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.

Regulators HK MPFA
Entity Types Corp; Fiduciary; IA; Pension
Reference Cir PR/CTR/2022/002, 8/3/2022; ESG
Functions Compliance; C-Suite; Financial; Reporting; Risk; Treasury
Countries Hong Kong
Products Fund Mgt; Pensions; Retirement Plan
Regions AP
Rule Type Final
Rule Date 8/3/2022
Effective Date 11/30/2022
Rule Id 144985
Linked to Rule :122358
Reg. Last Update 8/3/2022
Report Section International

Last substantive update on 08/05/2022