Day 2 Overview
09:15 Concurrent Panels
10:30 Coffee Break (The Waterloo Room)
12:30 Lunch Buffet (The Waterloo Room)
Day 2 Programme
09:15 – 10:30
Panel 1: The governance of energy: It’s electric (The Burton Room)
Like much of the industrial world, Asia is undergoing a complicated transition from a fossil fuel-based energy system to one where renewable generation will play an increasingly large role. One key to the transition is sound government policy that sets clear targets for the decarbonisation of national economies in phases to 2050 and creates the right incentives for significant new investments and emission reductions needed by 2030. Another key is innovative action and investment on the part of energy companies. These two factors are mutually dependent, but when they are out of synch governance fundamentals are critical. This session will focus on selected energy transition case studies from Asia and discuss how they are progressing, the governance and regulatory challenges, as well as risks and opportunities for investors.
SpeakersMarty Syquia, Deputy Chief Financial Officer, ACEN Corporation, Manila (by video)
Putra Adhiguna, Energy Economics & Policy Specialist, Institute for Energy Economics and Financial Analysis (IEEFA), Jakarta
Toru Kubo, Director, Energy Division, Southeast Asia Department, Asian Development Bank, Mandaluyong City (by video)
09:15 – 10:30
Panel 2: Shareholder proposals in Asia: It’s complicated (The Nash Room)
Long neglected at the bottom of the shareholder rights toolbox, the shareholder proposal is finally emerging as a device to be reckoned with in Asia. Japan is the scene of most activity in the region, yet other markets such as Korea, Malaysia and Taiwan are also seeing more interest from retail and institutional investors. This session will draw on recent practical experiences of investors as they grapple with the challenges of filing, and seeing through, shareholder proposals across the region. We will discuss the legal and procedural impediments to mounting a challenge. Consider tactics 101: choosing your battle, where to employ stamina, grit and staying power. Examine where shareholders are having a bigger say: static vs dynamic markets. And ask whether it is all worth it? Come and hear the battle stories of investors trying to build a better system. Learn how to navigate both the rules and the reality.
10:30 – 11:00
Coffee Break (The Waterloo Room)
11:00 – 12:30
Closing Plenary: China – Risk on, risk off, what next? (The Nash Room)
When MSCI announced a partial inclusion of China A shares in three of its indices in 2018 it was seen by many as a signal that the country’s capital market had truly arrived. Great things were expected. What happened next was mostly not foreseen: a new virus appeared in Wuhan; Jack Ma spoke out and the Ant IPO was suspended; an anti-trust law designed to control tech giants was proposed, followed by stricter cyber security controls and the suspension of the Didi IPO in New York; and the listed educational sector was harshly reined in. Motivating these rapid policy changes were concerns on the part of Beijing about defending national security, encouraging domestic competition, and promoting common prosperity. Then came the collapse of a hugely indebted property giant, more provincial bank frauds, and news about large corporate donations.
With the dust hopefully starting to settle, what kind of capital market and economy is emerging? What are the priorities of key financial and business regulators over the coming year? How is China’s industrial policy evolving, especially in the area of high-tech, semiconductors, and electric vehicles? What are the implications for state-owned enterprises? Can foreign investors expect a more stable policymaking environment going forward? And what is the status of ESG reporting? This panel will debate these issues and consider them in light of the recent 20th Party Congress in October, the third term for Xi Jinping, and current geopolitical tensions with the West. It will also touch on how China compares with Asia’s other major emerging economy—India.
12:30 – 14:00
Lunch Buffet (The Waterloo Room)
Conference ends for public participants.
14:00 – 15:30
ACGA Town Hall, The Waterloo Room (for ACGA members only)