WHAT does it take to be a company director in Hong Kong? Nothing except the company of which to be a director.
What should it take? Ermanno Pascutto, now examining Hong Kong's company law ordinance with a view to streamlining it and moving it further away from the old UK company law on which it was based, had a novel suggestion yesterday.
What about a test? After all, there is a lot to know to be a properly equipped director of a company.
There are accounts to be drawn up and understood, company laws to be obeyed, listing regulations to be followed, and a whole raft of other legislation to be observed as an employer, client, or supplier.
Mr Pascutto, as a former executive with the Securities and Futures Commission, is more familiar than most with the shortcomings of directors.
But his tongue must have been some way into his cheek when he put this remark to the HK Chamber of Commerce lunch where accountant Patrick Paul was putting forward an argument in favour of good and effective corporate governance, rather than cosmetic and valueless corporate governance.
Mr Paul, quite rightly, is concerned that the practice of corporate governance in Hong Kong will be a sham - nothing more than ticking boxes.
