HK MPFA MPF Schemes Reporting
On Aug. 3, HK MPFA issued a circular letter on MPF schemes reporting.
- HK MPFA issued a circular letter to all approved trustees of MPF schemes; letter sets out an initiative to enhance transparency of governance reporting of MPF schemes.
- Noted that to promote greater transparency of MPF scheme governance, HK MPFA expects MPF trustees to provide a regular governance report to MPF scheme members.
- Mainly for disclosing how MPF trustees are giving more value to MPF scheme members.
- Template Governance Report
- The HK MPFA has developed a template governance report that's used for assisting MPF trustees report their governance framework, arrangements of their MPF schemes.
- Template report includes the description of the MPF trustee's governance framework.
- Also description of MPF trustee's assessment and resulting actions/changes re value for money assessment; sustainable investing strategy and implementation progress.
- Further, template also includes other governance matters assessed by MPF trustee.
- Follows Nov. 26, HK MPFA developed principles for sustainable investing, see #122560.
- Report Preparation
- In line with the good disclosure principles set out in the code on disclosure for MPF investment funds, MPF trustees are reminded to use plain language to ensure clarity.
- MPF trustees must ensure governance reports are readable by MPF scheme members.
- HK MPFA says that report should be endorsed by an MPF trustee’s board of directors.
- Follows Dec. 8, HK MPFA revised code on disclosing MPF investment funds, #123358.
- Implementation Schedule
- MPF trustees are required to prepare an annual governance report for each MPF scheme under their trusteeship for all financial years ending on or after Nov. 30, 2022.
- Required to submit the governance reports, together with the schemes’ annual consolidated reports, to HK MPFA within 6 months after the MPF scheme's FY end date.
- Bilingual governance reports of all MPF schemes to be provided on HK MPFA's website.
- HK MPFA says MPF trustees should also make available the bilingual governance reports on their websites/ other channels easily accessible by MPF scheme members.
||Corp; Fiduciary; IA; Pension
||Cir PR/CTR/2022/002, 8/3/2022; ESG
||Compliance; C-Suite; Financial; Reporting; Risk; Treasury
||Fund Mgt; Pensions; Retirement Plan
|Reg. Last Update
Last substantive update on 08/05/2022