Annual report 2025 Sustainable impact Enduring value
01 Foreword 02 About HKICPA 03 Strategic Plan in action: Year in review 05 Supporting the sustainability journey 07 Message from the President 09 Message from the Chief Executive and Registrar Building Trust 12 Chapter 1 – Corporate governance 36 Chapter 2 – Standard setting and advocacy 41 Chapter 3 – Climate and sustainability 47 Chapter 4 – Stakeholder engagement and social impact Nurturing Talent 52 Chapter 5 – Membership, qualification, and talent development 57 Chapter 6 – Professional development 60 Chapter 7 – Member services and wellbeing Driving Development & Transformation 63 Chapter 8 – Thought leadership and communication 65 Chapter 9 – Mainland development 67 Chapter 10 – Digital transformation 68 Chapter 11 – Finances and operations Auditor’s Report & Financial Statements 72 Hong Kong Institute of Certified Public Accountants 106 The HKICPA Charitable Trust Contents
1 Foreword The theme of this year’s annual report, “Sustainable impact, Enduring value,” reflects the Institute’s long-standing commitment to the public interest and the profession’s meaningful contributions to society. It celebrates the trust our members uphold and the value they continue to deliver — through integrity, expertise, and leadership. In a rapidly evolving landscape, the Institute remains focused on supporting the profession’s growth and relevance. Over the past year, we have deepened member engagement, strengthened stakeholder connections, and advanced initiatives that promote transparency, resilience, and sustainability. As Hong Kong’s financial and sustainability reporting standard setter, the Institute plays a key role in shaping the city’s reporting ecosystem. Our efforts are guided by a clear purpose: to equip our members for the future, uphold public trust, and foster a profession that creates lasting impact. This report highlights the collective achievements of our members, committees, and partners. Together, we continue to build a profession that is forward-looking, values-driven, and ready to meet the challenges of tomorrow. FOREWORD
2 About HKICPA The Hong Kong Institute of Certified Public Accountants (HKICPA) is the statutory body established by the Professional Accountants Ordinance responsible for the professional training and development of certified public accountants in Hong Kong. The Institute is also a standard setter of the local accounting industry. The Institute has over 47,000 members and about 12,000 registered students. Our Qualification Programme assures the quality of entry into the profession, and we promulgate financial reporting, auditing, ethical and sustainability disclosure standards that safeguard Hong Kong’s leadership as an international financial centre. The CPA designation is a top qualification recognized globally. The Institute is a member of and actively contributes to the work of the Global Accounting Alliance and International Federation of Accountants. Our vision, mission and values Vision A world class professional body that influences the future of the global profession and serves the business community and public interest of Hong Kong. Mission A financially-and business-attuned accountancy profession that participates in the development of the country and contributes to the sustainable development of Hong Kong as a leading international business and financial centre. Nurture a valued and respected community for members and equip them with trusted and relevant capabilities and skills. Values Professionalism, innovation, collaboration, integrity, quality and agility. About HKICPA
3 Strategic Plan in action: Year in review Strategic Plan in action: Year in review Following its annual review, the Institute’s Council undertook updates and realignment of the Strategic Plan 2025. With the Institute’s repositioning in response to regulatory reforms largely complete, the Council refined its strategic priorities to better reflect the Institute’s value to members and the accounting profession in Hong Kong. For 2025, the plan centres on three core themes. Strategy meets actions The following infographics highlight key achievements in putting our strategic plan into action: HKFRS S1 & S2 published aligned with ISSB Standards QP computer-based examinations 30,000+ students engaged CPA COMMUNITY +17% growth in followers 700+ CPD events were hosted during the year with 100,000+ enrolments 82 Hong Kong accounting firms joined 15,000+ members of the public benefited “List of accounting firms helping Mainland enterprises go global” Certificate in Accounting and Business 2024 DEC phased roll-out begun June 2025 from the Institute’s community initiatives launched with 180+ members launched in June 2025 over the previous year across Facebook, LinkedIn, Instagram, WeChat, and Xiaohungshu EXAM through 150+ events in academic year 24/25 to nurture future accounting professionals Building Trust Nurturing Talent Driving Development & Transformation
