Distribution of INEDs per HK-listed company at 2023-04-02
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.
| No. of INEDs |
No. of Cos |
Share of Cos |
Total INED seats |
Cumul- ative Cos |
Cumul- ative seats |
|---|---|---|---|---|---|
| 13 | 1 | 0.0% | 13 | 1 | 13 |
| 11 | 1 | 0.0% | 11 | 2 | 24 |
| 10 | 2 | 0.1% | 20 | 4 | 44 |
| 9 | 2 | 0.1% | 18 | 6 | 62 |
| 8 | 8 | 0.3% | 64 | 14 | 126 |
| 7 | 9 | 0.3% | 63 | 23 | 189 |
| 6 | 38 | 1.5% | 228 | 61 | 417 |
| 5 | 125 | 4.8% | 625 | 186 | 1042 |
| 4 | 436 | 16.9% | 1744 | 622 | 2786 |
| 3 | 1923 | 74.4% | 5769 | 2545 | 8555 |
| 2 | 32 | 1.2% | 64 | 2577 | 8619 |
| 1 | 5 | 0.2% | 5 | 2582 | 8624 |
| 0 | 4 | 0.2% | 0 | 2586 | 8624 |
The average number of INEDs per listed company at the snapshot date is: 3.335.
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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