Chamber News & Policy Work 2023

The Chamber works closely with business bodies and government to facilitate business opportunities on behalf of our members. We seek to further enhance Hong Kong’s standing and effectiveness as an international business centre.

We are also pleased to share our Policy Brochure which showcases our policy and advocacy work over the past three years. This is a collective effort by all our members and illustrates our commitment to supporting business in Hong Kong. We will continue to work with our members and through our diverse and well-connected community, further their business interests in Hong Kong and thereby promote Hong Kong as a place to live and do business.

Policy Brochure

BritCham & BCLP White Paper - Impact Hackathon 2023: Mission Possible: Re-launching Hong Kong's Future with Great Minds

18/09/2023

The Chamber is pleased to present a white paper based on the responses of over 50 talented young minds who participated in the BritCham Impact Hackathon sponsored by the Institute of Chartered Accountants in England and Wales (ICAEW) and Bryan Cave Leighton Paisner (BCLP). The white paper was a joint effort between the Future Leaders Committee and BCLP, putting forward 11 recommendations to help relaunch Hong Kong's city branding and address talent shortage issues.

The white paper was well received by Mr Dane Cheng, Executive Director of the Hong Kong Tourism Board (HKTB), as it aligned with the HKTB's future plans for 2023-24. In view of this encouraging response, we hope the white paper invites further discussion with the Chief Executive and his Administration following its submission.

Click here to read our submission letter to the Chief Executive together with the BritCham - BCLP white paper.

 

Dr Anne Kerr Elected as Chair of The British Chamber of Commerce in Hong Kong

13/09/2023

The British Chamber of Commerce in Hong Kong (the Chamber) held its Annual General Meeting (AGM) on Tuesday 12 September 2023, together with an Extraordinary Meeting of the Elected Members of its General Committee.

Dr Anne Kerr, Mott MacDonald was re-elected as Chair of the Chamber for 2023 - 2024.

The meetings also saw Jeremy Sheldon, Jones Lang LaSalle Ltd re-elected as Vice-Chair and Paul McSheaffrey, KPMG elected as a new Vice Chair. Keith Pogson, EY will join as the new Treasurer. The Chamber also welcomed Jonathan Cummings, WPP, Omar Malik, HSBC and Steven Chan, Prudential plc to its General Committee as new Elected Members.

In the Chair’s report, Dr Kerr looked back on a challenging and busy year for the Chamber and thanked members for their support.

Dr Kerr commented: “I am deeply honoured to have been elected for a second term as Chair of the Chamber and delighted that Jeremy Sheldon has agreed to serve again as Vice Chair. I’d also like to welcome Paul McSheaffrey becoming Vice Chair, and Keith Pogson as the new Treasurer.

The British Chamber of Commerce in Hong Kong has an important role in conveying a broader perspective specifically in the business context and we continue to play our part by engaging in dialogue with visiting business leaders, as well as government officials both in Hong Kong and when visiting the UK and other trading partners. We look forward to continuing to work together in a collaborative spirit to “get business done”, and to contribute to the success of Hong Kong, our members and the communities within which we work.”

Click here to read the full press release.

 

British Chamber 2023 Policy Address Submission

31/07/2023

On Monday 31 July, the Chamber issued its annual Policy Address Submission, outlining its key priority policy recommendations for the Chief Executive and his administration.

Our theme for this year’s Submission is “A Ten Point Plan for a Brighter Hong Kong”. The Chamber made significant changes to the way it structured and delivered recommendations, highlighting 5 short-term issues and 5 medium-term issues on which we feel the current Administration should be focusing on as a matter of priority. 

As we move on from COVID-19, the next 2-3 years will be a critical period for Hong Kong and its vibrant business community. As a Chamber, we believe our community can add great value in facilitating the delivery of the Administration's solution-driven outcomes.

Click here to read the 2023 Policy Address Submission.

 

The Chamber responds to the HKEX Consultation Paper on Enhancement of Climate-related Disclosures under the ESG Framework 

10/07/2023

On Friday 14 April, HKEX published a consultation paper seeking market feedback on its proposal to mandate all issuers to make climate-related disclosures in their ESG reports, and introduce new climate-related disclosures aligned with the International Sustainability Standards Board (ISSB) Climate Standard. In response, the Chamber submitted their response to the consultation paper in an online questionnaire spanning 13 pages. 

Click here to the Chamber's completed questionnaire form.

 

The Chamber writes to the Secretary for Development in regards to land and housing supply measures

16/06/2023

The Chamber wrote to Secretary for Development Bernadette Linn, JP, highlighting the increasing pressure to provide more housing and suggesting measures to tackle the shortfall in developable land in Hong Kong. The Chamber expressed its concerns with particular aspects of the Government's proposed housing solutions and put forth the following suggestions for consideration:

  • Prioritising the use of available agricultural or brownfield land for conversion and restitution as opposed to land reclamation 
  • Consulting Chambers of Commerce to provide additional insight on financing models, including public-private-partnerships (PPPs)
  • Using unoccupied and underused buildings to provide temporary housing
  • Devising measures to ensure the proper use and allocation of public resources (e.g. reassessing the HOS Scheme eligibility, co-ownership loans, etc.) 
  • Providing additional resources to the Urban Renewal Authority, including the early addition of private business resources at scale through PPP

Click here to the Chamber's full letter to the Secretary for Development.

