HKICPA Eng Annual Report 2024

ANNUAL REPORT 2024 BUILDING COMMUNITY

CONTENTS Foreword Message from the President Message from the Chief Executive and Registrar Corporate Governance Membership and Qualification Member Services, Development and Events Mainland Development Standard Setting and Professional Representation Thought Leadership, Communication and Engagement Finances and Operations Climate and Sustainability Auditor’s Report & Financial Statements • Hong Kong Institute of Certified Public Accountants • The HKICPA Charitable Trust • The HKICPA Trust Fund • The HKICPA Charitable Fund 01 02 04 06 36 40 45 48 55 61 64 70

FOREWORD Following the Institute’s 50th anniversary celebrations in 2023, we have been diligently working to convert the goodwill generated towards building a more cohesive community. Throughout the past year, the Institute has allocated substantial resources to cultivating a sense of belonging, mutual support, and shared purpose among our members, stakeholders, and the broader Hong Kong community. These initiatives are designed to maximize the effectiveness of our endeavours, enabling our members to excel both professionally and personally. This year’s theme, “Building Community,” highlights our commitment to fostering a valued and connected environment for our members and stakeholders. Please read our report to learn about the measures we have implemented to improve our initiatives, programmes, and activities that aim to unite our community, promote professional development, encourage camaraderie among members, and nurture future talents. This year’s annual report includes seven photo stories, each capturing members from different sections of our diverse community. These narratives highlight the ways in which their experiences have intertwined with ours, demonstrating the vibrant diversity of our community. They illustrate how members of various stakeholders contribute to the collective richness and strength of the HKICPA. As you read through this annual report, we hope you are inspired by the stories and achievements of our members. We believe that by building a strong, inclusive, and supportive community, we can continue to uphold the highest standards of the accounting profession and contribute to the broader societal good. Together, we are not just building a community; we are forging a legacy of excellence for future generations. 1

2 Capacity Building Framework (1-2-7 Framework). The purpose of the Sustainability Community is to create a thought leadership platform where sustainability practitioners can exchange ideas and network, reaching beyond the Institute’s membership. At the same time, the 1-2-7 Framework aims to cultivate a sustainability mindset by improving participants’ understanding and knowledge of sustainability, with an emphasis on IFRS S1 and S2. Capacity building and professional development Indeed, we recognize that our members are at the heart of our mission. Investing in their continuous professional development and fostering a culture of lifelong learning remains a top priority. Over the past year, we have expanded our range of continuing professional development courses to include nearly 600 events, attracting more than 100,000 enrolments. The Institute also engaged in international forums and partnered with global accounting organizations to share best practices and keep up with industry trends. This year, we connected with many international counterparts, signing significant Memoranda of Understanding with the Chinese Institute of Certified Public Accountants and the Institute of Singapore Chartered Accountants respectively to share key training resources for the benefit of our members. Fostering talent and building a sustainable future Addressing the talent shortage in the accounting profession has been a key focus area for us. We regularly propose ideas to the government on attracting and retaining talent for both the accounting field and Hong Kong. In January 2024, we Dear members, I am proud and thankful to present the Institute’s 2024 annual report. Throughout this year, we have diligently carved out our role as the standard setter and the foremost cultivator of talent in the profession, reaffirming the Institute’s status as a leading professional accounting organization in Hong Kong and beyond. Despite the past year’s numerous challenges, including global economic uncertainties and changing regulations, our members’ resilience and proactive mindset have allowed us to tackle these issues and embrace new opportunities. Advancing sustainability reporting standards One of our primary focuses this year has been toward the establishment of Hong Kong’s sustainability reporting standards. As reiterated in the Vision Statement on Turning Obligations into Opportunities in Developing the Sustainability Disclosure Ecosystem in Hong Kong published by the government in March 2024, the Institute took upon the monumental task of adopting the International Sustainability Standards Board (ISSB) Standards within our local context. Since last year, the Institute has worked closely with fellow members of the Working Group on Sustainability Disclosures under the Green and Sustainable Finance Cross-Agency Steering Group to reach this goal, with the issuance of the first Exposure Drafts of HKFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and HKFRS S2 Climate-related Disclosures Invitation for Comment scheduled for Q4 2024. Our involvement in the ISSB Partnership Framework for Capacity Building in July 2023 is a testament to our commitment to driving the implementation of the standards and providing comprehensive support to our members and the public at large as they prepare. This is further exemplified by our introduction of five workshops recognized by the Hong Kong government as eligible projects under the Pilot Green and Sustainable Finance Capacity Building Support Scheme, providing further incentive to members and practitioners to equip themselves to stay ahead of important changes to come. Towards the end of the financial year, we introduced the Sustainability Community and unveiled the 1-2-7 Sustainability MESSAGE FROM THE PRESIDENT We are excited about the initiatives we have planned for the year ahead, the development of new sustainability reporting standards, and continued efforts to engage our members.

