Webb appointed to Takeover Panel
6 April 2001
The Hong Kong Securities and Futures Commission has announced that Webb-site.com Editor David Webb is among seven new members appointed to the Takeovers and Mergers Panel and the Takeovers Appeal Committee with effect from 1 April 2001.
Commenting on the appointment, David Webb said "I am very pleased to be able to contribute to the Panel's work, and as a member of the Panel I will do my best to improve the protections afforded to public shareholders under the Codes on Takeovers and Mergers and Share Repurchases. In particular, I believe it should be a top priority that the takeover threshold be reduced from its current 35% so that there are fewer cases of takeovers of listed companies without a general offer being made to all shareholders. The Takeover Code can be an important tool for improving Hong Kong's corporate governance regime."
Mr Webb was also recently appointed to the Shareholders' Sub-committee of the Standing Committee on Company Law Reform, and has been promoting a proposal to establish HAMS - the Hongkong Association of Minority Shareholders, as a levy-funded body to catalyse shareholder involvement in the corporate governance process.
Remarking on HAMS, he said "I am very encouraged by the early positive feedback from a number of quarters on the HAMS proposal. I will continue to discuss this with interested parties, including industry bodies, government and legislators. Readers of Webb-site.com should rest assured that my involvement in the Takeover Panel and Shareholders' Sub-committee will not detract from the continued activism of Webb-site.com. On the contrary, one can achieve more from constructive engagement than confrontation."
© Webb-site.com, 2001