Hong Kong Regulations

MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 9

Qualifications of an independent director

A director is qualified as an independent director for the purposes of section
20(2) of the Ordinance and this Regulation only if the director-

   (a)  is not an employee or partner of the applicant, or of an associate of
        the applicant; and

   (b)  is not a director of an associate of the applicant; and

   (c)  does not hold any shares of the applicant or of any associate of the
        applicant; and

   (d)  satisfies the Authority that the director has no past or present
        association (financial or otherwise) with-

        (i)    the applicant (otherwise than as a director or professional
               adviser); or

        (ii)   any controller of the applicant; or

        (iii)  any associate of the applicant or of any such controller, that
               could affect the impartiality of the director's independent
               judgment; and

   (e)  is not a controller (otherwise than by virtue of being a director),
        close relative, partner or employee of the applicant or of any
        associate of the applicant; and

   (f)  is not an auditor or actuary of any provident fund scheme administered
        by the applicant.