3 proposed several key suggestions based on survey findings, including the addition of the accounting profession to the government’s Talent List, which would highlight the strategic importance of accounting expertise and attract talented individuals to the industry. We have also implemented a range of initiatives aimed at attracting and nurturing the next generation of accounting professionals. From financial literacy programmes in primary schools to experiential learning opportunities for secondary and tertiary students, we are committed to building a sustainable talent pipeline. Our collaboration with schools, tertiary institutions, the Education Bureau, and other stakeholders has yielded positive results. We have enhanced our Qualification Programme, organized career talks, and provided internship opportunities that give students a firsthand experience of the accounting profession. While the benefits of these initiatives to the profession are not immediate, these efforts are vital in ensuring that we have a steady supply of skilled and qualified professionals to meet the evolving demands of the industry. Enhancing member engagement and support Our members are our most valuable asset, and we are dedicated to providing them with the support and resources they need to excel in their careers. Over the past year, we have launched several initiatives to enhance member engagement and support. These include the establishment of dedicated networking opportunities for the leadership of the Institute to collect feedback from members directly and address concerns related to the Institute’s efforts and operations. We have also improved the way we inform members about latest developments and Institute offers by enhancing our direct email communications and social media outreach. To promote a healthy lifestyle and interact with members in more casual settings, the Institute ramped up efforts to organize various sports, recreational and networking activities. I had the opportunity to attend many of these events and was delighted to see our members display their exceptional skills beyond the workplace, showing their enthusiasm in both competition and performance. By fostering a strong sense of community and providing opportunities for professional growth and networking, we aim to create an environment where our members can thrive both personally and professionally. Capitalizing on our achievements Looking ahead, we are committed to maintaining the utmost standards of professionalism and ethics within the accounting industry. The upcoming year is set to bring ongoing growth and innovation, as we capitalize on our achievements and seek new avenues to support our members and the broader community. We are excited about the initiatives we have planned for the year ahead, the development of new sustainability reporting standards, and continued efforts to engage our members. These initiatives reflect our commitment to upholding the integrity of the profession, and ensuring our members are well-equipped to navigate the complexities of the modern business environment. I would like to extend my heartfelt gratitude to our members for your unwavering support and dedication. Your input and involvement are valued, as they play a vital role in shaping the direction and initiatives of the Institute. Our sincerest appreciation goes to you for your continued support for the Institute and participation in its events. We remain committed to listening to your feedback and suggestions, and to improving our offers and value proposition for you and your fellow members. I would also like to express my heartfelt gratitude to my two Vice-Presidents, Edward Au and Stephen Law, all Council members, committee members, and staff of the Institute for their hard work and commitment throughout the year. Thank you for your continued commitment to excellence and for being a part of the HKICPA family. I look forward to another year of collaboration, growth, and success for the Institute and our members. Roy Leung President Message from the President

