Hong Kong's Accountants Body to be 50% Poorer; Chief Executive to be Terminated

An extraordinary general meeting of the Hong Kong Institute of Certified Public Accountants (HKICPA) approved three resolutions that promise to change how the statutory body operates.

The HKICPA has been given the green light to redistribute and refund 50% of the body's cash, cash and time deposits to its more than 42,000 members, conduct a 'one member, one vote' poll for president and vice presidents, and to terminate or not renew the contract of its chief executive and registrar and significantly reduce the remuneration of the position.

The changes come on the heels of the gazetting of a bill in Hong Kong's Legislative Council that proposes to strip away HKICPA’s role of disciplining auditors of public interest companies and turn it over to the independent Financial Reporting Council.

HKICPA President Eric Tong said the body "will take on board" the members' opinions and will "take measures to enhance transparency and improve member engagement." Some 100 members had pushed for the vote.