HKICPA Eng Annual Report 2023

CONTENTS 02 Message from the President 04 Message from the Chief Executive and Registrar 06 Milestones of the Hong Kong Institute of Certified Public Accountants 10 Corporate Governance 38 Membership and Qualification 42 Member Services, Development and Events 47 Mainland Development 50 Standard Setting and Professional Representation 57 Thought Leadership, Communication and Community Engagement 62 Finances and Operations 65 Climate and Sustainability 69 Auditor’s Report & Financial Statements • Hong Kong Institute of Certified Public Accountants • The HKICPA Trust Fund • The HKICPA Charitable Fund

FOREWORD 2023 marks the 50th anniversary of the Hong Kong Institute of Certified Public Accountants. As we reflect on the past five decades, we celebrate the remarkable journey of the accounting profession in Hong Kong and its unwavering commitment to the integrity and growth of Hong Kong’s financial markets and business community. The theme of this year’s annual report, “Accounting for Success Now and Beyond,” encapsulates the Institute’s dedication to not only achieving success with the profession in the present, but also embracing the future with resilience and vision. Over the years, the Institute has witnessed remarkable transformations, navigated through regulatory reforms, embraced digital advancements and the emergence of sustainability, and responded to evolving societal expectations. Through it all, the Institute and its members have stood at the forefront, demonstrating their agility and steadfast commitment to high professional standards. On the Institute’s golden anniversary, we have an opportunity to reflect on the profession’s remarkable achievements and set a course for an even brighter future. The 2023 Annual Report captures this spirit of celebration and forward-thinking. It embraces the Institute’s redefined role and highlights the collective experience of the profession in navigating unprecedented challenges. This year’s report includes a glimpse at some of the Institute’s most significant milestones, charting our path so far and taking stock of the magnificent legacy left by those before us. Each chapter includes a photo collage that reflects the rich and dynamic history of the Institute and the profession in their interactions within and with the broader society. 1

2 MESSAGE FROM THE PRESIDENT Dear members, It is my privilege to address you once again in this year’s annual report. I am honoured to have served an additional year as the President of the Institute under the transitional arrangements of the revisions to the Institute’s Council election arrangements passed in July 2022. This extension has allowed me to preside over the Institute’s 50th anniversary celebrations, a truly momentous occasion. The three flagship events to celebrate our golden jubilee symbolize our vision and aspirations for the Institute as we conclude the first year since the further regulatory reform of the profession. The first event, the 50th Anniversary Cup horse racing event in early June 2023, represents our excitement and enthusiasm as we burst through the gates on this new journey with a redefined role. The second event, the CPA Congress held in July 2023, demonstrates our commitment to embracing the future and equipping our members to thrive in a rapidly changing world. The third event, the 50th Anniversary Gala Dinner in December 2023, recognizes the achievements of the accounting sector over the past five decades and reminds us of the strong foundation upon which we stand. These events embody our hopes to thrive amid change, seize opportunities for our members, and to honour and build upon the Institute’s significant legacy. Cementing our role Indeed, the leaders who came before us have laid a strong platform, and now it is our turn to take the leap forward and create our own legacy for future accountants. Following the regulatory reform that came into effect on 1 October 2022, the Institute remains steadfast in its commitment to advancing the accounting profession as the statutory body for registering CPAs. We continue to provide training and development opportunities for accountants in Hong Kong through our Qualification Programme (QP) and ongoing professional education. We also play a vital role in setting professional standards and supporting our esteemed members. Throughout the year, the Institute has been working diligently to implement its Indeed, the leaders who came before us have laid a strong platform, and now it is our turn to take the leap forward and create our own legacy for future accountants.

3 strategic goals to reinforce its identity, as outlined in the Strategic Plan 2023. Attracting talent and nurturing a pipeline of highly skilled CPAs, who are globally recognized as leaders in the profession, remains a top priority for the Institute. The QP plays a pivotal role in this journey, offering an esteemed international qualification pathway for CPAs and aspiring business leaders. This programme contributes significantly to Hong Kong’s success, and we are actively renewing reciprocal membership agreements with international accounting bodies. We are committed to ensuring that the QP meets international standards and that fair and mutually beneficial recognition agreements are maintained to maximize our members’ impact. The Institute fully intends to equip our CPAs with the necessary professional competences as the needs of the market continue to evolve, making the QP the programme of choice for a career in both practice and business. The issuance of the IFRS Sustainability Disclosure Standards by the International Sustainability Standards Board in June 2023 was an important milestone for the profession globally and for the Institute. The Institute is resolute in its plans to become the standard setter for sustainability and climate disclosures in the city. In anticipation of these standards, the Institute enhanced efforts throughout the year in education and training, raising awareness, advocating for sustainability assurance by professional accountants, and implementing our own internal sustainability practices. We will continue to collaborate with authorities to move forward with our plans and contribute to Hong Kong’s sustainability journey, always keeping the interests of the accounting profession and the public good in mind. We also actively seek opportunities within the Greater Bay Area (GBA) and across Mainland China and advocate for the profession, with the goal of facilitating our members’ success beyond Hong Kong. Our Council and management engage with various stakeholders to foster these opportunities. In May 2023, we visited Beijing for the first time in three years and held meetings with representatives from the Ministry of Finance’s Accounting Department, the Chinese Institute of Certified Public Accountants, and the China Securities Regulatory Commission. During these meetings, I had the pleasure of sharing updates on industry reform in Hong Kong and reporting on the Institute’s key focuses for the future, as well as the strategic priorities for 2023. Additionally, the Institute’s GBA Field Visit Series to Nansha and Dongguan provided valuable opportunities for engagement with stakeholders. The expertise of our members is essential for the long-term growth of businesses. It is vital that we cultivate a positive reputation in the public sphere, highlighting the indispensable role and valuable contributions of the accounting profession. We will persist in seeking recognition from stakeholders for the Institute’s work and the esteemed standing of the profession. We are dedicated to upholding and advancing local and international standards, while also fostering open and effective communication channels with the public and our members. It is our commitment to ensure that stakeholders are wellinformed about our latest endeavours and progress. Looking to the future As we commemorate our past achievements, we must also look to the future. The world is undergoing unprecedented change, and the accounting profession, along with the broader business landscape, must adapt accordingly. The Institute will persist in providing value to our members’ continuous professional and personal growth, making a positive impact on the profession and the communities we serve. We are committed to supporting our members in their professional and personal development, equipping them with the skills and knowledge needed to navigate the evolving landscape of the accounting profession. I would like to express my gratitude to all our members for their dedication and contributions to the Institute. It is through your efforts and expertise that we can continue to advance the accounting profession and uphold its integrity. I would also like to express my heartfelt gratitude to my two Vice-Presidents, Roy Leung and Edward Au, all Council members, committee members, and staff of the Institute for their hard work and commitment throughout the year. Let us embrace the opportunities and challenges that lie before us as we reflect on the past year and look ahead to the future. Together, we will continue to build a strong and vibrant accounting profession that serves the needs of our members, our profession, and our society. Thank you once again for your unwavering support, and I look forward to another year of progress and success for the Institute. Loretta Fong President The Institute will persist in providing value to our members’ continuous professional and personal growth, making a positive impact on the profession and the communities we serve. Message from the President