4 We have placed a strong emphasis on fostering a sense of community and collaboration among our members, where we aim to create a dynamic and supportive environment for our members to connect, share ideas, and collectively shape the future of the profession. MESSAGE FROM THE CHIEF EXECUTIVE AND REGISTRAR Dear members, It is with great pleasure that I present to you the Institute’s message for the 2023/24 financial year. Building on the Strategic Plan crafted by the Institute’s Council and management, we have tirelessly worked on identifying areas where we can improve, and we are implementing initiatives to achieve the strategies that support the development of our members and the profession. On top of the strategic initiatives in attracting talent, contributing to the sustainability journey and promoting the image of the profession, our focus remains on delivering high-quality services, fostering professional growth, and ensuring the sustainable operation of the Institute for the long run. We understand that the business landscape is constantly evolving, and we are dedicated to helping members stay ahead of the curve. Guided by our Strategic Plan, we are confident that we can provide our members with the resources they need to thrive. We are also expanding our outreach efforts to engage with members more effectively, ensuring that their voices are heard and their needs are addressed. Strengthening member engagement At the heart of our mission is a steadfast commitment to serving our members and the accounting profession as a whole. This year, we have redoubled our efforts to engage with our valued members, and to enhance the suite of services and offerings we provide. We have introduced a series of new and innovative initiatives aimed at empowering our members to thrive in the evolving business landscape. In addition to new training series, such as the Free Plus Paid Series on Technical Training, Digitalization Series and Data Security Series, we also published resources such as A Roadmap of an Audit Engagement. This resource was specially designed to outline the essential steps of an audit engagement journey, while highlighting relevant training and technical resources for high quality audit. Introduced during the financial year, the 1-2–7 Sustainability Capacity Building Framework will offer a similar approach to assist members in progressing their sustainability learning. Moreover, we have placed a strong emphasis on fostering a sense of community and collaboration among our members, where we aim to create a dynamic and supportive environment for our members to connect, share ideas, and collectively shape the future of the profession. This meant more opportunities for us to share updates with members and allow them to contribute their thoughts directly through a revitalized schedule of networking events, as well as refreshed communications and social media strategies. For instance, we hosted member luncheons, conducted survey on the talent situation, launched the CPA Wellness newsletter for sports and recreation event updates, and revamped our newsletters like CPA Pulse, Technical News, and Training and Development for a better user experience. Shaping the future of sustainability reporting In March 2024, the government published the Vision Statement on Turning Obligations into Opportunities in Developing the Sustainability Disclosure Ecosystem in Hong Kong, which reiterated the Institute’s role as the local standard setter for sustainability reporting. We are proud to play this crucial role in the development and implementation of the local standards in line with the inaugural International Sustainability Standards Board Standards. To ensure our members are well-equipped to navigate this transformative shift, we are focusing on building capacity to empower our members and other stakeholders with the necessary knowledge and tools. We have developed and refined the framework of a comprehensive suite of training programmes, workshops, and resources focused on sustainability reporting and the transition to a low-carbon

5 economy. We continue to update the Sustainability Information Centre on the Institute’s website with new developments and learning resources, and will roll out activities for the Sustainability Community to promote knowledge sharing. Talent engagement Engaging talent is key to keeping our profession dynamic, and adapting to the needs of the next generation is vital for ongoing growth and relevance. Throughout the year, we continued to visit different universities and tertiary institutions, and improved efforts to promote the value proposition of a career in accountancy and the Qualification Programme (QP) to secondary schools. We devised and implemented a series of impactful experiential learning activities tailored specifically for senior secondary school students, particularly those studying Business, Accounting and Financial Studies, engaging close to 10,000 students across over 200 secondary schools. The Experiential Business Learning Programme, designed to improve tertiary students’ business acumen through practical experience, was further enriched by adding work shadowing opportunities alongside placements with CPA firms. The inaugural winners of the HKICPA Accounting and Business Management Online Quiz Competition for secondary school students similarly had enlightening job shadowing experiences. Furthermore, this year marked the 10th anniversary of the Institute’s Mentorship Programme, which has significantly guided the careers of many aspiring CPAs in Hong Kong, forming nearly 1,900 mentor-mentee pairs between seasoned members and budding young CPAs. I invite you to read the full 2024 annual report to see all our accomplishments. Your support and involvement remain crucial to our success. Finances In terms of finances, the Institute has demonstrated resilience and strategic foresight in addressing the financial challenges it faced in recent years. Through comprehensive re-engineering initiatives and prudent financial management, the Group reported a surplus of HK$20 million in 2024. This achievement is attributed to increased enrolments for QP students, and effective fund management amid rising interest rates, though tempered by the decline in investment property value due to market fluctuations. Nonetheless, the Institute is cognizant of the enduring challenges that lie ahead. With the cessation of practising fees collection and reduced income from disciplinary fines and cost recovery, the challenges to sustain the QP student population, another key income source, will be closely monitored and handled. In 2024, the Institute adjusted membership fees to combat the changes in income structure and the impact of cost inflation. For long-term solutions, we have identified various measures to improve the financial viability of our operations, including improvements to the QP and continuing professional development offerings, and fee adjustments to offset rising expenses. We remain committed to navigating these challenges with diligence and foresight, securing the future of the Institute for years to come. We aim to implement strategic measures designed to strengthen the Institute’s financial sustainability, ensuring a robust foundation to better serve our members and uphold the integrity of the profession. Optimism for the future We are excited about the boundless opportunities that lie ahead. With the unwavering support of our dedicated members, the visionary leadership of our Council, and the tireless efforts of our staff, I am confident that we are well-positioned to navigate the challenges and seize the opportunities that will shape the future of the accounting profession. Together, let us embrace this exciting new chapter with passion, innovation, and a steadfast commitment to excellence. I look forward to working alongside all of you to build a brighter and more prosperous tomorrow for the HKICPA and the accounting profession as a whole. Thank you for your continued support, and I wish you all the best in the year ahead. Margaret W.S. Chan Chief Executive and Registrar Message from the Chief Executive and Registrar

