From 1998, Webb built and maintained an extensive and rigorous set of Hong Kong public data records, at his eponymous Webb-site.com, which he synthesised and cross-referenced in a highly accessible format, in pursuit of
transparency. Information includes datasets and analyses for multiple aspects of: financial, securities, stock market data, directors and
boards; government accounts,
utilities and economic issues; members of judiciary, advisory and
statutory bodies;
SFC licensees,
solicitors and other professionals; vehicle and traffic data; and notable people in all aspects of Hong Kong life. Webb has been referred to as the "'Long Hair' of the financial markets" (in an allusion to
Leung Kwok-hung), as his activism initially concerned mainly the finance sector. In 2003, he launched "Project Poll", in which he purchased 10 shares in each of the 33 constituents of the
Hang Seng Index, registering them in 5 names (himself, his wife and 3 BVI companies he owned) and used company law to demand poll voting (1 share, 1 vote) rather than a show of hands in all their shareholder meetings. This eventually led to a change of Hong Kong Listing Rules to require poll voting in all companies from 2009 onwards. Also in 2003, he launched Project VAMPIRE (Vote Against Mandate for Placings, Issues by Rights Excepted), to oppose resolutions that allow for massive issues of shares for cash without offering them to existing shareholders, negating
pre-emption rights. He observed then that only accountants, lawyers, doctors and teachers are able to exercise that right; while the banking seat has only been contested once in 20 years.
Hong Kong Stock Exchange Webb argued that there is inherently conflict between the commercial and regulatory roles of the
Hong Kong Stock Exchange, and argued for a super-regulatory authority to assume that role. In the meantime, he argued for improved investor representation on the Hong Kong Stock Exchange. He was elected an
independent non-executive director of
Hong Kong Exchanges and Clearing Limited in 2003, and was re-elected by a landslide in April 2006. In early 2007, Webb spoke up against the vested interests of smaller local stockbrokers acting against investors' interests, and was the only member to vote against reversing the decision by the former board of directors to cut minimum
trading spreads for equities and
warrants trading at between 25 HK cents and HK$2. The reforms were to be implemented in the first quarter, but were put back on the table following protests by brokers. In September 2007, the government increased its stake in the Exchange from 4.41% to 5.88%. The Government declared the stake would be held by the Exchange Fund as a "strategic asset". Webb remarked that the government was the second-largest single investor in the Hong Kong market after
Beijing, with a portfolio of local equities estimated to be worth about HK$150 billion. He said the purchase violated the government's stated principle of "big market, small government". On top of already having its own appointed directors, the Government exercised its 63 million share-votes on directors' appointments as a shareholder at General Meeting in April 2008. Webb suggested that "As a 'strategic' investor, the government shouldn't have voted". In May 2008, Webb resigned one year prior to the expiry of his term as an independent non-executive director, citing backdoor politics by the Government to install a professional board that would exclude retail investors and adopt more flexible standards for new listings; he also slammed the management for withholding information, which the management denied.
Cyberport The Hong Kong government's project to develop a business park called "
Cyberport" was controversially granted to
PCCW, controlled by
Richard Li, son of Hong Kong's wealthiest man
Li Ka-Shing, without the benefit of a formal tender. In October 2004, Webb cited lack of transparency in the government's business dealings and demanded audited financial accounts 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., to be released under the non-statutory Code on Access to Information.
Disneyland In 2005, Webb criticised the government for its lack of accountability, through its refusal to uphold a promise of independent directors on the board of
Hong Kong Disneyland. The Hong Kong Government was heavily involved in the project, and is the company's 57% shareholder. == Other work ==