4 (CPD) training, the powers in issuance of practising certificates, registration and inspection of practice units, and regulating the conduct of CPAs and practice units were transferred to the Accounting and Financial Reporting Council (AFRC). It is fitting that the first year of this transition would also fall on an important milestone year for the Institute – our 50th anniversary. This momentous milestone is a great opportunity for the Institute to iterate its vision and mission afresh and Dear members, The further regulatory reform came into effect on 1 October 2022, representing a significant shift in the Institute’s role. While the Institute continues its crucial roles as registration authority of CPAs and the accounting and auditing standard setter, as well as to administer the training and development of the accounting profession in Hong Kong through the Qualification Programme (QP) and continuing professional development MESSAGE FROM THE CHIEF EXECUTIVE AND REGISTRAR we are proud of the robust set of events we have created this year on the occasion of our golden jubilee. While most of the celebrations fall after the reporting financial year, these occasions were the culmination of extensive planning and hard work by the 50th Anniversary Organizing Committee and staff throughout the year. I invite our readers to explore the dedicated 50th anniversary website and engage with the exciting content it offers, including an overview of our Institute’s history, celebrations, and highlights from each event. Strategic achievements While honouring our past, we are also focused on building a bright future for the accounting profession. Our strategic initiatives have paved the way for remarkable achievements and progress. The following are some achievements worth highlighting. In anticipation of the inaugural International Sustainability Standards Board standards, the Institute’s Financial Reporting Standards Committee and Sustainability Committee established a dedicated task force and scaled up its outreach activities in the previous financial year. This culminated in the comment on the exposure drafts submitted in July 2022 for IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climaterelated Disclosures, which were finally issued in June 2023. Our dedicated teams have worked tirelessly to develop new programmes and initiatives that equip our members with the necessary skills and knowledge to thrive in a decarbonized economy. These efforts include the introduction of new CPD offerings, deepdive workshops, and a wealth of online resources. We are committed to ensuring that our members are well-prepared to embrace the challenges and opportunities of a rapidly changing business landscape.

