A comprehensive rewrite of the Companies Ordinance will facilitate business, and enhance Hong Kong's competitiveness and attractiveness as an international finance centre.

This was the message from Permanent Secretary for Financial Services & the Treasury (Financial Services) Au King-chi at the Hong Kong Securities Institute's seminar today.

Noting the ordinance is the cornerstone of business operation in Hong Kong, Miss Au said the Government considers it important to gauge the views of stakeholders and the general public in the rewrite process.

"We hope that through the rewrite, the legal framework for regulating companies can keep pace with the times, facilitate business operation, and enhance corporate governance for the better protection of stakeholders like minority shareholders and creditors. This will in turn bring substantial economic benefits to Hong Kong, and consolidate our position as an international financial and business centre."

As the proposed law changes will be relevant to many stakeholders, Miss Au said there are diverse views among the public on how the ordinance should be reformed.

"Our job is to strike a reasonable balance among the diverging interests, and this is indeed the key challenge in the [ordinance] rewrite exercise," Miss Au said.

She urged people to submit their views during the consultation period by March 16. The Government will refine the draft bill in light of the comments received and table the Companies Bill at the Legislative Council by December.