悲痛。何先生於1997年成為本會會員，1997年至2011

年間出任本會理事，並於1997至2006年間擔任本會司庫。我們定當銘記何先生對本會的貢獻和與我們的友誼。

Mr Wai Siu Chung, Dominic Mr Dominic Wai, Fellow of HKIoD, was admitted as a partner of ONC Lawyers in the Litigation & Dispute Resolution Practice on 9 May.衞紹宗先生

本會資深會員衞紹宗先生於5月9日

起成為柯伍陳律師事務所的訴訟及

調解爭議部門合夥人。

Mr Seaman Kwok Double happiness recently descended upon Mr Seaman Kwok, Fellow of HKIoD. On 26 August, he was appointed the first chairman of the Advisory Committee of the Corporate Compliance Centre of the Hong Kong Institute of Vocational Education (Tsing Yi). Less than two months later on 12 October, he was promoted to the post of executive director of Boardroom Corporate Services (HK) Ltd. 郭兆文先生

本會資深會員郭兆文先生最近雙喜臨門。本年8月26日，他先獲委任為香港專業教育學院(青衣)公司

秘書實務中心顧問委員會的首屆主席，再於10月12 日獲擢升為寶德隆企業服務(香港)有限公司的執行

董事。

In Memory 懷念To the following who left us, the Institute would like to extend our deepest condolences to their families:致下列辭世人士，本會向他們的家人致以深切慰問：

Director CPD

H K I o D2017

Focusing on the fostering of the long-term success of companies and professional development for directors, The Hong Kong Institute of Directors (“HKIoD”) is pleased to launch the “Symbol of Credit in Director CPD” (“the Symbol”).

HKIoD( “ ”)

Objectives of introducing the Symbol:Recognising companies that have completed a Board Training Programme of HKIoD and ful�lled the necessary requirement.Promoting Continuing Professional Development (“CPD”) for directors to strengthen board competence in the responsibilities of corporate governance.Encouraging the pursuit of CPD by directors.Promoting awareness among the public of the signi�cance of director CPD.

• • • •

Qualifying for the Symbol:A company having engaged HKIoD in a Board Training Programme and ful�lled the necessary requirement for a prescribed time within a year will be granted the Symbol for application in the company’s corporate and promotional materials such as Annual Report, website and any other corporate collateral.

( : )

For inquiry of the “Symbol of Credit in Director CPD”, or HKIoD Board Training Programme, please contact our training department at 2889-9986 or email to training @hkiod.com.

2889-9986 training @hkiod.com

•

•

• •

香港董事學會活動簡報HKIoD Programme Briefs 香港董事學會活動簡報HKIoD Programme Briefs


Dialogue with a Distinguished Director 與名董對話

HKIoD Council Member and Cheung Kong Property Holdings Ltd Executive Director Dr Justin Chiu, hosted a session of the “Dialogue with a Distinguished Director” on 18 November. Dr Chiu, who boasts 30-plus years of experience in real estate locally and overseas, shared his experience and insight on how to fortify a corporate culture to help a company achieve sustainable development. The “Dialogue” provides a platform for participants to interact closely with a distinguished speaker.本會理事、長江實業地產有限公司執行董事趙國雄博士在11月18日主持了本會的「與名董對話」活動。趙博士於香港及多個國家累積

逾30年的地產業務經驗，他在活動中分享了建立企業文化，領導企業持續發展的經驗和智慧。「與名董對話」系列為參加者提供與知

名講者作近距離互動的平台。

Professional Talk 專業講座

Supported by the Companies Registry, the Institute organised several professional talks in collaboration with various parties as follows:本會獲公司註冊署支持，與不同機構合作舉辦不同主題的專業講座如下：

Business Innovation Series - Fintech - Organised jointly with KPMG, the seminar explored the development of the financial technology ecosystem and the local and global regulatory environment, major business models, and fintech’s future in Hong Kong. 金融科技專業講座 – 這個與畢馬威合辦的專業講座。講者圍繞金

融科技，討論了其生態系統發展，香港和海外的相關法規，金融

科技公司的主要商業模式，及金融科技在香港的未來發展。

Insight into Directors and Officers Liability Insurance - The seminar hosted by Mayer Brown JSM and AIG Hong Kong covered risks that directors and officers face, implications of the new Companies Ordinance in Hong Kong for directors, claims against directors and regulatory trends, how to observe secrecy obligations during an investigation by the Securities and Futures Commission, and insight on claims development derived from recent local court cases.董事及高級職員責任保險 - 與孖士打律師行及美亞保險香港有限公

司合辦的專業講座，討論有關董事及高級職員責任保險的各種問

題。講座探討了董事及公司高級職員所面對的風險、香港新《公

司條例》對董事的影響、對公司董事的索償和相關法規的發展趨

勢，董事受證監會調查時所負的保密責任、及本地就董事及公司

高級職員索償個案的發展趨勢。

Changes to Auditor Reporting - Presented by EY Hong Kong, the talk explained the significance of such changes, including the new requirement that listed company auditors disclose Key Audit Matters.審計報告新規則 – 講座是與安永香港合辦，探討審計報告即將出現的轉變。是次講座集中討論新審計報告准則的影響，包括上市公

司審計報告必須披露「關鍵審計事項」而產生的影響。


SME Forum 中小企業論壇

A forum for small and medium-sized enterprises (SMEs) entitled “Challenges and Solutions for SME business in China” was held in November. Speakers and panelists included: • Ir Prof John Mok, chairman of the Automatic Manufacturing Ltd and HKIoD SME Committee,• Mr Sam Tang, director, Olympus Capital Asia Environmental Partners, and;• Prof Terence Chong, executive director of the Lau Chor Tak Institute of Global Economics and Finance and associate professor of economics of the Chinese University of Hong Kong本會於十一月舉辦了主題為「中小企國內營商挑戰與對策」的中小企業論壇。論壇講者包括：

‧ 藝美達集團主席及香港董事學會中小企業委員會主席莫建鄰教授

‧ 泰山投資亞洲環境基金董事鄧文耀先生，及

‧ 香港中文大學經濟學系副教授兼劉佐德全球經濟及金融研究所常務所長莊太量教授

Leisure Living 寫意人生講座

Dr Chan Chi Wing talked about “How to Read Your Own Health Check-up Report” at a recent session of the Leisurely Life Talk series organised by HKIoD.本會舉辦寫意人生系列的講座，邀請了陳智榮醫生分享如何解

讀身體檢查報告。

HKIoD also helped Shanghai Municipal Commission of Commerce organise another SME Forum in December during which its officials and representatives discussed the business environment and investment opportunities in Shanghai.本會於十二月協助上海市商務委員會舉辦另一場中小企業論壇

。論壇上，上海市商務委員會的官員和代表跟與會者討論了上

海市的營商環境和投資機會

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