5 Message from the Chief Executive and Registrar Our strategic initiatives have paved the way for remarkable achievements and progress. Demonstrating our commitment to facilitate our members’ professional development, we organized 154 online CPD events, 48 face-to-face events, and made available 732 e-learning programmes. In total, the programmes received over 104,036 enrolments. In order to provide cost-effective options, we also held 43 free webinars and online courses which attracted over 45,000 enrolments. We also launched the Membership Renewal Reward Scheme to recognize the commitment and dedication of members to the Institute and provide benefits to members who met the pre-requisite criteria by awarding two complimentary CPD hours’ worth of courses. Over 7,300 members benefitted from the scheme. Talent engagement is crucial for sustaining the vitality of our profession and adapting to the evolving needs and priorities of the next generation is essential for our continued growth and relevance. Throughout the year, we continued to visit different universities, tertiary institutions, and secondary schools to promote the value proposition of a career in accounting and the QP. In line with this, we successfully launched the Revised Practical Experience Framework under the QP at the end of 2022. This framework aligns with international standards and best practices of leading accounting bodies, incorporating digital processes that exemplify the future of our Institute and the profession. To improve the overall experience for readers of our flagship magazine A Plus, the Institute brought enhancements to the publication in two phases. As part of the Institute’s sustainability plan and commitment to achieving net zero carbon emissions, A Plus halted the production of physical copies, shifting fully online beginning with the September 2022 issue. In January 2023, the magazine moved towards a quarterly publication schedule, accompanied by a brand new website with an enhanced user interface and new functionality to facilitate the reading experience. I encourage you to read the full 2023 Annual Report for a comprehensive collection of our achievements. Your support and engagement have and continue to be instrumental in driving our success. Finances In terms of finances, the Institute has made significant progress in overcoming the financial deficit it faced in recent years, albeit with a few caveats. Through diligent efforts to circumvent structural hurdles, the Institute recorded a positive turnaround in the reported fiscal year with a surplus of HK$54 million in 2023. This improvement stems from nonrecurrent items, cost saving measures and re-engineering initiatives to improve the financial viability of business operations. Despite this ostensible turnaround, there remain looming long term challenges ahead. While the transfer of the Institute’s former regulatory functions to the AFRC has led to a reduction in headcount and associated staff costs, the Institute will no longer receive fees from practice units and practitioners holding practising certificates. Disciplinary fines and legal cost recovery will also no longer be a source of income as soon as the remaining disciplinary cases reach completion in the coming months. Although the membership fee adjustment in 2023 temporary alleviated the effects of revenue loss from the transfer of regulatory functions, the Institute’s finances are still expected to be impacted, which is further compounded by a decline in QP student population. To ensure the continuity of the Institute’s operations and activities, several measures have been identified, including membership fee adjustments and performance enhancements in key segments of the QP and CPD offerings. As previously decided by the Council, the Institute has scaled-down its office space to optimize property utilization, with the intention of generating additional income from the office space released. These measures aim to bolster the Institute’s financial sustainability, allowing us to establish a robust foundation to better serve our members and the profession. Optimism for the future As we reflect on the remarkable achievements of the past year and celebrate the 50th anniversary of our Institute, we are filled with optimism for the future. The challenges and opportunities that lie ahead will require our unwavering commitment, collaboration, and adaptability. With our dedicated members, visionary leadership, and a strong foundation built over five decades, we are well-positioned to navigate the evolving landscape of the accounting profession and continue to make a positive impact on our profession, society, and the business world at large. I would like to take this opportunity to extend my deepest gratitude to the Council, Institute staff, and all members for their dedication and support. Together, we can begin building our own legacy to serve generations to come. Let us embrace the future with passion and enthusiasm, knowing that our collective efforts will shape a brighter and more prosperous tomorrow. Thank you for your continued support, and I look forward to the exciting journey ahead. Margaret W.S. Chan Chief Executive and Registrar

6 MILESTONES OF THE HONG KONG INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS 1973 1975 1996 1997 1999 The Hong Kong Society of Accountants was established as Hong Kong’s first statutory professional accounting body Made debut in international conference Entered international arena as an associate member of the International Accounting Standards Committee, the predecessor of the International Accounting Standards Board Organized a delegation to the 1997 World Congress of Accountants Launched the Accountant Ambassador programme to help the community 2000 2001 2002 Organized the “Best Corporate Governance Disclosure Awards” for the first time Established a charitable fund to provide financial aid to the needy Hosted the World Congress of Accountants Introduced Qualification Programme (QP), which is Hong Kong’s first home-grown training and certification programme for accountants Membership surpassed the 10,000 mark

7 Milestones of the Hong Kong Institute of Certified Public Accountants Since its establishment in 1973, the Hong Kong Institute of Certified Public Accountants has been instrumental in shaping the accounting landscape in Hong Kong and beyond. Through the tireless efforts and immeasurable contributions of our members, the Institute has continuously enhanced professional standards, advanced industry development, and contributed to Hong Kong’s success as an international financial centre. 1977 1985 1994 1992 1995 2004 Issued first report on corporate governance to promote the notion that prevention of commercial fraud begins with company directors Becomes a founding member of the International Federation of Accountants The-then Financial Secretary Sir Philip Haddon-Cave attended the annual dinner of the Hong Kong Society of Accountants Officially visited the Mainland for the first time, positioning itself as the bridge between China and the rest of the world Introduced practice review to increase public confidence in the profession Signed memorandum of cooperation with the Chinese Institute of Certified Public Accountants to boost exchanges between the profession in both places Signed multiple reciprocal membership agreements with global accounting bodies for mutual recognition of QP Officially renamed as the Hong Kong Institute of Certified Public Accountants, the Institute’s members are designated as “Certified Public Accountant” (CPA) 1978 Membership surpassed 1,000 1981 Developed the First Long-Range Plan, calling for the Society to be more outward-looking and community oriented

8 Milestones of the Hong Kong Institute of Certified Public Accountants 2005 2019 2021 Full convergence of Hong Kong Financial Reporting Standards with International Financial Reporting Standards The Institute formed the Global Accounting Alliance (GAA) with eight overseas professional accounting bodies Flagship financial education project, “Rich Kid, Poor Kid” was launched Introduced the QP in the Mainland to provide worldwide-recognized accounting training to Chinese students Rolled out the new QP, comprising three progressive levels with 14 modules and a Capstone workshop Signed a Statement of Protocol on oversight arrangements with the Financial Reporting Council Joined 13 other accounting bodies, all members of Accounting for Sustainability (A4S), in publicly committing to achieving net-zero greenhouse gas emissions within our own organizations 2021 Hosted CPA Conference Renamed Best Corporate Governance Awards to the Best Corporate Governance and ESG Awards, refocusing the annual Award to recognize organizations integrating CG & ESG practices 2022 Working together as part of the GAA, signs the call to action “Nature is Everyone’s Business” with other world’s leading accountancy institutes to signal the important role the profession plays in nature crisis

9 Milestones of the Hong Kong Institute of Certified Public Accountants 2007 2006 2008 2015 The first Mainland office opened in Beijing Signed a joint declaration with Mainland counterparts on standards convergence Expansion of the Mutual Examination Exemption arrangement between the Institute and the Chinese Institute of Certified Public Accountants Guangzhou Liaison Office was set up 2023 Celebrates its 50th anniversary 2010 2016 Membership surpassed the 30,000 mark Membership surpassed the 40,000 mark Offered the first specialist qualification and designation in insolvency

