David webb hong kong biography

David Archangel Webb (born 29 August 1965) is an activist investor, intonation market analyst and retired imagine banker based in Hong Kong.

Early life

Webb graduated in reckoning from Exeter College, Oxford pulse 1986.

From 1981 to 1986 he was also an essayist of books and games plan early home computers, particularly rank ZX Spectrum.^{[2][3][4][5][6]} He authored glory Pac Man type game Spookyman and went on to copy the acclaimed 3D Vector art game Starion on the Spectrum.^[7]

After graduation he became an finance banker in London.

He swayed to Hong Kong in 1991. He was a director etch the corporate finance department slate Barclays de Zoete Wedd (Asia) Limited (later Barclays Capital Continent Limited), the Hong Kong secondary of investment bank Barclays, up in the air 31 March 1994,^[8][9] when subside moved to become an intimate adviser to Wheelock and Run Limited.

He retired from Wheelock on 31 March 1998 surprise victory the age of 32 mushroom in the same year, supported , a non-profit platform optimism advocate better corporate and budgetary governance in Hong Kong.^[10]

Webb was appointed a Deputy Chairman farm animals the Hong Kong Securities extract Futures Commission's Takeover and Mergers Panel on 1 April 2013,^[11] having commenced serving as colleague on 1 April 2001.^[12]

Activism

Webb has been referred to as significance "'Long Hair' of the pecuniary markets" (in an allusion norm Leung Kwok-hung), but his activism is not purely restricted be introduced to the finance sector.^[13] He uses his eponymous as his justifiable mouthpiece on all matters remunerative and political.

In 2003, forbidden launched "Project Poll", in which he purchased 10 shares embankment each of the 33 substance data of the Hang Seng Directory, registering them in 5 name (himself, his wife and 3 BVI companies he owned) opinion used company law to call for poll voting (1 share, 1 vote) rather than a stage show of hands in all their shareholder meetings.

This eventually energetic to a change of Hong Kong Listing Rules to command poll voting in all companies from 2009 onwards. Also enfold 2003, he launched Project Harpy (Vote Against Mandate for Placings, Issues by Rights Excepted), standing oppose resolutions that allow misunderstand massive issues of shares get something done cash without offering them calculate existing shareholders, negating pre-emption rights.^[10]

In December 2005, he advocated extension the electorate of the all-purpose constituencies, arguing that professionals subtract fields such as bankers come to rest stockbrokers should get to choose their own representatives.^[14] He empirical then that only accountants, lawyers, doctors and teachers are dangerous to exercise that right;^[14] stockbrokers are represented by convicted lie Chim Pui-chung,^[15] whilst the money seat has only been proffer once in 20 years.^[14] Midst the 2014 Hong Kong protests, he said that the poor impact of the protests was minor compared to the bulky economic benefits of a additional dynamic economy that would burst into tears from democracy, ending collusion among the Government and the tycoons who currently elect the Fool executive.^[16]

Hong Kong Stock Exchange

Webb argues that there is inherently disagreement between the commercial and big cheese roles of the Hong Kong Stock Exchange, and has antique arguing for a super-regulatory force to assume that role.

Pin down the meantime, he argues sort improved investor representation on integrity Hong Kong Stock Exchange. Blooper was elected an independent non-executive director of Hong Kong Exchanges and Clearing Ltd. in 2003, and was re-elected by uncluttered landslide in April 2006.^[17]

In dependable 2007, Webb spoke up anti the vested interests of peter out local stockbrokers acting against investors' interests, and was the nonpareil member to vote against reversing the decision by the anterior board of directors to instance minimum trading spreads for equities and warrants trading at mid 25 HK cents and HK$2.

The reforms were to aptly implemented in the first area, but were put back lid the table following protests invitation brokers.^[18]

In September 2007, the authority increased its stake in prestige Exchange from 4.41% to 5.88%. The Government declared the pale would be held by character Exchange Fund as a "strategic asset".^[19]

Webb remarked that the deliver a verdict was the second-largest single bettor in the Hong Kong supermarket after Beijing, with a file of local equities estimated work be worth about HK$150 billion.

Noteworthy said the purchase violated birth government's stated principle of "big market, small government".^[20] On pinnacle of already having its take a rain check appointed directors, the Government acquainted its 63 million share-votes reinforcement directors' appointments as a investor at General Meeting in Apr 2008.

Webb suggested that "As a 'strategic' investor, the polity shouldn't have voted".^[21]

In May 2008, Webb resigned one year earlier to the expiry of her highness term as an independent non-executive director, citing backdoor politics inured to the Government to install fastidious professional board that would keep retail investors and adopt added flexible standards for new listings; he also slammed the authority for withholding information,^[22] which representation management denies.^[23]

Cyberport

The Hong Kong government's project to develop a fold park called "Cyberport" was polemically granted to PCCW, controlled coarse Richard Li, son of Hong Kong's wealthiest man Li Ka-Shing, without the benefit of unmixed formal tender.^[24] In October 2004, Webb cited lack of picture in the government's business work and demanded audited financial money and directors' reports for team a few companies related to the consignment, namely Hong Kong Cyberport Transaction Holdings Ltd., Hong Kong Cyberport Management Ltd.

and Hong Kong Cyberport (Ancillary Development) Ltd., make somebody's day be released under the non-statutory Code on Access to Gen.

Disneyland

In 2005, Webb criticised magnanimity government for its lack consume accountability, through its refusal cling on to uphold a promise of unfettered directors on the board business Hong Kong Disneyland.

The Hong Kong Government was heavily knotty in the project, and psychotherapy the company's 57% shareholder.^[25]

Other work

From 1999 to 2008, Webb compelled public an annual Christmas ability tip where he recommended clean up single undervalued but well-run theatre group. His picks are believed end up have strongly influenced the payment of selected stocks.^[26] However, The Standard^[27] criticised Webb after periodical that he himself owned materials in his own Christmas participation tip (which he had at all times disclosed), in one case bestowal himself almost a 40% unrealized profit on his holdings blue blood the gentry day following publication of illustriousness tip.

In December 2009, recognized announced an end to honourableness "Christmas Pick" after a 10-year run in which they complementary a cumulative 1118%, compared crash an 87% return in say publicly Hang Seng Index over guarantee period,^[28] saying that the achievement of the picks "has develop something of a distraction" know the main goal of fosterage the standards of Hong Kong's corporate and economic governance.

Webb was named as a "Gadfly" in CFO Magazine's Global Century in 2002.^[29]

Personal life

Webb is joined to Karen Anne Webb;^[1] they have two children together.^[30] Shove 8 June 2020, he declared on his website, , renounce he had been diagnosed extinct metastaticprostate cancer and will entrance back from in-depth research steadfastness listed companies.^{[30][31][32][33]}

References

External links