Through a comparative analysis of disclosure
requirements in other prominent markets, HKEX disclosure
requirements in risk management and internal control (RMIC) are
among the most comprehensive globally. This sets a benchmark for
corporate governance over RMIC with the implementation of its
revised Corporate Governance Code (CG Code), effective for
financial years beginning on or after 1 July 2025. Jointly
published by KPMG and The Hong Kong Chartered Governance Institute
(HKCGI), this report explores how the revised CG Code places
greater emphasis on board accountability, transparency, and
structured oversight of RMIC systems.
Based on a survey of over 600 listed companies,
the report finds that more than 90% of respondents expect the
revised CG Code to impact board practices in reviewing RMIC
systems, with a quarter anticipating a significant effect. The new
Mandatory Disclosure Requirements (MDRs) call for more
comprehensive and transparent disclosures, including