Corporate Governance CORPORATE GOVERNANCE As we celebrate the Institute's 50th anniversary, we reflect on the remarkable journey of our organization in promoting and upholding corporate governance standards in Hong Kong. From our first report on corporate governance in the 90’s, to celebrating the 20th anniversary of the Best Corporate Governance Disclosure Awards and adding ESG as a main focus, the Institute has been at the forefront of Hong Kong’s corporate governance development. It has played a pivotal role in shaping the corporate landscape in the city, advocating for transparency, accountability, and ethical practices. 10

Corporate Governance Maintaining excellent corporate governance policies and practices ensure the Institute is able to carry out its statutory responsibilities and commitment to facilitating a smooth transition as members and the public gear up for major changes within the profession and beyond. Major governance developments During the financial year there were four major governance developments. Issuance of inaugural global sustainability disclosure standards On 26 June 2023, the International Sustainability Standards Board (ISSB) published its two inaugural IFRS Sustainability Disclosure Standards: IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures. The Institute is committed to promoting sustainability and contributing to global efforts to address environmental and social challenges. In addition to pressing forward with developing its role as Hong Kong’s statutory sustainability standard setter and involvement in the international standard-setting arena, the Institute will also focus on upskilling stakeholders with the necessary knowledge in these areas. Further regulatory reform of the accounting profession As of 1 October 2022, the Institute’s former regulatory roles in the issuance of practising certificates, registration and inspection of practice units and regulating the professional conduct of all CPAs and practice units have been formally transferred to the Accounting and Financial Reporting Council (AFRC) under the further reform of the regulatory regime of accounting profession. With the transfer of functions, the Institute continue to shoulder the responsibilities of incubating talents, developing Hong Kong’s accounting profession as well as setting industry standards. While the Institute’s disciplinary functions were transferred to the AFRC, it continued to complete ongoing cases referred to the Disciplinary Committee prior to 1 October 2022. Within the fiscal year, six disciplinary orders were processed while six cases remain. Reviewing of the Institute’s Council election arrangements The Professional Accountants (Amendment) Bill 2022 was passed in Legislative Council (LegCo) on 13 July 2022. The bill makes amendments to the Professional Accountants Ordinance (Cap. 50) (ordinance) to raise requirements for election to the Institute’s Council by increasing the number of nominations required from CPAs from the current two (one proposer and one seconder) to 10 (one proposer and nine seconders), and imposing a new requirement for obtaining nominations from two members of the Advisory Committee of the AFRC as seconders. The amended ordinance also aligns the election cycle of all 14 elected Council members to a biennial cycle and enhances the administrative procedures for conducting Council elections and general meetings of the Institute. The amendments took effect on 1 November 2022. According to the transitional arrangement, the term of office of the 14 incumbent elected members of the Institute’s Council will draw to a close in end-2023. The enhanced election arrangement will commence operation at the Council election to be held then. Strategic Plan 2023 This year, the Institute is celebrating its 50th anniversary. As we enter this new era, it is more important than ever to have a clear and concise roadmap to account for the Institute’s success now and beyond. After reviewing progress made under the recent plan, the Council and the Institute have updated and refined our strategic plan based on a number of key factors and considerations. The Strategic Plan 2023 has built on the three key areas included in the previous plan for repositioning the Institute, and has updated them to better convey essential considerations, namely: • Delivering member value; • Standing and future of the profession; • Be a sustainable and versatile Institute. The updated Strategic Plan 2023 has been made available on our website for stakeholders to find out more about our plans. The Council The Council serves as the governing body of the Institute, makes decisions on the overall strategy, policy and direction, as well as handling matters stipulated in the Professional Accountants Ordinance. It provides guidance on the Institute’s governance and operations with the assistance of relevant boards and committees. Through a balance of members from within and outside the profession, the Council benefits from a wide scope of views when debating and addressing issues. Composition The composition of the Council is governed by the Professional Accountants Ordinance. The Council consists of 14 individual CPAs directly elected by the membership and six governmentappointed members to provide independent views, including two ex-officio government members, and four lay members of high standing in society. The Immediate Past President who completed his elected term also remains on the Council for an additional year to provide continuity. The Council may co-opt an additional two members at the start of its term. All members are non-executive and non-compensated. 11

