The Hong Kong Monetary Authority has issued a circular to authorised institutions setting out detailed guidance on remuneration disclosure.
Date: Dec 8, 2011
The Hong Kong Monetary Authority (HKMA) has issued a circular to authorised institutions (AIs) setting out detailed guidance on remuneration disclosure.
This is intended to help firms comply with the specific requirements and standards contained in the Basel Committee on Banking Supervision’s paper on pillar 3 disclosure requirements for remuneration – which to some extent go beyond the HKMA’s disclosure provisions.
The circular also encourages AIs to make the relevant disclosures at least on an annual basis, with effect from the 2011 financial year.