4 Strategic Plan in action: Year in review Tracking progress Twelve focus areas were identified, under which a number of key actions were defined to contribute to the goal of addressing and achieving the aims of the strategic themes. This table maps key initiatives to their corresponding chapters in the annual report and links each item to the strategic pillar it supports. It helps readers quickly locate content and understand how each action aligns with the Institute’s broader goals. Strategic pillar Focus areas Chapters Building capacity in sustainability 2, 3, 6 Attracting and retaining talent 5 Building public trust in accountants 2, 4, 8 Emphasizing ethics and integrity 2, 8 Upholding the calibre of CPAs 2, 6, 8, 10 HKICPA international presence and recognition 4, 5 Embracing digitalization and technology 5, 6, 10 Advocating a multi-disciplinary profession 2, 6, 8, 10 Member development and engagement 6, 7 Mainland China and Greater Bay Area opportunities 9 Interaction with the Accounting and Financial Reporting Council 4 Institute governance and operations 1, 11 Building Trust Nurturing Talent Driving Development & Transformation
5 Supporting the sustainability journey Supporting the sustainability journey As Hong Kong’s financial and sustainability reporting standard setter, supporting the sustainability journey of Hong Kong and beyond is integral to the Institute’s public-interest mandate. Our priorities centre on establishing high-quality standards, strengthening market capability, and ensuring integrity in reporting and assurance practices. The Institute has developed a comprehensive six-pillar strategy and dedicates resources to support the sustainable development of both the profession and the Institute. Issued HKFRS S1 and S2 (HKFRS SDS) in December 2024 fully aligned with the ISSB Standards and applicable to reporting periods beginning on or after 1 August 2025 with initiatives to support implementation. Issued HKSSA 5000 General Requirements for Sustainability Assurance Engagements in March 2025 and continued work on the forthcoming Hong Kong Ethics Standards for Sustainability Assurance for the second half of 2025. Expanded market capability through the upcoming HKICPA Certificate on Sustainability Reporting (to be launched in July 2025), and thematic and industry-specific webinars. Integrated sustainability content into the QP, with sustainability-related work experience official recognized under the Practical Experience Competence Grid. Developed a phased roadmap to enhance internal sustainability practices and towards comprehensive implementation of HKFRS S1 and S2 by FY2027/28. Strengthened stakeholder engagement by establishing the Sustainability Community and launching the Sustainability Insider e-newsletter, while actively participating in dialogues with global accounting bodies, professional organizations, and regulators. Following the Roadmap on Sustainability Disclosure in Hong Kong (Roadmap) published by the Financial Services and the Treasury Bureau in December 2024, the Institute advanced several priority initiatives during FY2024/25. Qualification Programme (QP) Sustainability Implementation support HKICPA Sustainability Report Sustainability Community Sustainability assurance & ethics Continuing professional development
6 Supporting the sustainability journey Where to find our sustainability initiatives Leading by example, the Institute has begun aligning its own reporting with HKFRS S2. The Institute will follow its phased roadmap and is committed to a pragmatic approach for gradual adoption of sustainability disclosures with full compliance with HKFRS SDS by FY2027/28. The following table indicates where the Institute’s relevant initiatives can be found in this annual report. Items Location Corporate and sustainability governance Governance and strategic planning Chapter 1 (P. 12); Chapter 3 (P. 41) Risk management and internal control systems Chapter 1 (P. 31); Chapter 3 (P. 41) Stakeholder engagement Who are our stakeholders and engagement activities Chapter 4 (P. 47) Engaging stakeholders Chapter 3 (P. 45) Driving sustainability reporting and assurance standards ISSB Standards and HKFRS SDS adoption Chapter 2 (P. 36); Chapter 3 (P. 41) HKSAR Government Roadmap alignment Chapter 3 (P. 43) Sustainability assurance and ethics standards Chapter 2 (P. 36) Capacity building QP curriculum integration of sustainability Chapter 3 (P. 44) Certificate on Sustainability Reporting Chapter 3 (P. 41); Chapter 10 (P. 67) Climate and environmental management Climate risk and opportunity assessment Chapter 1 (P. 35); Chapter 3 (P. 42) Mitigation plans and strategy Chapter 1 (P. 35); Chapter 3 (P. 42) Metrics and targets Chapter 3 (P. 45) Social impact Social contribution and community impact Chapter 4 (P. 49) Fostering talent for the profession Chapter 5 (P.54) Human resources and staff well-being Chapter 11 (P. 69)
7 Message from the President Dear members, As we reflect on the 2024/25 financial year, I am proud to share a vision that not only celebrates our achievements but also charts a bold course for the future of the accounting profession in Hong Kong. This year has been marked by strategic realignment, renewed purpose, and a deepened commitment to our role as stewards of trust, talent, and transformation. A strategic shift The Council’s decision to realign our strategic direction of our Strategic Plan 2025 into three core themes — Building Trust, Nurturing Talent, and Driving Development & Transformation — was not merely structural. It was a shift that recognizes the evolving demands of our profession and the broader societal expectations placed upon us. These themes continue to serve as the pillars that guide every initiative and decision we undertake. This realignment was born from introspection and foresight, acknowledging challenges such as talent shortages, technological disruption, environmental stress, and the loss of public trust in certain