Corporate Governance DIVERSITY OF THE INSTITUTE’S COUNCIL — AGE AND GENDER DISTRIBUTION According to the transitional arrangement following the adoption of Professional Accountants (Amendment) Bill 2022 to enhance the election mechanism, the 14 incumbent elected members of the Institute’s Council from 2022 would continue into 2023 and their terms of office will draw to a close in end-2023. The enhanced election arrangement will commence operation at the Council election to be held then. Therefore, the Institute did not hold an election during the annual general meeting (AGM) in end-2022. This year, the Council consists of 20 members, and the Immediate Past President is also included in the 14 individual CPAs who were elected by the membership. One member was appointed by the Council in July 2022 to fill the vacancy left by a member who resigned in June 2022. Term of service The term of office of Council members is governed by the Professional Accountants Ordinance. Elected Council members serve for two-year terms beginning after the AGM in December. Governmentappointed lay members also serve for two-year terms from the appointment date. The ex-officio members serve while holding their official capacity. Co-opted members serve from after the Council meeting when they are appointed, usually early in the Council year, until the next AGM. Induction Early in the new Council term, newly elected and appointed Council members are given a briefing and information package by the Institute’s Chief Executive and Registrar to familiarize them with the Institute, its governance and Council operations, and meeting processes, membership statistics and key projects. Conflict of interest and confidentiality All Council members follow established rules to avoid conflict of interest, such as exclusion from discussions or decisions where a real or apparent conflict of interest is present. Council members are also not to disclose any information pertaining to their work as a member of the Council. Diversity To ensure members of different backgrounds are represented, the 14 elected Council members are made up of six CPAs who are in full time practice as certified public accountants (practising) (denoted by the letter “P”); six CPAs who are not in full time practice as certified public accountants (practising), who may or may not hold a practising certificate (denoted by the letter “N”); as well as two CPAs of whom either one or both can be of category P or category N as mentioned above. In addition, the co-option mechanism should enable Council to review its composition and co-opt suitable Council members if required. As such, Council could leverage on the co-option mechanism to implement any desirable diversity criteria at the start of its term. GOVERNANCE STRUCTURE ABOVE 60 5 41-60 40 OR BELOW 5 10 14 (70%) MALE 6 (30%) FEMALE QUALIFICATION AND REGISTRATION (STATUTORY) GOVERNANCE COUNCIL INSTITUTE MANAGEMENT STANDARD SETTING AND PROFESSIONAL DEVELOPMENT Auditing and Assurance Standards Committee Ethics Committee Financial Reporting Standards Committee Professional Development Committee MEMBERS’ INTEREST AND ENGAGEMENT Membership support and engagement Audit Committee Governance Committee Nomination Committee Remuneration Committee Branding and member activities Professional advocacy and specialist practices EXECUTIVE COMMITTEE Qualification and Examinations Board Registration Committee 12

Corporate Governance 08 16 10 18 12 19 07 21 05 02 09 01 06 03 13 04 11 20 14 17 15 THE COUNCIL (As of 30 June 2023) Elected members 01 Fong Wan Huen, Loretta CPA (practising) (President) 02 Roy Leung FCPA (practising) (Vice-President) 03 Au Chun Hing, Edward FCPA (practising) (Vice-President) 04 Raymond Cheng FCPA (practising) (Immediate Past President) 05 Alan Au CPA 06 Alan Chan FCPA (practising) 07 Larry Cheng CPA (practising) 08 Lam Siu Fung, Frank FCPA (practising)* 09 Stephen Law JP, CPA (practising) 10 Lee Shun Yi, Jasmine CPA (practising) 11 Liu Kwok Tai, Teddy CPA (practising) 12 Prof Tse Hoi Fat, Calvin FCPA (practising) 13 Wong Wing Hei, Ernest CPA 14 Andrew Yung FCPA Government-appointed lay members 15 Au King Lun MH, PhD 16 Agnes Choi Heung Kwan MH 17 Theresa Ng Choi Yuk JP 18 Wong Kam Pui, Wilfred BBS, JP Ex-officio members 19 Helen Tang JP (Representative of the Financial Secretary, Government of the HKSAR) 20 Susanna Cheung JP, FCPA (Director of Accounting Services, Government of the HKSAR) Chief Executive & Registrar 21 Margaret W.S. Chan CPA (Secretary) * Lam Siu Fung, Frank FCPA (practising) was appointed by the Council, with effect from 20 July 2022, to fill the vacancy arising from the resignation of Prof Lam Chi Yuen, Nelson JP, FCPA (practising) on 24 June 2022. 13

Corporate Governance The summaries below are highlights of the biographical details of Council members. For elected Council members, the year referenced is the Council year, which is the period between two AGMs. For ex-officio and lay Council members, the date of appointment is included. Full biographies can be found on the Institute’s website. FONG WAN HUEN, LORETTA CPA (PRACTISING) (PRESIDENT) Council meeting attendance from 1 July 2022 to 30 June 2023: 12/12 • Elected Council member since 2017 • President (since 2022) • Vice-President (2020) • Ex-officio member, Executive Committee (2020, and since 2022) • Chairman, Nomination Committee (since 2022) (member in 2020) • Member, Remuneration Committee (since 2022) • Trustee, HKICPA Trust Fund (since 2022) • Trustee, HKICPA Charitable Fund (since 2022) Sustainability Deputy Leader, Mainland China and Hong Kong, PwC • Vice-Chairman, Finance and Administration Committee, Hong Kong Young Women’s Christian Association • Trustee, Ocean Park Conservation Foundation, Hong Kong • Member, General Committee, Federation of Hong Kong Industries • Vice Chairman, MPF Schemes Advisory Committee, Mandatory Provident Fund Schemes Authority • Member, Green Technology and Finance Development Committee, Government of the HKSAR • Member, Advisory Board of HKMA Global Centre for ESG Education and Research, Hong Kong Management Association • Council member and Treasurer, The Hong Kong Polytechnic University • Member, Advisory Board on Accountancy, Lingnan University • Member, Advisory Board on Accounting Studies, The Chinese University of Hong Kong • Member, Advisory Committee on Graduate Employment, Hong Kong Baptist University • Panel member, Resolvability Review Tribunal • Member, Copyright Tribunal • Member, Standing Committee on Disciplined Services Salaries and Conditions of Service A strong international background and extensive experience in providing accounting, assurance and consulting services for public and private companies. She has proven experience in environmental, social and governance (ESG) advisory services and in leading initial public offerings in Hong Kong and the United States. Council membership Committee membership Position and company Other public appointments Skills and experience 14