6 Corporate Governance CORPORATE GOVERNANCE Maintaining excellent corporate governance policies and practices ensure the Institute is able to carry out its statutory responsibilities and commitment to facilitating members and the public in gearing up for major changes within the profession and beyond. MAJOR GOVERNANCE DEVELOPMENTS During the financial year there were two major governance developments. Publication of the Hong Kong government’s Vision Statement On 25 March 2024, the government issued the Vision Statement on Turning Obligations into Opportunities in Developing the Sustainability Disclosure Ecosystem in Hong Kong, which sets out the vision and approach of the government and financial regulators in developing a comprehensive ecosystem for sustainability disclosure in Hong Kong. The Institute was named the sustainability reporting standard setter in Hong Kong and will develop the local sustainability reporting standards aligned with the International Sustainability Standards Board Standards as well as the complementary application and implementation guidance. Strategic Plan 2024 After reviewing progress made under the recent plan, the Council and the Institute updated and refined its strategic plan. The Strategic Plan 2024 was built on the previous plan, to present seven strategic focuses under the three key topics: (a) Deliver member value i. Professional development and member engagement ii. Qualification Programme (QP) and student engagement (b) Standing and future of the profession i. Standard setting and sustainability development ii. Proud to be a CPA – branding and communications iii. Advocacy for the profession (c) Be a sustainable and versatile Institute i. Collaboration with the Accounting and Financial Reporting Council (AFRC) ii. Safekeeping of our constitution, governance and organization The updated Strategic Plan 2024 was made available on our website for members and 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 government-appointed 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 or her 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. This year, the Council consists of 21 members, including the Immediate Past President who completed her elected term. Terms of service The term of office of Council members is governed by the Professional Accountants Ordinance. Elected Council

7 Corporate Governance members serve for two-year terms beginning after the biennial elections held during every other annual general meeting (AGM) from December 2023 onwards. 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 GOVERNANCE STRUCTURE 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 Branding and member activities Professional advocacy and specialist practices EXECUTIVE COMMITTEE QUALIFICATION AND REGISTRATION (STATUTORY) Quali cation and Examinations Board Registration Committee GOVERNANCE Audit Committee Governance Committee Nomination Committee Remuneration Committee (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. If required, Council could leverage on the co-option mechanism to implement any desirable diversity criteria at the start of its term. DIVERSITY OF THE INSTITUTE’S COUNCIL — AGE AND GENDER DISTRIBUTION 2 40 OR BELOW 4 ABOVE 60 8 41-50 7 51-60 12 (57%) MALE 9 (43%) FEMALE

