What Do the Panama Papers Teach Us About the Administrative Law of Corporate Governance Reform in Hong Kong?

32 Pages Posted: 19 Jan 2018 Last revised: 6 Feb 2018

Bryane Michael

University of Oxford

Say Hak Goo

The University of Hong Kong - Faculty of Law

Date Written: November 1, 2017

Abstract

A complex business environment calls for a flexible administrative law for the agencies that oversee corporations. No where illustrates this maxim better than Hong Kong, and its need to reform corporate regulations after the Panama Papers revelations. We describe how only a ‘non-administrative’ administrative law can best cope with the challenges facing the regulation of corporate governance. Such a flexible, results-oriented approach to administrative law develops new principles and tests, rather than gives civil servants instructions. Such an approach to corporate governance can facilitate the assessment of company governance, corporate disclosure, the self-regulation of professional groups like lawyers and accountants, as well as ensure corporations engage in ‘legitimate economic purposes.’ We engage with the literature, showing why such a flexible approach to administrative rulemaking would more likely reduce some of the government regulation and oversight problems exposed by the Panama Papers than previous approaches toward drafting and implementing administrative law (at least in this area).

Keywords: Hong Kong, corporate governance, non-administrative administrative law, presumption of disclosure, legitimate economic purposes

Suggested Citation

Michael, Bryane and Goo, Say Hak, What Do the Panama Papers Teach Us About the Administrative Law of Corporate Governance Reform in Hong Kong? (November 1, 2017). University of Hong Kong Faculty of Law Research Paper No. 2018/006. Available at SSRN: https://ssrn.com/abstract=3101253 or http://dx.doi.org/10.2139/ssrn.3101253

Bryane Michael (Contact Author)

University of Oxford ( email )

South Parks Road
Oxford, Oxfordshire OX1 3QY
United Kingdom

HOME PAGE: http://users.ox.ac.uk/~scat1663/

Say Hak Goo

The University of Hong Kong - Faculty of Law ( email )

Pokfulam Road
Hong Kong, Hong Kong
China

HOME PAGE: http://hub.hku.hk/rp/rp01248

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