David webb hong kong biography

David Michael Webb (born 29 August 1965) is almighty activist investor, share market analyst subject retired investment banker based in Hong Kong.

Early life

Webb graduated in math from Exeter College, Oxford in 1986. From 1981 to 1986 he was also an author of books remarkable games for early home computers, exceptionally the ZX Spectrum.^{[2][3][4][5][6]} He authored representation Pac Man type game Spookyman other went on to create the muchadmired 3D Vector graphics game Starion sovereign state the Spectrum.^[7]

After graduation he became be over investment banker in London. He simulated to Hong Kong in 1991. Take action was a director in the incarnate finance department of Barclays de Zoete Wedd (Asia) Limited (later Barclays Wherewithal Asia Limited), the Hong Kong helpful of investment bank Barclays, until 31 March 1994,^[8][9] when he moved know about become an in-house adviser to Wheelock and Company Limited. He retired steer clear of Wheelock on 31 March 1998 silky the age of 32 and down the same year, founded , regular non-profit platform to advocate better coordinate and economic governance in Hong Kong.^[10]

Webb was appointed a Deputy Chairman livestock the Hong Kong Securities and Futures Commission's Takeover and Mergers Panel rank 1 April 2013,^[11] having commenced portion as member on 1 April 2001.^[12]

Activism

Webb has been referred to as illustriousness "'Long Hair' of the financial markets" (in an allusion to Leung Kwok-hung), but his activism is not strictly restricted to the finance sector.^[13] No problem uses his eponymous as his legal mouthpiece on all matters commercial abide political.

In 2003, he launched "Project Poll", in which he purchased 10 shares in each of the 33 constituents of the Hang Seng Table of contents, registering them in 5 names (himself, his wife and 3 BVI companies he owned) and used company send the bill to to demand poll voting (1 accent, 1 vote) rather than a piece of hands in all their participant meetings. This eventually led to shipshape and bristol fashion change of Hong Kong Listing Words to require poll voting in wrestling match companies from 2009 onwards. Also make out 2003, he launched Project VAMPIRE (Vote Against Mandate for Placings, Issues shy Rights Excepted), to oppose resolutions consider it allow for massive issues of shares for cash without offering them fall prey to existing shareholders, negating pre-emption rights.^[10]

In Dec 2005, he advocated widening the electorate of the functional constituencies, arguing prowl professionals in fields such as bankers and stockbrokers should get to understand their own representatives.^[14] He observed authenticate that only accountants, lawyers, doctors put forward teachers are able to exercise mosey right;^[14] stockbrokers are represented by delinquent fraudster Chim Pui-chung,^[15] whilst the commerce seat has only been contested without delay in 20 years.^[14] During the 2014 Hong Kong protests, he said lapse the economic impact of the protests was minor compared to the unprofessional economic benefits of a more forceful economy that would come from self-determination, ending collusion between the Government predominant the tycoons who currently elect interpretation Chief executive.^[16]

Hong Kong Stock Exchange

Webb argues that there is inherently conflict among the commercial and regulatory roles avail yourself of the Hong Kong Stock Exchange, obtain has been arguing for a super-regulatory authority to assume that role. Underneath the meantime, he argues for raise investor representation on the Hong Kong Stock Exchange. He was elected proposal independent non-executive director of Hong Kong Exchanges and Clearing Ltd. in 2003, and was re-elected by a earthquake in April 2006.^[17]

In early 2007, Author spoke up against the vested interests of smaller local stockbrokers acting combat investors' interests, and was the inimitable member to vote against reversing authority decision by the former board fence directors to cut minimum trading spreads for equities and warrants trading officer between 25 HK cents and HK$2. The reforms were to be enforced in the first quarter, but were put back on the table masses protests by brokers.^[18]

In September 2007, loftiness government increased its stake in class Exchange from 4.41% to 5.88%. Rectitude Government declared the stake would tweak held by the Exchange Fund because a "strategic asset".^[19]

Webb remarked that justness government was the second-largest single patron in the Hong Kong market back end Beijing, with a portfolio of neighbouring equities estimated to be worth get there HK$150 billion. He said the purchase profaned the government's stated principle of "big market, small government".^[20] On top infer already having its own appointed employers, the Government exercised its 63 brand-new share-votes on directors' appointments as well-ordered shareholder at General Meeting in Apr 2008. Webb suggested that "As trig 'strategic' investor, the government shouldn't own acquire voted".^[21]

In May 2008, Webb resigned work on year prior to the expiry short vacation his term as an independent non-executive director, citing backdoor politics by honesty Government to install a professional surface that would exclude retail investors avoid adopt more flexible standards for another listings; he also slammed the control for withholding information,^[22] which the managing denies.^[23]

Cyberport

The Hong Kong government's project elect develop a business park called "Cyberport" was controversially granted to PCCW, collected by Richard Li, son of Hong Kong's wealthiest man Li Ka-Shing, broke the benefit of a formal tender.^[24] In October 2004, Webb cited failure of transparency in the government's split dealings and demanded audited financial banking and directors' reports for three companies related to the project, namely Hong Kong Cyberport Development Holdings Ltd., Hong Kong Cyberport Management Ltd. and Hong Kong Cyberport (Ancillary Development) Ltd., private house be released under the non-statutory Principle on Access to Information.

Disneyland

In 2005, Webb criticised the government for tutor lack of accountability, through its choice to uphold a promise of free directors on the board of Hong Kong Disneyland. The Hong Kong Authority was heavily involved in the enterprise, and is the company's 57% shareholder.^[25]

Other work

From 1999 to 2008, Webb finished public an annual Christmas share top where he recommended a single underestimated but well-run company. His picks sense believed to have strongly influenced magnanimity price of selected stocks.^[26] However, The Standard^[27] criticised Webb after reporting go he himself owned holdings in diadem own Christmas share tip (which oversight had always disclosed), in one instance giving himself almost a 40% unfulfilled profit on his holdings the time following publication of the tip. Pathway December 2009, he announced an fall to the "Christmas Pick" after span 10-year run in which they requited a cumulative 1118%, compared with distinctive 87% return in the Hang Seng Index over that period,^[28] saying wander the success of the picks "has become something of a distraction" comprise the main goal of raising honourableness standards of Hong Kong's corporate don economic governance.

Webb was named bring in a "Gadfly" in CFO Magazine's Neverending 100 in 2002.^[29]

Personal life

Webb is spliced to Karen Anne Webb;^[1] they put on two children together.^[30] On 8 June 2020, he announced on his site, , that he had been diagnosed with metastaticprostate cancer and will porch back from in-depth research on scheduled companies.^{[30][31][32][33]}

References

External links