8 Corporate Governance Elected members 01 Leung Sze Kit, Roy, FCPA (practising) (President) 02 Au Chun Hing, Edward, FCPA (practising) (Vice-President) 03 Law Cheuk Kin, Stephen, JP, CPA (practising) (Vice-President) 04 Chan Ting Bond, Michael, FCPA 05 Lam Siu Fung, Frank, FCPA (practising) 06 Lee Shun Yi, Jasmine, FCPA (practising) 07 Li Shun Fai, Michael, FCPA (practising) 08 Liu Kwok Tai, Teddy, CPA (practising) 09 Lo Charbon, CPA (practising) 10 Tong Piu, Barry, FCPA 11 Tse Hoi Fat, Calvin, FCPA (practising) 12 Wong Wai Kei, Vicky, CPA 13 Wu Chun Sing, Parco, FCPA (practising) 14 Yeung Long Yan, CPA Immediate Past President 15 Fong Wan Huen, Loretta, CPA (practising) Government-appointed lay members 16 Au King Lun, MH, PhD 17 Choi Heung Kwan, Agnes, MH 18 Ho Shuk Ying, Sabrina 19 Ng Choi Yuk, Theresa, JP Ex-officio members 20 Tang Helen, JP (Representative of the Financial Secretary, Government of the HKSAR) 21 Cheung Sau Lan, Susanna, JP, FCPA (Director of Accounting Services, Government of the HKSAR) Chief Executive & Registrar 22 Chan Wing San, Margaret, CPA (Secretary) 12 17 19 20 22 02 01 03 15 21 16 18 07 04 05 08 06 11 9 10 14 13 THE COUNCIL (As of 30 June 2024)

9 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. LEUNG SZE KIT, ROY, FCPA (PRACTISING) (PRESIDENT) Council meeting attendance from 1 July 2023 to 30 June 2024: 12/12 Council membership • Elected Council member since 2018 • President (since 2024) • Vice-President (2022-23) Current committee membership • Ex-officio member, Executive Committee • Trustee, HKICPA Charitable Fund* • Trustee, HKICPA Charitable Trust* • Trustee, HKICPA Trust Fund* • Chairman, Nomination Committee • Member, Remuneration Committee Position and company Partner and Head of Public Affairs, Hong Kong, KPMG Other public appointments • 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 • Panel member, Resolvability Review Tribunal • Panel member, Occupational Retirement Schemes Appeal Board • 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 Skills and experience 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. * The Trustees agreed to cease the operation and dissolve the HKICPA Charitable Fund and HKICPA Trust Fund on 5 July 2024 and 23 July 2024 respectively, and to transfer the functions and assets to The HKICPA Charitable Trust. The HKICPA Charitable Fund and HKICPA Trust Fund are in the course of dissolution and is expected to be completed in the next financial year.

10 Corporate Governance AU CHUN HING, EDWARD, FCPA (PRACTISING) (VICE-PRESIDENT) Council meeting attendance from 1 July 2023 to 30 June 2024: 12/12 Council membership • Elected Council member in 2019-20, and since 2022 • Vice-President (since 2022) Current committee membership • Ex-officio member, Executive Committee • Trustee, HKICPA Charitable Trust* • Trustee, HKICPA Trust Fund* • Member, Nomination Committee • Chairman, Registration Committee Position and company Southern Region Managing Partner, Deloitte China Other public appointments • Member, Policy Research Committee, Financial Services Development Council • Alternative Council member, Hong Kong Association of Registered Public Interest Entity Auditors 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 • Member, Finance Committee, Hong Kong Red Cross Skills and experience 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. * The Trustees agreed to cease the operation and dissolve the HKICPA Charitable Fund and HKICPA Trust Fund on 5 July 2024 and 23 July 2024 respectively, and to transfer the functions and assets to The HKICPA Charitable Trust. The HKICPA Charitable Fund and HKICPA Trust Fund are in the course of dissolution and is expected to be completed in the next financial year.

11 Corporate Governance LAW CHEUK KIN, STEPHEN, JP, CPA (PRACTISING) (VICE-PRESIDENT) Council meeting attendance from 1 July 2023 to 30 June 2024: 12/12 Council membership • Elected Council member in 2012-17, and since 2022; Co-opted Council member in 2010 and 2011 • Vice-President (since 2024) Current committee membership • Member, Audit Committee • Chairman, Branding and Communication Committee • Member, Corporate Finance Committee • Ex-officio member, Executive Committee • Member, Nomination Committee Position and company Managing Director, ZhongYi Investment Managers Limited Other public appointments • 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 • Past 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 Skills and experience 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.

