Wednesday 2nd March 2011
Dear Reader,
We will close our INED poll at 6pm HK time on Friday, so this is your last chance to contribute! Your voting PIN is at the top of this e-mail.
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NEW ARTICLE
Now withdraw the SSD proposal
Latest disclosures show that
the increase in short-term resales from 2009 to 2010 was only 1.9% of
transactions, and fewer than 1 in 5 are in that category. Having abandoned one
unpopular budget measure this week already, the Government should now do the
right thing and abandon the Special Stamp Duty proposal. It is illegitimate,
unconstitutional, creates too many unintended victims and runs the risk of chaos
upon a successful judicial review. (2-Mar-2011)
RECENTLY ON WEBB-SITE
Reforming
Salaries Tax
The budget was devoid of any structural reform
to public finances. In our first article in a series, Webb-site fills the void
with a proposal to reform Salaries Tax to make it a simpler, fairer and flat
tax. (24-Feb-2011)
The three wise
monkeys of HK boards
SEHK has proposed minor reforms to the
composition of boards which completely miss the core issue - INEDs are only as
independent and competent as the controlling shareholder wants them to be, as
long as he or it votes on the INED elections. We call for independent directors
to be independently-elected. Tell us what you think!. Read our article
and then take our poll on INEDs. (15-Feb-2011)
IN OTHER NEWS
PECS Register monthly update
HK Government,
28-Feb-2011
Oriental Press Group Ltd, Ma Ching Kwan & others v Fevaworks Solutions Ltd &
Alive! Media & Communications Ltd
HK Court of
First Instance, 25-Feb-2011
In this libel case, the court finds that
the operators of an internet discussion forum were mere "subordinate
distributors" and as such the defence of innocent dissemination is open to them,
but they lose that defence if they fail to remove defamatory material after they
become aware of it.
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