Distribution of INEDs per HK-listed company at 2025-07-27

This table summarises the number of Independent Non-executive Directors of companies with a HK primary listing on any snapshot date since 1-Jan-1990.

Please note that due to the planned shutdown of Webb-site.com, the directors, officers and advisers of HK-listed companies have ceased to be updated effective 2025-03-31. Appointments and resignations effective on or before that date were recorded, as were advisers recorded in annual reports filed on or before that date. A repository of our database and software is now available.

No. of INEDs	No. of Cos	Share of Cos	Total INED seats	Cumul- ative Cos	Cumul- ative seats
12	2	0.1%	24	2	24
11	1	0.0%	11	3	35
10	1	0.0%	10	4	45
9	3	0.1%	27	7	72
8	4	0.2%	32	11	104
7	14	0.5%	98	25	202
6	41	1.6%	246	66	448
5	115	4.4%	575	181	1023
4	484	18.3%	1936	665	2959
3	1882	71.3%	5646	2547	8605
2	45	1.7%	90	2592	8695
1	6	0.2%	6	2598	8701
0	40	1.5%	0	2638	8701

The average number of INEDs per listed company at the snapshot date is: 3.298.

Click here to see the list of companies and their board composition on the snapshot date.

From 1-Aug-1993, each newly-listed company was required to have 2 INEDs. Existing companies had to have 1 INED by 1-Jul-1994 and 2 INEDs by 31-Dec-1994, although they were sometimes hard to spot, as the company didn't have to say which directors it considered to be INEDs until 2003. The quota was increased to 3 INEDs on 30-Sep-2004, when the definition of independence was also changed to exclude those who provide professional advisory services to the issuer (but not bankers), and at least 1 of the 3 must have financial or accounting expertise. In addition, since 31-Dec-2012, INEDs must constitute at least one third of the board. However, most companies have fewer than 10 directors, so the latter requirement has no effect for them. Controlling shareholders can still vote on all the INED elections.

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