The pair noted that the concept paper published by the exchange was not yet a fully-developed proposal, but bemoaned its one-sided approach.“Considerable weight is given to the interests of the exchange in attracting the listing of certain issuers, compared to the interests of long-term investors in supplying capital to issuers,” they said.NBIM acknowledged it could be appropriate to relax some eligibility criteria at least in the early stages of a newly listed company’s life cycle, and supported motivating businesses to go public.“Our main concern is with the suggested introduction of Weighted Voting Rights (WVR) on the new board,” the letter said. “This would allow issuers to provide unequal voting rights to shareholders of different share classes.”NBIM opposed a similar proposal three years ago, recommending that the exchange stick to the long-standing rule of banning differentiated voting rights.“We recognise that the exchange in its current concept paper proposes to limit the introduction of WVR to a new board, but in our view this does not provide sufficient safeguards against the weakening of investor protection,” Johnsen and Gjessing said.In the long term, issuers were likely to be willing to adapt to higher standards of corporate governance if incentivised by the listing framework, they argued. “We believe the Hong Kong market has an opportunity to compete as a stock exchange with high-quality market standards,” they said.The criticism from one of the world’s largest investors comes as China is attempting to open up its stock and bond markets. In June, MSCI added A-shares – equities listed on the Chinese mainland – to its indices, effective next year.Last month China’s central bank opened up its “bond connect” service, allowing investors to trade Chinese fixed income via Hong Kong. The manager of Norway’s NOK7.7trn (€826bn) sovereign wealth fund has warned Hong Kong’s plan for a new market for tech startups and new Chinese companies lacks safeguards against weakening investor protection.In a letter to the Hong Kong Stock Exchange, Norges Bank Investment Management (NBIM) took issue with the idea of having different levels of voting rights for different shares in Chinese firms.In June, Hong Kong Exchanges and Clearing (HKEX) proposed several changes to its listing framework, including the addition of a third board to attract “new economy” technology firms.In the letter, NBIM’s Petter Johnsen, CIO for equities, and senior analyst Peter Gjessing said: “We would have liked to see a more balanced consideration of the interests of all the stakeholders in the listing environment.”
New Delhi: Hardik Pandya’s woes have increased following his comments on the Koffee With Karan episode. After being suspended by the BCCI, the prestigious Khar Gymkhana has revoked the honorary membership of the Mumbai all-rounder. Speaking to ANI, the joint secretary of the Gymkhana, Gaurav Kapadia, confirmed that Pandya is no longer a member. The BCCI has taken action, suspending Pandya and KL Rahul and calling them back from the series against Australia and New Zealand to face an inquiry. Although both players have tendered an ‘unconditional apology’, the troubles are not over for the players. Pandya and Rahul’s Koffee With Karan comments have resulted in plenty of flak from Indian cricket fans, BCCI and even Virat Kohli, the skipper who said the team does not agree with the comments made.Pandya and Rahul tendered an “unconditional” apologies for their sexist comments during a TV chat show amid Committee of Administrators chief Vinod Rai saying that the BCCI should correct the two players, not end their careers. However, despite the apologies tendered by the duo, 10 BCCI units demanded a Special General Meeting to appoint an ombudsman for carrying out an inquiry. Rai’s fellow CoA member Diana Edulji wants an inquiry done by CoA and the BCCI office-bearers. “Yes, Hardik and Rahul have submitted their reply to the fresh showcause notices that were served to them. They have tendered unconditional apology. The CoA chief has instructed the CEO to conduct an inquiry as per clause 41 (c) of the new BCCI constitution,” a senior BCCI official told PTI.Read More | Mumbai Police troll Pandya and Rahul’s Koffee With Karan commentsPandya’s comments on the talk show Koffee With Karan, hosted by Karan Johar, have drawn the ire from social media users, terming it ‘misogynistic’ and ‘racist’. WTrouble has mounted for Pandya as the fall-out from his comments continues. Along with an uncertain playing future, Pandya’s brand has taken a massive hit due to the controversy. According to a Times of India report, Pandya has been dropped as one of the celebrity ambassadors for men’s shaving razor Gillette Mach3 Start following his ‘outrageous’ comments.Read More | Pandya, KL Rahul tender ‘unconditional’ apology, BCCI demands SGMFollowing the outrage, Hotstar have removed the episode from the web while Pandya’s father Himanshu has said that the comments should not be taken seriously as his son was indulging in chatter in a light-hearted manner.The situation came into light with this one conversation when Johar was asking questions about not asking women’s name in a night club and what do men talk about. To this, Pandya replied, “I like to watch and observe how they (women) move. I’m little from the black side so I need to see how they move.” Pandya also boasted about how he casually discussed his sex life with his parents. “When I lost my virginity, I came home and said, ‘Main karke aya hai aaj (I had sex today)’. At a party my parents asked me ‘acha tera wala (women) kaun sa hai [who is your interest here?] so I said yeh, yeh, yeh (pointing out women)’ and they were like ‘waah proud of you beta’,” Pandya said during the show. For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.