Insights from Wayne Porritt GAICD on life as a director in Hong Kong

As an Australian director holding various board roles in the international finance centre of Hong Kong, Wayne Porritt GAICD has found similar governance structures and a welcoming culture have made his transition a comfortable one.

Wayne Porritt is an accomplished global risk professional who started as a junior clerk at his local country bank in NSW, straight out of high school. He moved to Sydney and after joining Bank of America, worked in Hong Kong, Thailand, the US, UK and Japan.

His current directorships include Sun Hung Kai & Co, Dalton School Foundation Hong Kong and Oxfam Hong Kong, which he chairs. He is also a director with Asia Society Australia, Bruny Island Cheese and TasPorts, and has a role on the NSW executive committee of the Australia-China Business Council. He first lived in Hong Kong in 1995 and returned in 2008.

What was Hong Kong like in 1995, compared to how it is now?

I’d never travelled overseas and didn’t even have a passport. Growing up, “we didn’t have two pennies to rub together”, as the old saying goes. Travel was a luxury and I really had no idea what to expect. The biggest difference was moving to a city with a population of around six million (about twice the size of Sydney at the time) but living in an area more than six times smaller. Hong Kong was incredibly dynamic and remains so today, despite its recent challenges.

It’s an easy place to settle into when you come from overseas. According to AustCham, there are more than 100,000 Australians living here. It’s easy to connect with work colleagues and find things to do on weekends. I enjoy hiking, although perhaps “walking” is a more accurate description. There are amazing walking trails across the territory. Not many visitors know, but 40 per cent of Hong Kong has dedicated country parks. One of the most famous walking trails is the MacLehose Trail, stretching for 100km across the New Territories. It hosts an annual Oxfam charity walk that began about 40 years ago.

Hong Kong is an international finance centre and a remarkably welcoming territory, which hasn’t changed since I first arrived. With most expatriates, there is a natural culture of wanting to help newcomers settle into the Hong Kong way of life.

How does it compare to Australia from a boardroom perspective?

If you’re an Australian director holding a board role in Hong Kong, it’ll be a comfortable transition. You’ll see many of the same governance structures you find in Australia. Hong Kong has at its foundation a common law regime with highly-respected judges. The Court of Final Appeal as the final appellate court comprises both permanent and non-permanent distinguished judges from other common law jurisdictions, including Australia. In fact, Court of Final Appeal decisions are cited by other countries, which gives a high degree of certainty in doing business in Hong Kong.

Hong Kong has globally-respected regulators. The Securities and Futures Commission and the Hong Kong Monetary Authority are the equivalent of the Australian Prudential Regulation Authority and Australian Securities and Investments Commission. The HK Stock Exchange (HKEX) is the equivalent of the ASX, except much larger.

One of the key differences is that a number of companies have founding or key families with meaningful shareholdings. This gives companies a greater degree of stability and some longer-term thinking. They’ve established the companies, sometimes many decades ago, and want them to continue to thrive and prosper well into the future.

The HKEX has recently made changes to governance rules around board effectiveness, some featuring mandatory requirements rather than the “comply or explain” approach you can find in Australia. These changes include matters around term limits on the designation of independent non-executive directors, mandatory director training, annual reviews of risk management and internal controls — along with board performance and diversity targets around gender.

What is life like after the 2019–20 protests, COVID and the National Security Law?

Hong Kong has definitely come back. Investment and tourism have rebounded. One of the key pillars that reinforces Hong Kong’s uniqueness is its “One Country, Two Systems” principle. This works such that Hong Kong is part of “One Country” but enjoys the benefits of “Two Systems”. China is responsible for Hong Kong’s defence and foreign affairs, but Hong Kong determines its own commercial laws, issues its own currency and establishes the financial system, tax regime and customs territory. There is a free flow of capital, people and information moving in and out of Hong Kong, which differs from the rest of China.

If you’re investing, you’ve got the comfort of a common law jurisdiction as in Australia. Hong Kong is a very safe place to live, with respect for the rule of law and a large international community. It continues to be one of the largest financial markets in the world, with deep liquidity compared with other markets across Asia. Hong Kong is the financial window the mainland uses for access to the rest of the world underpinned by the “One Country, Two Systems” approach.

What is the business operating environment of the GBA initiative?

The Greater Bay Area (GBA) — a plan to integrate 11 southern Chinese cities, including Hong Kong, into an economic/innovation hub — is a critical area for both China and the rest of the world. From a business perspective, the GBA forms an important part of the strategy for any company considering doing business in China. Encompassing Shenzhen, Macao and Hong Kong, it has a total population exceeding 85 million. Shenzhen is home to some of the most advanced companies in the world, including Tencent, BYD and UBTech. A large part of China’s innovation is concentrated here.

The importance of Hong Kong in the GBA means that if a company from Australia bases itself in Hong Kong, it operates under sound rules, regulation and a common law regime — all the important criteria we’re familiar with in Australia. Being part of the GBA now means you also have access to a huge population.

Another huge advantage of Hong Kong is it’s connectivity to the mainland. You can get from Hong Kong to Shenzhen via high-speed rail in 14 minutes by clearing passport control in the territory. As the second-largest economy in the world, China is vitally important to Australian business — and by extension, so is Hong Kong.

How has Hong Kong made you a better director?

I’m of the firm view that you understand what goes on in the world by connecting directly with people from other countries. To be effective, you’ve got to be in situ, whether you’re a tourist or a businessperson.

Because it’s an international financial centre, being on a board in Hong Kong provides connections across the globe. Consequently, I get to interact with amazing companies and individuals. Hong Kong’s connectivity within the Greater Bay Area gives companies exposure to some of the most advanced innovation and technology that you simply don’t see in Australia. Living here, you have the comfort of a safe, welcoming environment you can walk around in. It’s just a great place to live and work.

This article first appeared under the headline 'Making a direct connection' in the September 2025 issue of Company Director magazine.