jurisdictions, among others. And we responded, not with hesitation, but with conviction. Building trust in a complex world Trust is the currency of our profession. In a time of heightened scrutiny and rapid change, our members have risen to the occasion. Through enhanced ethical training, public advocacy, and strategic partnerships, we have reaffirmed the integrity and competence of CPAs in Hong Kong. Our efforts to build public trust were multifaceted. We articulated the ethical conduct, professional competence, and public interest contributions of CPAs through enhanced communication channels and stakeholder engagement. Through media engagements, a stronger social media presence, and publications such as A Plus, we continued to tell the success stories of our members, while reinforcing the Institute’s role as a guardian of ethical accounting practices. From January to July 2025, we achieved upwards of 1,200 pieces of press coverage about the Institute, enhancing stakeholders’ recognition of our work for members and the profession, as well as enhancing the standing of the profession. We also continued our strong relationship with the Accounting and Financial Reporting Council, establishing regular communication channels and collaborative frameworks to reinforce our shared commitment to excellence for the profession. Nurturing talent for a sustainable future Talent is our most valuable asset. This year, we broadened our outreach across primary, secondary, and tertiary levels, launched experiential learning programmes, and introduced the Certificate in Accounting and Business — a key milestone in the Qualification Message from the President
8 Message from the President Programme (QP) pathway toward the CPA designation. These initiatives are designed to remove barriers and cultivate a new generation of professionals who are resilient, ethical, and future-ready. Our flagship Accounting in Action programme, in conjunction with collaborative initiatives with the Education Bureau, reached over 10,000 secondary students and teachers in the recent school year, an increase of 15.5% compared to the previous year. This growth reflects the rising interest in accounting as a career and the effectiveness of our engagement efforts. We were also pleased that, in February 2025, the government adopted the Institute’s recommendation to include the accounting profession in the updated Talent List. This recognition, alongside measures such as the expansion of eligible universities under the Top Talent Pass Scheme, is expected to help alleviate the industry’s manpower shortage and attract high-calibre non-local talent. Together, these efforts reinforce our commitment to building a sustainable talent pipeline and ensuring the profession remains dynamic, inclusive, and well-equipped to meet future challenges. Driving development and transformation Significant sustainability-related initiatives, including the publication of HKFRS S1 and S2 and the launch of the HKICPA Certificate on Sustainability Reporting, contribute to Hong Kong’s position in a world that continues to shift toward responsible business practices. Our efforts were exemplified by the IFRS Foundation’s publication of Jurisdictional Profiles on adoption of ISSB Standards, which recognizes Hong Kong’s leading progress in aligning the local sustainability disclosure standards with the corresponding global baseline. Within this area, we developed and enriched our training curriculum to address the evolving needs of members in sustainability by building capacity in the implementation of the HKFRS Sustainability Disclosure Standards and advocated for sustainability assurance to be provided by CPAs. These actions reflect our commitment to ensuring our members are equipped to lead in this critical area. We continue to embrace digitalization, revamping our CPD offerings to address changing market demands and launching computer-based examinations to modernize the QP experience. We also emphasized ethics and integrity by strengthening CPD requirements, enriching ethics training, and updating anti-money laundering guidelines. These measures ensure our members remain informed and compliant with the latest standards and expectations. Expanding our global footprint Hong Kong’s role as a leading international financial centre calls for our profession to be globally recognized and actively engaged. During the financial year, we continued to elevate Hong Kong’s voice in international standard-setting through active participation in key regional and global forums, and strategic engagement with international stakeholders. A highlight of the year was our interactive event in December 2024, attended by Dr. Andreas Barckow, Chair of the International Accounting Standards Board (IASB), IASB technical staff, and over 100 senior representatives from regulatory bodies, investors, technical experts, and C-suite executives. This gathering underscored our pivotal role in amplifying the perspectives of Hong Kong’s accounting and broader business communities on globally significant initiatives. We also advanced our efforts to expand global professional mobility for our members. The renewal of mutual recognition agreements with the Association of Chartered Certified Accountants and CPA Australia reaffirmed our commitment to supporting members in achieving their professional aspirations across borders. These initiatives strengthen our international presence and recognition, ensuring our members