Corporate Governance ROY LEUNG FCPA (PRACTISING) (VICE-PRESIDENT) Council meeting attendance from 1 July 2022 to 30 June 2023: 12/12 • Elected Council member since 2018 • Vice-President (since 2022) • Ex-officio member, Executive Committee (since 2022) • Member, Nomination Committee (since 2022) • Chairman, Professional Conduct Committee (2020-22) (member since 2016) • Chairman, Professional Development Committee (since 2022) (Deputy Chairman in 2021, and member since 2018) • Chairman, Registration Committee (formerly known as Registration and Practising Committee) (since 2023) (Deputy Chairman in 2020, and member since 2018) • Trustee, HKICPA Trust Fund (since 2022) Partner, KPMG • Member, Personalized Vehicle Registration Marks Vetting Committee, Transport Department, Government of the HKSAR • Member, Private Columbaria Licensing Board, Food and Environmental Hygiene Department, Government of the HKSAR • Member, Accounting Advisory Board, The University of Hong Kong • Member, Accounting Advisory Board, The Hong Kong University of Science and Technology • Member, Departmental Advisory Committee for the Department of Accountancy, City University of Hong Kong Extensive experience in providing assurance and advisory services to companies seeking initial public offerings. He is also the lead audit engagement partner for listed companies in a variety of sectors including transportation, real estate and consumer markets. Council membership Committee membership Position and company Other public appointments Skills and experience 15

Corporate Governance AU CHUN HING, EDWARD FCPA (PRACTISING) (VICE-PRESIDENT) Council meeting attendance from 1 July 2022 to 30 June 2023: 12/12 • Elected Council member in 2019-20 and since 2022 • Vice-President (since 2022) • Chairman, Corporate Finance Committee (formerly known as Corporate Finance Advisory Panel) (since 2020) (Deputy Chairman in 2018-19 and member since 2014) • Ex-officio member, Executive Committee (since 2022) • Member, Nomination Committee (since 2022) • Deputy Chairman, Registration Committee (since 2022) (member since 2020) Southern Region Managing Partner, Deloitte China • Member, Audit and Risk Committee, Hong Kong Red Cross (from September 2019 to August 2023) • Member, Policy Research Committee, Financial Services Development Council • Council member, Hong Kong Association of Registered Public Interest Entity Auditors Limited • Member, Professional Development Committee, Accounting Development Foundation Limited • Member, Advisory Committee, Division of Business and Management, Beijing Normal University-Hong Kong Baptist University United International College • Panel member, Mandatory Provident Fund Schemes Appeal Board Extensive experience in auditing enterprises in Hong Kong and the Mainland, and assisting their debt and equity offerings. He is also a spokesperson of Deloitte China in initial public offerings and capital market, and drives service and practice transformation, fosters talent development, and expands the firm’s practice in Southern China. Council membership Committee membership Position and company Other public appointments Skills and experience RAYMOND CHENG FCPA (PRACTISING) (IMMEDIATE PAST PRESIDENT) Council meeting attendance from 1 July 2022 to 30 June 2023: 12/12 • Elected Council member since 2011 • Immediate Past President (since 2022) • President (2021) • Chairman, Qualification Oversight Board (2020-22) • Trustee, HKICPA Trust Fund (since 2021) • Trustee, HKICPA Charitable Fund (since 2021) Chairman, HLB Hodgson Impey Cheng Limited • Adjunct Professor, Department of Accountancy, City University of Hong Kong • Member, Departmental Advisory Committee for the Department of Accountancy, City University of Hong Kong • Voting member, Hong Kong Professionals and Senior Executives Association Specializing in corporate audits and with extensive experience in auditing companies in different industries, most especially the financial services industry. He is a Council member of HLB International and leads the firm by formulating strategies. Council membership Committee membership Position and company Other public appointments Skills and experience 16

Corporate Governance ALAN AU CPA Council meeting attendance from 1 July 2022 to 30 June 2023: 8/12 Elected Council member since 2019 • Member, Restructuring and Insolvency Faculty Executive Committee (since 2019) • Member, Taxation Faculty Executive Committee (2019-22) Barrister-At-Law, Gilt Chambers Over 10 years of working experience in auditing, company secretarial and corporate investment related positions from listed companies from Hong Kong and China. Council membership Committee membership Position and company Skills and experience AU KING LUN MH, PHD Council meeting attendance from 1 July 2022 to 30 June 2023: 6/12 Council lay member since 1 December 2019 • Member, Governance Committee (since 2022) • Member, Qualification Oversight Board (2022) Executive Director, Financial Services Development Council • Medal of Honour • Adjunct Professor, The University of Hong Kong • Member, Index Advisory Committee, China Securities Index Co., Ltd. • Member, Index Advisory Committee, Shanghai Stock Exchange • Director, Adventist Charitable Foundation Limited • Member, Investment Committee, Adventist Health Hong Kong A Chartered Financial Analyst with decades of asset management industry experience. He has held senior positions at organizations including as President of Value Partners Group, CEO of Eastspring Investments (Hong Kong) Limited and BOCHK Asset Management Limited. He was also a past Chairman of the Hong Kong Securities and Investment Institute and the Hong Kong Investment Funds Association. Council membership Committee membership Position and company Other public appointments Skills and experience 17