12 Corporate Governance FONG WAN HUEN, LORETTA, CPA (PRACTISING) (IMMEDIATE PAST PRESIDENT) Council meeting attendance from 1 July 2023 to 30 June 2024: 12/12 Council membership • Elected Council member (2017-23) • President (2022-23) • Vice-President (2020) Current committee membership • Member, Financial Reporting Standards Committee • Trustee, HKICPA Charitable Fund* • Trustee, HKICPA Charitable Trust* • Trustee, HKICPA Trust Fund* Position and company Sustainability Deputy Leader, Mainland China and Hong Kong, PwC Other public appointments • Member, 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, HKMA Global Centre for ESG Education and Research, The 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 • Member, Copyright Tribunal • Member, Standing Committee on Disciplined Services Salaries and Conditions of Service Skills and experience 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. * The Trustees agreed to cease the operation and dissolve the HKICPA Charitable Fund and HKICPA Trust Fund on 5 July 2024 and 23 July 2024 respectively, and to transfer the functions and assets to The HKICPA Charitable Trust. The HKICPA Charitable Fund and HKICPA Trust Fund are in the course of dissolution and is expected to be completed in the next financial year.

13 Corporate Governance AU KING LUN, MH, PHD Council meeting attendance from 1 July 2023 to 30 June 2024: 7/12 Council membership Council lay member since 1 December 2019 Current committee membership Member, Governance Committee Position and company Executive Director, Financial Services Development Council Other public appointments • 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, Finance Committee, Adventist Health Hong Kong • Member, Investment Committee, Adventist Health Hong Kong Skills and experience 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. CHAN TING BOND, MICHAEL, FCPA Council meeting attendance from 7 December 2023 to 30 June 2024: 7/7 Council membership Elected Council member since 2024 Current committee membership • Member, Branding and Communication Committee • Chairman, Professional Accountants in Business Committee Position and company • Managing Director, MTR Lab Company Limited • General Manager – Corporate Strategy, MTR Corporation Limited Other public appointments • Independent Non-Executive Director, Integrated Waste Solutions Group Holdings Limited • Chairman, Remuneration Committee, Integrated Waste Solutions Group Holdings Limited • Member, Audit Committee, Integrated Waste Solutions Group Holdings Limited • Member, Nomination Committee, Integrated Waste Solutions Group Holdings Limited Skills and experience Extensive multi-industry experience in corporate strategy and planning, sales operation management, business development, corporate finance, and change management. He is adept at steering significant operations and crafting strategic initiatives across diverse business landscapes.

14 Corporate Governance CHEUNG SAU LAN, SUSANNA, JP, FCPA Council meeting attendance from 1 July 2023 to 30 June 2024: 12/12 Council membership Ex-officio Council member, Director of Accounting Services, Government of the HKSAR, since 14 October 2021 Current committee membership Nil Position and company Director of Accounting Services, The Treasury, Government of the HKSAR Other public appointments • Justice of the Peace • Member, Managing Board, Kowloon-Canton Railway Corporation • Chairman, Audit Committee, Kowloon-Canton Railway Corporation Skills and experience 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. CHOI HEUNG KWAN, AGNES, MH Council meeting attendance from 1 July 2023 to 30 June 2024: 11/12 Council membership Council lay member since 1 December 2020 Current committee membership • Member, Governance Committee • Member, Nomination Committee Position and company Nil Other public appointments • 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 Skills and experience 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.