remain competitive, connected, and respected worldwide. A vision for tomorrow As we look ahead, our vision is clear: to elevate the profession, empower our members, and serve the public interest. We will continue to advocate for the value of CPAs, invest in member development, and lead the conversation on sustainability, ethics, and innovation. The Strategic Plan 2025 is not just a roadmap, it is a call to action. It reflects our commitment to relevance, responsiveness, and resilience. It is a testament to our belief that the accounting profession will continue to be a driving source of value for Hong Kong and beyond. Throughout the year, I had the privilege of meeting many of our members face-to-face, particularly at our President’s Luncheons. Your input and involvement are valued, as they play a vital role in shaping the direction and initiatives of the Institute. My 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, Stephen Law and Jasmine Lee, 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. Let us move forward with purpose, united by our values and inspired by our potential. Warm regards, Edward Au President
9 Message from the Chief Executive and Registrar Dear members, It is with great pride and appreciation that I present this year’s message for the 2025 Annual Report. The 2024/25 financial year has been another period defined by our endeavour for strategic execution, operational excellence, with a deepened commitment to member-centric innovation. Our achievements and financial position demonstrated fruitful results of transformation over the past few years, establishing a robust foundation for long-term sustainability. As we reflect on the past 12 months, our collective efforts have positioned the Institute towards meeting the evolving needs of the accounting profession and to supporting our members in a rapidly changing landscape. Delivering on strategic priorities Guided by our Strategic Plan, we have focused on relevance to members, sustainability, and financial resilience. Internally, we improved efficiency and responsiveness through process re-engineering and digital upgrades, enhancing service delivery and member experience. These improvements have enabled us to respond more swiftly to member needs, reduce administrative overhead, and allocate resources more effectively. Advancing sustainability reporting We continued to play a crucial role in Hong Kong’s sustainability disclosure journey, contributing to the Hong Kong government’s Vision Statement on Turning Obligations into Opportunities in Developing the Sustainability Disclosure Ecosystem in Hong Kong, issued in March 2024, and the subsequent Roadmap on Sustainability Disclosure in Hong Kong, launched on 10 December 2024, both of which position Hong Kong as a leading green and sustainable finance centre. As the designated standard setter for sustainability reporting in Hong Kong, the Institute published the HKFRS S1 General Requirements for Disclosure of Sustainabilityrelated Financial Information and HKFRS S2 Climaterelated Disclosures (HKFRS SDS) on 12 December 2024, fully aligned with the International Sustainability Standards Board Standards. Following this, the Institute also published the local sustainability assurance standard, Hong Kong Standard on Sustainability Assurance 5000 General Requirements for Sustainability Assurance Engagements in March 2025, in full alignment with the corresponding international standard issued by the International Auditing and Assurance Standards Board. The Institute is committed to enhancing the skills and competencies of local stakeholders for sustainability reporting. Following the release of HKFRS SDS, the Institute organized a free public briefing that attracted over 5,000 enrolments and were positively received. In addition to offering trainings and seminars to members of the Institute and other stakeholders during the financial year, the Institute launched a sustainability reporting certificate programme for accountants and non-accountants in July 2025. Message from the Chief Executive and Registrar
10 Message from the Chief Executive and Registrar These initiatives work towards positioning our members at the forefront of sustainability reporting and equipping them to guide businesses through the transition to a lowcarbon economy. We believe this is a strategic imperative that will define the future of the profession and contribute to the sustainable world. Enhancing member services During the financial year, we strengthened services to better support professional development, community building, and career advancement. We expanded our continuing professional development (CPD) offerings to over 700 events and e-learning programmes, attracting more than 100,000 enrolments, a clear testament to the relevance, accessibility, and quality of our offerings. To help members embrace standards, emerging technologies and meet their diverse needs, we introduced new training series focused on technical skills, digitalization, and data security. These programmes were designed to address emerging challenges and equip members with the tools needed to stay ahead in a competitive environment. Looking ahead, plans are underway to further strengthen our support through expanded training on ethics, stepping up technology adoption pathways with relevant services and products, and more personalized learning pathways. To improve member experience in CPD services, we launched a series of discount