28.     We will continue to enhance corporate governance so as to attract more local and international investors.  Last year, this Council enacted the Professional Accountants (Amendment) Ordinance 2004, which improves the transparency and independence of the regulatory framework for the accounting profession.  The amendments include opening up the structure of governance of the Hong Kong Institute of Certified Public Accountants.  Later this year, we will be introducing two bills which will give statutory backing to major listing requirements and establish the Financial Reporting Council to strengthen the supervision of auditors and raise the quality of financial reporting by listed companies.  Meanwhile, Hong Kong Exchanges and Clearing Limited introduced a new Code on Corporate Governance Practices in January this year, aimed at implementing a number of corporate governance improvement measures in the three areas of directors' and board practices, protection of shareholders' rights and corporate reporting and disclosures.

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