 

The Chamber submits response to the the Consultation on Refinements to Hong Kong’s Foreign-sourced Income Exemption Regime for Foreign-sourced Disposal Gains

08/06/2023

In response to the Government's public consultation on Refinements to Hong Kong’s Foreign-sourced Income Exemption Regime for Foreign-sourced Disposal Gains, the Chamber submitted a document to comment on the consultation paper and provide their views on the following areas:

  • Definition of covered assets
  • Exhaustive list
  • Computing the disposal gains or losses
  • Intra-group transfer relief measures

Click here to the Chamber's full response to the consultation paper.

 

The Chamber sends a comment letter on the proposed amendments to the Classification and Measurement of Financial Instruments (Proposed amendments to IFRS 9 and IFRS 7)

07/06/2023

The Chamber writes to the International Accounting Standards Board (IASB) in response to the proposed amendments to the Classification and Measurement of Financial Instruments (Proposed amendments to IFRS 9 and IFRS 7) as it is most relevant for Hong Kong. We expressed our concerns about the derecognition of a financial liability settled through electronic transfer.

Click here to read the Chamber's comment letter.

 

The British Chamber of Commerce in Hong Kong Appointment of Executive Director

27/04/2023

The British Chamber of Commerce in Hong Kong (BritCham) is delighted to announce the appointment of Paul McComb as its Executive Director, effective 1 June 2023. Paul McComb succeeds David Graham who is retiring from the Chamber. We would like to thank David for his contribution to the Chamber over the last three years and to wish him well for the future.

Anne Kerr, Chair of BritCham, said: "I am really delighted Paul is joining the Chamber and returning to Hong Kong. He will bring insights and understanding of trade and development from many perspectives, and of course will be able to reconnect quickly with Hong Kong business. As Hong Kong bounces back, we need energy, vitality, creativity and a positive look ahead, and I am confident Paul will bring such attributes to the role."

Paul McComb said: “The British Chamber of Commerce in Hong Kong is one of the most respected business representative organisations in Hong Kong. It is my privilege to work with Dr Anne Kerr and the General Committee to deliver the Chamber’s mission for its members. As Hong Kong bounces back, I relish the opportunity to get out and find out what the Chambers’ members need to further their ambitions and reinvigorate their commercial relationships.”

Click here to read the full press release.

 

Letter to HKEX regarding Core Climate, Hong Kong's International Carbon Marketplace

29/03/2023

On behalf of our members, the Chamber sent the following letter to the Hong Kong International Carbon Market Council regarding the development of Hong Kong's international voluntary carbon market, drawing on the insights and experiences across many sectors. While the Council is represented by banks and larger corporates, our members posed some questions based on the existing framework of the Core Climate Initiative and called for greater clarity. 

Click here to read the Chamber's letter. 

 

The Chamber sends a comment letter on the proposed amendments to IAS 12 in the IASB Exposure Draft: International Tax Reform - Pillar Two Model Rules

14/03/2023

The Chamber writes to the International Accounting Standards Board (IASB) in response to the proposed amendments to IAS 12 Income Taxes in the Exposure Draft International Tax Reform - Pillar Two Model Rules. We expressed our concerns about the potential implications in implementing the draft rules and urged the IASB to provide greater clarity on the proposed amendments in the Exposure Draft.

Click here to read the Chamber's comment letter. 

 

The Chamber submits response to the Government's public consultation on Strategic Studies on Railway and Major Roads beyond 2030

13/03/2023

In response to the Government's public consultation on Strategic Studies on Railways and Major Roads beyond 2030, the Chamber submitted a document to comment on the consultation paper and provide their views on seven specific areas, including:

  • Effectiveness in rail and road alignment
  • Diversion effects
  • Intermediate rail stations along routes
  • Road interchanges, exits and entrances
  • Infrastructure-led economic development
  • Land resumption and temporary traffic diversion
  • Financing railway projects

Click here to the Chamber's full response to the consultation paper.

 

2023 British Chamber Policy and Budget Address Matching and Highlights

02/03/2022

Following the Budget Address on Wednesday 22 February, the Chamber has updated its Policy Matching Document which we prepared after the Policy Address to include relevant items from the Budget. We are particularly pleased to note that the following recommendations we made in our previous submissions are reflected in the Budget:

  • Post-pandemic support schemes for businesses and the public, for example, giving out further consumption vouchers, and extending guarantee schemes for SMEs
  • The commitment and plans of the Government to promote Hong Kong, for example, participating in international events, and hosting major sporting, art and cultural events.
  • Various financial and non-financial measures for attracting and retaining talent and investment.
  • More plans for adopting public-private partnerships (PPPs) and enhancing Government outreach programmes.
  • Steps to carbon neutrality and sustainable finance
  • Strategic planning on ports, transport and logistics
  • Promotion of R&D activities, I&T development and Hong Kong as a smart city.

Click here to view our full Policy and Budget Matching document 2023.

 

The Chamber meets with Mr Tommy Yuen, JP, Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area

24/02/2022

The Chamber was delighted to have a very constructive meeting with the GBA Commissioner, Mr. Tommy Yuen, and his colleagues, Mr, Ricky Cheng and Miss Suki Wang last week. In 2020, the Chamber wrote two submission papers to the Bureau about various initiatives around the development of the GBA. With Hong Kong’s recent announcements on full border reopening with the Mainland and the world, our members are optimistic about the GBA prospects and Hong Kong’s future. We were glad to hear that the GBA Commissioner and his office is proactively coordinating and promoting Hong Kong’s role in the GBA. The Chamber expressed its interest and will stand ready to work with the Commissioner and the Bureau and to spread further positive messages to the local and overseas business community.