Institutional Shareholder Services annually undertakes a detailed review and analysis of the structure and composition of markets across the globe in the yearly Market IQ documents. The background document examines the history and structure of the market from a governance perspective, including regulatory regimes, voting hurdles and procedures, compensation practices and shareholder ability to opine, dissident rights, investor organizations, history, and much more. In 2014, the new Companies Ordinance (Cap. 622) came into force with the objective of enhancing corporate governance, ensuring better regulation, and modernizing the law. Preference shares were not allowed previously in China, but the Chinese regulators have begun to allow preference shares on a trial basis starting in 2014. The rules relating to connected transactions and definitions of connected person and associate were amended as well. The amendments are intended to simplify and improve clarity of the rules while maintaining the same level of investor protection. Lastly, there were few changes in 2014 to the board structure of public companies in Hong Kong.