codes and bundle packages, and strengthened the Membership Renewal Reward Scheme. New functionalities were added to MyCPA to help members centralize CPD records more easily. Continuing our commitment to technology adoption for better member experience, we also launched online membership applications, streamlining the process for prospective members. Building a connected community Beyond professional development, we placed strong emphasis on fostering a vibrant and inclusive member community. Our networking calendar was expanded to include new formats such as a CPD movie night, and emerging sports activities. These events provided informal settings for members to connect, share ideas, and offer feedback. They also helped strengthen the sense of belonging and camaraderie within our community, which is essential for a thriving professional body. These efforts have created more touchpoints for engagement, allowing us to listen, learn, and adapt. We remain committed to maintaining open channels and ensuring that member voices continue to shape our direction and priorities. Investing in talent development Talent engagement continued to be a strategic priority throughout the year, enforcing our commitment to the long-term sustainability of the profession. We ramped up outreach to students and young professionals to promote the value of the accounting profession and Qualification Programme (QP) as a premier pathway for careers in both practice and business. Through financial literacy programmes, secondary school initiatives, university and firm-based QP talks, careerbuilding workshops, and experiential learning activities, we were able to engage over 30,000 students across primary to tertiary levels during the 2024/25 school year. To further support professional mobility and global recognition, we renewed mutual recognition agreements with the Association of Chartered Certified Accountants (ACCA) and the CPA Australia in June 2025. These agreements reinforce our position as a globally connected professional body and facilitate cross-border career opportunities for our members. Further work is underway to expand our international footprint through engagement and new agreement with other professional bodies. Financial performance In 2024/25 financial year, the Institute continued to demonstrate financial resilience and strategic foresight amid a shifting economic landscape. The reported surplus of HK$28 million, was the fourth positive return in a row. This was supported by prudent fund management and stable income thanks to successful initiatives to grow enrolment in the QP examinations, and more students from nonaccredited degrees. During this period, expenses were managed in line with operational needs, with investments directed toward member services and staffing to support strategic objectives. Despite a fair value loss on investment properties due to continued market weakness, our net assets and cash reserves have strengthened, providing a solid foundation for future planning. The Institute remains mindful of the need to address the ongoing challenges of attracting talent to the profession and sustaining its student base. We continue to be actively enhancing our QP and CPD offerings to deliver greater value to members and diversify revenue, while devoting efforts to build trust towards the profession. Looking forward, we will continue to deliver strategic actions and manage resources with discipline and agility, ensuring the Institute remains relevant and financially sound to serve the profession and the public interest in the years to come. Looking forward As we enter a new financial year, our focus will remain on member value, strategic growth, and operational excellence. We will continue to refine our services, expand our outreach, and maintain our financial foundation. Our priorities will include further digital transformation, deeper engagement with stakeholders, and continued leadership in sustainability and talent development while expanding our international reach. I am deeply grateful to our members, Council, and staff for your unwavering support and collaboration. Your engagement drives our progress and inspires our commitment to serve. Together, we will navigate the challenges ahead and build a resilient, innovative, and inclusive Institute for the future. Thank you for your continued trust and participation. Warm regards, Margaret W.S. Chan Chief Executive and Registrar
11 Building Trust
12 Corporate governance Strategic Plan 2025 During the financial year, key developments in governance included the refinement of the Strategic Plan. The Strategic Plan 2025 focuses on Building Trust, Nurturing Talent, and Driving Development and Transformation. This plan aligns with the Institute’s commitment to adapting to the evolving landscape of the accounting profession. For more details on the strategic initiatives, please refer to the “Strategic Plan in action: Year in review” section on page 3. 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 board 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 20 members, and the Immediate Past President is also included in the 14 individual CPAs who were elected by the membership. Terms 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 biennial elections held during every other annual general meeting (AGM) from December 2023 onwards. Government-appointed 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. 