Corporate Governance ALAN CHAN FCPA (PRACTISING) Council meeting attendance from 1 July 2022 to 30 June 2023: 12/12 Elected Council member since 2021 • Member, Professional Conduct Committee (2021-22) • Member, Registration Committee (since 2021) • Member, Small and Medium Practices Committee (Deputy Chairman in 2021 and member since 2021) • Member, Taxation Faculty Executive Committee (since 2021) • Partner, Alan Chan & Partners • Director, CFO and company secretary, a Hong Kong listed company Over 30 years’ experience in auditing, accounting and taxation with both listed and non-listed companies in different industries including manufacturing and financial institutions. Council membership Committee membership Position and company Skills and experience LARRY CHENG CPA (PRACTISING) Council meeting attendance from 1 July 2022 to 30 June 2023: 11/12 Elected Council member since 2021 Member, Registration Committee (2021-22) Founder, Widi Limited Ample experience in accounting and auditing, private equity and start-up ventures. Council membership Committee membership Position and company Skills and experience SUSANNA CHEUNG JP, FCPA Council meeting attendance from 1 July 2022 to 30 June 2022: 12/12 Ex-officio Council member, Director of Accounting Services, Government of the HKSAR, since 14 October 2021 Nil Director of Accounting Services, the Treasury, Government of the HKSAR • Justice of the Peace • Member, Managing Board of Kowloon-Canton Railway Corporation • Chairman, Audit Committee of Kowloon-Canton Railway Corporation Before assuming the post of Director of Accounting Services in October 2021, she served in various policy bureaux and departments of the HKSAR Government, including the Financial Services and the Treasury Bureau , Food and Environmental Hygiene Department, Social Welfare Department and the Treasury. Council membership Committee membership Position and company Other public appointments Skills and experience 18

Corporate Governance AGNES CHOI HEUNG KWAN MH Council meeting attendance from 1 July 2022 to 30 June 2023: 11/12 Council lay member since 1 December 2020 • Member, Governance Committee (since 2021) • Member, Regulatory Oversight Board (2021-22) Nil • Medal of Honour • Non-Executive Director, Insurance Authority • Convenor, Corporate Services Committee, Insurance Authority • Member, External Relations Committee, Insurance Authority • Member, Regulatory Instruments Committee, Insurance Authority • Member, Travel Industry Authority • Asia Ambassador, International Union of Marine Insurance A veteran practitioner with over 35 years of experience in the insurance industry. Over her career, she has filled key management roles in many leading insurance companies. She was the Chairman of the Hong Kong Federation of Insurers from 2012 to 2013 and a member of the Executive Committee of the International Union of Marine Insurance from 2015 to 2018. Council membership Committee membership Position and company Other public appointments Skills and experience LAM SIU FUNG, FRANK FCPA (PRACTISING) Council meeting attendance from 20 July 2022 to 30 June 2023: 11/11 Elected Council member since 20 July 2022* • Member, Branding and Communication Committee (formerly known as Branding and Communication Advisory Panel) (since 2017) • Member, Registration Committee (since 2023) • Member, Small and Medium Practices Committee (since 2020) Assurance Director and Leader of Family Office, BDO Limited Member, Financial Monitoring Committee, Reading Dreams Foundation Over 25 years of audit experience with listed and initial public offering clients operating in a variety of industries. He also has wide-ranging experience in both Hong Kong and Mainland China auditing and accounting standards, tax regulations, and provision of financial and family office services to high net worth individuals and entrepreneurs. Council membership Committee membership Position and company Other public appointments Skills and experience * Lam Siu Fung, Frank was appointed by the Council to fill the vacancy arising from the resignation of Prof Lam Chi Yuen, Nelson JP on 24 June 2022 with effect from 20 July 2022. 19

Corporate Governance STEPHEN LAW JP, CPA (PRACTISING) Council meeting attendance from 1 July 2022 to 30 June 2023: 11/12 Elected Council member in 2012-17, and since 2022; Co-opted Council member in 2010 and 2011 • Member, Audit Committee (since 2022) • Chairman, Branding and Communication Committee (since 2022) (member since 2017) • Member, Corporate Finance Committee (2007-13, and since 2022) (Deputy Chairman in 2010 and Chairman in 2011-13) • Member, Professional Accountants in Business Committee (2008-17, and since 2022) (Deputy Chairman in 2013-14 and Chairman in 2015-17) Managing Director, ANS Capital Limited • Member, The National Committee of the Chinese People’s Political Consultative Conference • Justice of the Peace • Expert advisor, The Ministry of Finance of the People’s Republic of China • Member, Agricultural Park Advisory Committee, Agriculture, Fisheries and Conservation Department, Government of the HKSAR • Member, Green Tech Fund Assessment Committee, Environment and Ecology Bureau, Government of the HKSAR • President, Hong Kong Business Accountants Association • Deputy President, Hong Kong Independent Non-Executive Director Association • Board member, Hong Kong Dance Company • Board member, SOW Asia • Chairman, Chan Sui Ki (La Salle) College Old Boys’ Foundation Limited A multi-skilled business and finance professional with expertise in executive management at board and C-level of large enterprises. He also has extensive experience in private equity and asset management as managing directors of investment firms. Council membership Committee membership Position and company Other public appointments Skills and experience 20

Corporate Governance LEE SHUN YI, JASMINE CPA (PRACTISING) Council meeting attendance from 1 July 2022 to 30 June 2023: 12/12 Elected Council member since 2022 • Member, Greater Bay Area Committee (since 2019) • Member, Professional Development Committee (2022) • Member, Registration Committee (since 2022) Managing Partner, Hong Kong and Macau, Ernst & Young • Member, Air Transport Licensing Authority, Transport and Logistics Bureau, Government of the HKSAR • Council Member, SMART Accountants Association • Member, Professional Development Committee, Accounting Development Foundation • Member, Mainland China Affairs Committee, Association of Women Accountants • Chairman (Bronze), Guangdong-Hong Kong-Macao-Bay Area Economic and Trade Association • Member, China Committee, Hong Kong General Chamber of Commerce She is the Managing Partner of the Ernst & Young member firms in Hong Kong and Macau, overseeing all aspects of business operations in these locations. She has acquired deep expertise working with Hong Kong and Mainland Chinese financial institutions on an array of assurance, strategy and consulting services, leading business growth and optimization initiatives for major financial services companies across Mainland China and Hong Kong. Council membership Committee membership Position and company Other public appointments Skills and experience 21