15 Corporate Governance HO SHUK YING, SABRINA Council meeting attendance from 1 December 2023 to 30 June 2024: 6/8 Council membership Council lay member since 1 December 2023 Current committee membership Member, Registration Committee Position and company Barrister-at-law, Des Voeux Chambers Other public appointments • Arbitrator, List of Arbitrators, Hong Kong International Arbitration Centre • Arbitrator, Panel of Arbitrators, Shenzhen Court of International Arbitration • Member, HKSAR Election Committee (Legal Subsector) • Deputy Chairman, Board of Review (Inland Review Ordinance) • Member, Competition Commission • Member, Standing Committee on Company Law Reform • Member, Torture Claims Appeal Board • Board-appointed member, Disciplinary Committee, Estate Agents Authority • Member, Bar Council, Hong Kong Bar Association • Vice-President, Hong Kong and Mainland Legal Profession Association Skills and experience A practising barrister focusing on commercial, company, and insurance law. In addition to being a member of the Election Committee (Legal Subsector) of the Hong Kong Special Administrative Region, she also sits on various public committees and boards. LAM SIU FUNG, FRANK, FCPA (PRACTISING) Council meeting attendance from 1 July 2023 to 30 June 2024: 12/12 Council membership Elected Council member since 2022 Current committee membership • Member, Registration Committee • Member, Small and Medium Practices Committee Position and company Assurance Director and Leader of Family Office, BDO Limited Other public appointments Member, Financial Monitoring Committee, Reading Dreams Foundation Skills and experience Over 20 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.

16 Corporate Governance LEE SHUN YI, JASMINE, FCPA (PRACTISING) Council meeting attendance from 1 July 2023 to 30 June 2024: 12/12 Council membership Elected Council member since 2022 Current committee membership • Member, Greater Bay Area Committee • Member, Registration Committee Position and company Managing Partner, Ernst & Young, Hong Kong and Macau Other public appointments • Member, Air Transport Licensing Authority, Transport and Logistics Bureau, Government of the HKSAR • Panel member, Resolution Compensation Tribunal, Government of the HKSAR • Member, Panel of Film Censorship Advisers, Government of the HKSAR • President, Association of Women Accountants (Hong Kong) • Council member, SMART Accountants Association • Member, Professional Development Committee, Accounting Development Foundation • Chairman – Professional Accounting Sector, Guangdong-Hong Kong-Macao-Bay Area Economic and Trade Association • Member, China Committee, Hong Kong General Chamber of Commerce • Council member, The Hong Kong Management Association • Member, International Advisory Board of the Lee Shau Kee School of Business and Administration, Hong Kong Metropolitan University Skills and experience 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. LI SHUN FAI, MICHAEL, FCPA (PRACTISING) Council meeting attendance from 7 December 2023 to 30 June 2024: 7/7 Council membership Elected Council member since 2024 Current committee membership • Member, Greater Bay Area Committee • Member, Restructuring and Insolvency Faculty Executive Committee Position and company Partner, ZHONGHUI ANDA CPA Limited Other public appointments • Co-opted member, Action Group on Youth Development Fund and Programmes, Youth Development Commission, Government of the HKSAR • Think tank member, Dashun Foundation • Founding Secretary, Hong Kong Professional Investors Association Skills and experience Extensive work experience in auditing, accounting and corporate finance. He is sophisticated in serving clients engaging in property development, logistics and transportation services, trading and exploration of natural resources, manufacturing and retailing of consumer goods, as well as state-owned enterprise and conglomerates. Meanwhile, he also possessed well vested experiences in handling pre-initial public offering case and similar fund-raising activities from both issuer, reporting accountant, buy or sell side’s perspective. He has exposure in dealing with overseas stock exchange like NYSE, TSX and KOSDAQ.

17 Corporate Governance LIU KWOK TAI, TEDDY, CPA (PRACTISING) Council meeting attendance from 1 July 2023 to 30 June 2024: 12/12 Council membership Elected Council member since 2022 Current committee membership • Member, Professional Development Committee • Member, Registration Committee • Member, Remuneration Committee Position and company • Chief Executive Officer, Corporate & Talent Development Limited • Founder and Chief Executive Officer, MentorsHub – a social venture Other public appointments • Member, Greater Bay Area Advisory Board, ACCA Hong Kong • Member, Student Affairs 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 Skills and experience 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.