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 several major governance developments. Publication of the HKFRS S1 and S2 On 10 December 2024, the HKSAR Government published the Roadmap on Sustainability Disclosure in Hong Kong that sets out Hong Kong’s approach and timeline for adopting the IFRS Sustainability Disclosure Standards (ISSB Standards) and which elaborates on Hong Kong’s blueprint for a comprehensive sustainability disclosure ecosystem. As outlined in the Roadmap, the Institute, as the sustainability reporting standard setter of Hong Kong, will publish the HKFRS Sustainability Disclosure Standards (HKFRS SDS) on a full alignment basis with the ISSB Standards. On 12 December 2024, the Institute published the Hong Kong Financial Reporting Standards (HKFRS) S1 General Requirements for Disclosure of Sustainabilityrelated Financial Information and HKFRS S2 Climaterelated Disclosures, enhancing the framework for financial reporting in the region. These standards promote consistency and transparency, essential for maintaining trust in the profession. For detailed information, please refer to the “Climate and sustainability” chapter on page 44. In June 2025, the IFRS Foundation published the Jurisdictional Profiles on the adoption of International Sustainability Standards Board (ISSB) Standards, which confirmed Hong Kong as among the initial set of jurisdictions having set a target of fully adopting the ISSB Standards. Inclusion in the Talent List The government adopted the Institute’s recommendations to include the accounting profession in its Talent List in February 2025, recognizing the urgent need for skilled professionals in this sector. This initiative, alongside a series of measures previously introduced by the government to attract non-local talent, aims to alleviate talent shortages and to foster Hong Kong’s social and economic development. In early 2024, the Institute released results from an industry survey recommending that the accounting sector be added to the government’s Talent List and suggesting additional measures to attract non-local accounting professionals to maintain a robust pipeline of talent for the profession. Corporate governance
13 Corporate governance Governance structure Executive Committee Council Standard setting and professional development Auditing and Assurance Standards Committee Ethics Committee Financial Reporting Standards Committee Professional Development Committee Sustainability Disclosure Standards Committee Members’ interest and engagement Membership support and engagement Branding and member activities Professional advocacy and specialist practices Institute management Governance Audit Committee Governance Committee Nomination Committee Remuneration Committee Qualification and registration (statutory) Qualification and Examinations Board Registration Committee 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. 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 Nomination requirements Candidates for Council election are required to obtain nominations from 10 CPAs and two appointed members of the Advisory Committee of the Accounting and Financial Reporting Council (AFRC) as seconders. 30% Female: 6 70% Male: 14 40 or below 2 Above 60 4 41-50 8 51-60 6
14 Corporate governance * Helen Tang, JP ceased to be a member of the Council on 31 March 2025, Yeung Sin, Majestic was later appointed to the Council on 1 April 2025 and retired on 2 July 2025. Her replacement is Wong Kit Yee, Kinnie, JP who became a member of the Council on 3 July 2025. # Cheung Sau Lan, Susanna, SBS, JP, FCPA ceased to be a member of the Council on 15 January 2025. Her replacement is Ng Wai Man, Raymond, JP, CPA who became a member of the Council on 16 January 2025. The Council (As of 30 June 2025) Elected members 01 Au Chun Hing, Edward, FCPA (practising) (President) 02 Law Cheuk Kin, Stephen, JP, CPA (practising) (Vice-President) 03 Lee Shun Yi, Jasmine, FCPA (practising) (Vice-President) 04 Leung Sze Kit, Roy, FCPA (practising) (Immediate Past President) 05 Chan Ting Bond, Michael, FCPA 06 Lam Siu Fung, Frank, 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 Government-appointed lay members 15 Au King Lun, MH, JP, PhD 16 Choi Heung Kwan, Agnes, MH 17 Ho Shuk Ying, Sabrina 18 Liu Yang, Edward, MH Ex-officio members 19 Wong Kit Yee, Kinnie, JP* (Representative of the Financial Secretary, Government of the HKSAR) 20 Ng Wai Man, Raymond, JP, CPA# (Director of Accounting Services, Government of the HKSAR) Chief Executive & Registrar 21 Chan Wing San, Margaret, CPA (Secretary) 04 18 20 16 11 14 01 15 19 09 13 03 06 17 21 08 10 07 05 12 02
15 Corporate governance Au Chun Hing, Edward, FCPA (practising) (President) Council meeting attendance from 1 July 2024 to 30 June 2025: 12/12 Council membership • Elected Council member in 2019-20 and since 2022 • President (Since 2025) • Vice-President (2022-24) Current committee membership • Ex-officio member, Executive Committee • Trustee, HKICPA Charitable Trust • Chairman, Nomination Committee • Chairman, Registration Committee Position and company Southern Region Managing Partner, Deloitte China 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. Law Cheuk Kin, Stephen, JP, CPA (practising) (Vice-President) Council meeting attendance from 1 July 2024 to 30 June 2025: 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 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 director of investment firms. 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.