Corporate Governance LIU KWOK TAI, TEDDY CPA (PRACTISING) Council meeting attendance from 1 July 2022 to 30 June 2023: 12/12 Elected Council member since 2022 • Member, Professional Development Committee (since 2022) • Member, Registration Committee (since 2022) • Member, Remuneration Committee (since 2020) Head – Group Audit & Management Services, New World Development Company Limited • Member, Greater Bay Area Advisory Board, ACCA Hong Kong • Member, Student Affair Sub-committee, ACCA Hong Kong • Member, Professional Development Sub-committee, ACCA Hong Kong • Honorary Advisor, ERB Manpower Developer Award Scheme, Employees Retraining Board • Vice Chairman, Manpower Committee, Hong Kong General Chamber of Commerce • Honorary Treasurer, Executive Committee, Human Capital Management Society, The Hong Kong Management Association • Member, People Development Management Committee, The Hong Kong Management Association • Member, ESG Committee, The Hong Kong Institute of Human Resource Management • Member, Brand Advisory Panel, Industrial Designers Society of Hong Kong • President, Executive Committee, Hong Kong University Business School Alumni Association • Member, Advisory Committee for Graduate Employment, City University of Hong Kong Ample experiences in different corporate functions including company secretarial works, taxation planning, information technology management, merger and acquisition, company reorganization, corporate strategy setting, talent development and training, internal audit, risk management, corporate innovation, etc. Council membership Committee membership Position and company Other public appointments Skills and experience THERESA NG CHOI YUK JP Council meeting attendance from 1 July 2022 to 30 June 2023: 11/12 Council lay member since 1 December 2018 • Member, Audit Committee (since 2019) • Member, Nomination Committee (since 2021) • Member, Regulatory Oversight Board (2022) Retired • Justice of the Peace • Non-Executive Director, Insurance Authority • Chairman, Executive Committee, Friends of Caritas, Caritas Hong Kong A seasoned professional in the banking industry with over 30 years of experience in retail and private banking in Hong Kong. She was the Deputy General Manager and head of retail banking at ICBC (Asia) and previously worked at HSBC for over 15 years. Along her career she has enjoyed putting in extensive time, energy and resources in serving charity work, public services and young peoples’ educational matters. She is currently the Chairman of the Executive Committee of Friends of Caritas and School Managers of many diocese schools. Council membership Committee membership Position and company Other public appointments Skills and experience 22

Corporate Governance HELEN TANG JP Council meeting attendance from 25 July 2022 to 30 June 2023: 10/11 Ex-officio Council member, Representative of the Financial Secretary, Government of the HKSAR, since 25 July 2022* Nil Registrar of Companies, Companies Registry, Government of the HKSAR Justice of the Peace Before assuming the post of the Registrar of Companies in July 2022, she served in various policy bureaux and departments of the HKSAR Government, including the Home and Youth Affairs Bureau, the former Home Affairs Bureau, the Government Logistics Department, the Financial Services and the Treasury Bureau, the Labour and Welfare Bureau, the Department of Health, the former Commerce, Industry and Technology Bureau, the former Information Technology and Broadcasting Bureau, the former Television and Entertainment Licensing Authority, the former Health and Welfare Branch, the former Civil Service Branch and the former City and New Territories Administration. Council membership Committee membership Position and company Other public appointments Skills and experience * In July 2022, Kitty Tsui stepped down as a member of the Institute’s Council when Helen Tang JP assumed the position of Registrar of Companies. PROF TSE HOI FAT, CALVIN FCPA (PRACTISING) Council meeting attendance from 1 July 2022 to 30 June 2023: 12/12 Elected Council member since 2022 • Deputy Chairman, Branding and Communication Committee (since 2022) (member since 2022) • Member, Greater Bay Area Committee (since 2021) • Member, Qualification and Examinations Board (since 2022) • Member, Young Members Committee (since 2022) Founder and Chief Executive Officer, Kam Kee Holdings Limited • Member, Training Board, Chinese Culinary Institute, Vocational Training Council • Member, Catering Industry Training Advisory Committee, Qualifications Framework • Member, Catering Industry Consultative Networks, Employees Retraining Board • Member, District Fight Crime Committee (Kowloon City District) • Council member, Occupational Safety and Health Council • Chairman, Hong Kong General Chamber of Young Entrepreneurs • Member, Young Entrepreneur Committee, Hong Kong Baptist University Foundation • Charter President, Rotary Club of the Guangdong-Hong Kong-Macau Greater Bay Area • Director, The Lok Sin Tong Benevolent Society • Committee member, Commission on Accounting, Council for the Promotion of Guangdong-Hong Kong-Macao Cooperation • Honorary Director, The China Certified Tax Agents Association He started his entrepreneurial career in 2010 and won the HSBC Youth Entrepreneurship Award in 2011, the Greater Bay Area Young Leader in 2018, the Ten Outstanding Young Persons in 2022 and the Forbes China Outstanding Enterprises Outstanding Leadership Talent in 2022. In addition to his work, he is also actively involved in community services by taking up the post of Chairman of the Hong Kong General Chamber of Young Entrepreneurs and Adjunct Professor in university to help young people starting their businesses in Hong Kong and Mainland China. Council membership Committee membership Position and company Other public appointments Skills and experience 23

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