18 Corporate Governance LO CHARBON, CPA (PRACTISING) Council meeting attendance from 7 December 2023 to 30 June 2024: 7/7 Council membership Elected Council member in 2017-18 and since 2024 Current committee membership • Member, Auditing and Assurance Standards Committee • Member, Ethics Committee Position and company Deputy Managing Partner, Beijing Xinghua Caplegend CPA Limited Other public appointments • Accounting Consultant, Department of Finance of Guangdong Province • Council member, Institute of Accountants Exchange • Member, Young Member Committee, The Taxation Institute of Hong Kong Skills and experience He has over 18 years of experience in auditing, accounting, and advisory services. Before joining Beijing Xinghua Caplegend CPA Limited, he served as an audit partner at an international audit firm. He also served as a speaker at forums and seminars organized by the Institute and various accounting associations. Additionally, he has participated as a committee member in other professional associations, contributing to the development and enhancement of our profession from different perspectives. NG CHOI YUK, THERESA, JP Council meeting attendance from 1 July 2023 to 30 June 2024: 12/12 Council membership Council lay member since 1 December 2018 Current committee membership • Member, Audit Committee • Member, Nomination Committee Position and company Retired Other public appointments • Justice of the Peace • Non-executive Director, Insurance Authority • Chairman, Executive Committee, Friends of Caritas, Caritas Hong Kong Skills and experience 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), Deputy General Manager at China Merchant Bank (Hong Kong branch) and previously worked at HSBC for 16 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.

19 Corporate Governance TANG HELEN, JP Council meeting attendance from 1 July 2023 to 30 June 2024: 12/12 Council membership Ex-officio Council member, Representative of the Financial Secretary, Government of the HKSAR, since 25 July 2022 Current committee membership Nil Position and company Registrar of Companies, Companies Registry, Government of the HKSAR Other public appointments Justice of the Peace Skills and experience 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. TONG PIU, BARRY, FCPA Council meeting attendance from 7 December 2023 to 30 June 2024: 7/7 Council membership Elected Council member since 2024 Current committee membership Member, Registration Committee Position and company • Partner & Head of Advisory, Grant Thornton Hong Kong Limited • National Leader Forensic and Investigation Services, Grant Thornton China Other public appointments • President, Association of Certified Fraud Examiners, Hong Kong Chapter • Director, Hong Kong Securities and Investment Institute Skills and experience Over 20 years of experience in forensic investigation, financial due diligence, transaction supports, recovery and reorganization and other advisory services. Prior to joining Grant Thornton, he was a principal of corporate finance in an international accounting firm. He had also worked as a manager in the financial advisory services department in a Big Four firm. He has also served as an expert witness in Hong Kong Courts and Arbitration Tribunal, and has participated in dispute resolution, restructuring and insolvency and forensic investigations for many years.

20 Corporate Governance TSE HOI FAT, CALVIN, FCPA (PRACTISING) Council meeting attendance from 1 July 2023 to 30 June 2024: 11/12 Council membership Elected Council member since 2022 Current committee membership • Deputy Chairman, Branding and Communication Committee • Member, Greater Bay Area Committee • Member, Qualification and Examinations Board Position and company Co-founder, Sinno International CPA Limited Other public appointments • Adjunct Professor, Jiangxi University of Finance and Economics • 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 • Non-official member, Youth Development Commission, Government of the HKSAR • 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 • Committee member, Commission on Accounting, Council for the Promotion of Guangdong-Hong Kong-Macao Cooperation • Honorary Director, The China Certified Tax Agents Association Skills and experience 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.

21 Corporate Governance WONG WAI KEI, VICKY, CPA Council meeting attendance from 7 December 2023 to 30 June 2024: 7/7 Council membership Elected Council member since 2024 Current committee membership Member, Taxation Faculty Executive Committee Position and company Finance Director, China Resources Logistics (Group) Limited Other public appointments • Member, Board of Review (Inland Revenue Ordinance) • Vice-President, Hong Kong Business Accountants Association • Board Supervisor, Council for the Promotion of Guangdong-Hong Kong-Macao Cooperation • Vice Chairman, Youth Link, Hong Kong Industrial & Commercial Association • Member, Hospital Governing Committee, Tin Shui Wai Hospital • Member, Lotteries Fund Advisory Committee, Social Welfare Department, Government of the HKSAR Skills and experience A seasoned finance and tax specialist with more than 15 years of all-rounded experience from public sector, global advisory firm and commercial sector. She is specialized in a variety of industries including real estate, retail business and the technology, media, and telecom sector. She has extensive experience in crossborder and overseas investments and divestments, investment structuring, group restructuring, financial analyses, international tax planning, base erosion and profit shifting, transfer pricing, judicial review, tax appeals, finance and tax due diligence, mergers and acquisitions and initial public offering.

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