16 Corporate governance Lee Shun Yi, Jasmine, FCPA (practising) (Vice-President) Council meeting attendance from 1 July 2024 to 30 June 2025: 12/12 Council membership • Elected Council member since 2022 • Vice-President (since 2025) Current committee membership • Ex-officio member, Executive Committee • Deputy Chairman, Greater Bay Area Committee • Member, Nomination Committee • Member, Registration Committee Position and company Managing Partner, Ernst & Young, Hong Kong and Macau Skills and experience As Managing Partner of the Ernst & Young member firms in Hong Kong and Macau, she oversees 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. Leung Sze Kit, Roy, FCPA (practising) (Immediate Past President) Council meeting attendance from 1 July 2024 to 30 June 2025: 12/12 Council membership • Elected Council member since 2018 • President (2024) • Vice-President (2022-23) Current committee membership • Trustee, HKICPA Charitable Trust • Member, Remuneration Committee Position and company Partner and Head of Public Affairs, Hong Kong, KPMG 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.
17 Corporate governance Au King Lun, MH, JP, PhD Council meeting attendance from 1 July 2024 to 30 June 2025: 8/12 Council membership Council lay member since 1 December 2019 Current committee membership Member, Governance Committee Position and company Executive Director, Financial Services Development Council 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 1 July 2024 to 30 June 2025: 12/12 Council membership Elected Council member since 2024 Current committee membership • Deputy Chairman, Branding and Communication Committee • Member, Professional Accountants in Business Committee • Member, Professional Development Committee • Member, Qualification and Examinations Board Position and company • General Manager – Corporate Strategy, MTR Corporation Limited • Board and Investment Committee Member, MTR Lab Company Limited Skills and experience Extensive expertise in corporate strategy, sales operations, business development, corporate finance, and change management, adeptly leading transformative initiatives across diverse industries. His tenure spans prominent organizations, including Inchcape Greater China, Jardine Matheson Group, Dairy Farm, Zung Fu Group, Ping An of China Asset Management, KPMG and PwC, and driving strategic growth and operational excellence across diverse business landscapes.
18 Corporate governance Choi Heung Kwan, Agnes, MH Council meeting attendance from 1 July 2024 to 30 June 2025: 7/12 Council membership Council lay member since 1 December 2020 Current committee membership • Member, Governance Committee • Member, Nomination Committee Position and company Nil 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. Ho Shuk Ying, Sabrina Council meeting attendance from 1 July 2024 to 30 June 2025: 8/12 Council membership Council lay member since 1 December 2023 Current committee membership • Member, Audit Committee • Member, Nomination Committee • Member, Registration Committee Position and company Barrister-at-law, Des Voeux Chambers Skills and experience A practising barrister focusing on commercial, company, and insurance law. In addition to being a member of the Election Committee of the HKSAR, she also sits on various public committees and boards.
19 Corporate governance Lam Siu Fung, Frank, FCPA (practising) Council meeting attendance from 1 July 2024 to 30 June 2025: 12/12 Council membership Elected Council member since 2022 Current committee membership • Member, Financial Reporting Standards Committee • Member, Registration Committee • Deputy Chairman, Small and Medium Practices Committee Position and company Assurance Services Director and Leader of Family Office, BDO Limited 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. Li Shun Fai, Michael, FCPA (practising) Council meeting attendance from 1 July 2024 to 30 June 2025: 12/12 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 Skills and experience Extensive work experience in auditing, accounting and corporate finance, serving clients in property development, logistics and transportation services, trading and exploration of natural resources, manufacturing and retailing of consumer goods, as well as state-owned enterprises and conglomerates. He is also experienced in handling pre-initial public offering case and similar fund-raising activities from both issuer, reporting accountant, buy- or sell-side perspectives. He has exposure in dealing with overseas stock exchanges like NYSE, TSX and KOSDAQ.
20 Corporate governance Liu Kwok Tai, Teddy, CPA (practising) Council meeting attendance from 1 July 2024 to 30 June 2025: 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 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, corporate training and mentoring, etc. Liu Yang, Edward, MH Council meeting attendance from 1 December 2024 to 30 June 2025: 4/7 Council membership Council lay member since 1 December 2024 Current committee membership Nil Position and company Partner, Haiwen & Partners LLP Skills and experience A highly accomplished lawyer with qualifications as a solicitor in HKSAR, England & Wales, and as a lawyer in the People's Republic of China. He is widely recognized as a leading expert in commercial dispute resolution, specializing in international arbitration and commercial litigation.
21 Corporate governance Lo Charbon, CPA (practising) Council meeting attendance from 1 July 2024 to 30 June 2025: 12/12 Council membership Elected Council member in 2017-18 and since 2024 Current committee membership • Member, Auditing and Assurance Standards Committee • Member, Ethics Committee • Member, Sustainability Disclosure Standards Committee Position and company Deputy Managing Partner, Beijing Xinghua Caplegend CPA Limited Skills and experience 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. Ng Wai Man, Raymond, JP, CPA Council meeting attendance from 16 January 2025 to 30 June 2025: 5/5* Council membership Ex-officio Council member, Director of Accounting Services, Government of the HKSAR, since 16 January 2025 Current committee membership Nil Position and company Director of Accounting Services, The Treasury, Government of the HKSAR Skills and experience Joined the Government as Accounting Officer II in March 1996. He was appointed as Treasury Accountant in April 2001 and was promoted to Chief Treasury Accountant in August 2017, to Assistant Director of Accounting Services in July 2020 and to Deputy Director of Accounting Services in August 2022. * During the financial year, Cheung Sau Lan, Susanna, SBS, JP ceased to be a member of the Council on 15 January 2025. Please refer to “Members who retired during the year” for her attendance.
22 Corporate governance Tong Piu, Barry, FCPA Council meeting attendance from 1 July 2024 to 30 June 2025: 12/12 Council membership Elected Council member since 2024 Current committee membership • Member, Greater Bay Area Committee • Member, Registration Committee Position and company • Partner & Head of Advisory, Grant Thornton Hong Kong Limited • National Leader of Forensic and Investigation Services, Grant Thornton China Skills and experience Over 20 years of advisory experience in forensic investigation, financial due diligence, transaction supports, restructuring and insolvency and other advisory services. Prior to joining Grant Thornton, he was a principal of corporate finance in an international accounting firm and worked as a manager at a Big Four firm in financial advisory services department. He has served as an expert witness in Hong Kong Courts and Arbitration Tribunal, participating in dispute resolution, restructuring and insolvency and forensic investigations for many years. Tse Hoi Fat, Calvin, FCPA (practising) Council meeting attendance from 1 July 2024 to 30 June 2025: 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 Skills and experience Began his entrepreneurial journey in 2010 and has since received multiple accolades, including the HSBC Youth Entrepreneurship Award in 2011, Greater Bay Area Young Leader in 2018, and the Ten Outstanding Young Persons and Forbes China Outstanding Enterprises Outstanding Leadership Talent in 2022. He also serves as Chairman of the Hong Kong General Chamber of Young Entrepreneurs and an Adjunct Professor, supporting youth entrepreneurship in Hong Kong and Mainland China.
23 Corporate governance Wong Kit Yee, Kinnie, JP Council meeting attendance: N/A* Council membership Ex-officio member, Representative of the Financial Secretary, Government of the HKSAR (since 3 July 2025) Current committee membership Nil Position and company Registrar of Companies, Companies Registries, Government of the HKSAR Skills and experience Prior to assuming the post of the Registrar of Companies in July 2025, she served in various bureaux and departments of the Government of the HKSAR, including the Chief Secretary for Administration’s Private Office, the former Home Affairs Bureau, the Financial Services and the Treasury Bureau, the Chief Executive’s Office, the Constitutional and Mainland Affairs Bureau, the Tourism Commission, the former Financial Services Bureau, the former Health and Welfare Bureau, the Home Affairs Department and the former Industry Department. Wong Wai Kei, Vicky, CPA Council meeting attendance from 1 July 2024 to 30 June 2025: 12/12 Council membership Elected Council member since 2024 Current committee membership • Member, Greater Bay Area Committee • Member, Taxation Faculty Executive Committee • Member, Young Members Committee Position and company Finance Director, China Resources Logistics (Group) Limited Skills and experience A finance and tax specialist with over 15 years of experience across the public sector, global advisory firms, and commercial sector. She specializes in industries such as logistics, real estate, technology, media, and telecom sectors, with extensive experience in cross-border and overseas investments and divestments, investment structuring, group restructuring, financial analyses, international tax planning, judicial reviews, tax appeals, finance and tax due diligence, mergers and acquisitions and initial public offerings. * During the financial year, Helen Tang, JP ceased to be a member of the Council on 31 March 2025, Yeung Sin, Majestic was appointed to the Council on 1 April 2025 and retired on 2 July 2025. Please refer to “Members who retired during the year” for their attendance.
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