Measures tailored to specific business situations;board independence on the rise
HONG KONG, Dec. 12, 2013 /PRNewswire/ -- Winners of the "The Hong Kong Corporate Governance Excellence Awards 2013" were announced tonight. Winners this year come from a broad spectrum of industries, from banking, property developers and managers to utilities and public transport vehicle manufacturing. Operating in very different business environments and faced with different business issues, these companies come up with their own corporate governance approach and tailored and prioritized measures to deal with those issues and achieve remarkable business results.
Dr. Eddy Fong, Chairman of the Judging Panel from this year onwards said, "When selecting winners, members of the panel focused on companies whose structure and policies are specifically tailored to address specific risks and challenges facing the individual company, rather than simply following the standard code and practices."
Another characteristic about the winners is the rising importance of independent non-executive directors in their board. These directors bring relevant experience, expertise and a unique perspective that help tackle critical business issues and elevate overall company performance. They play an active and engaged role in the board committees, in most cases being the chairperson, thus providing strong oversight of the company's development strategy and governance structures and processes.
For the Awards for Corporate Governance Excellence, the winners this year are Bank of China Limited and Industrial and Commercial Bank of China Limited in the Category of Hang Seng Index Constituent Companies; CSR Corporation and Towngas China Limited in the Category of Hang Seng Composite Index Constituent Companies; The Link REIT in the Category of Other Main Board and GEM Board Companies. In the Awards for Sustainability Excellence category, the winners are Sino Land Limited and The Link REIT.
Mr. Carlson Tong, Chairman of Securities and Futures Commission, was the Keynote Speaker of the Awards Gala Dinner.
Initiated by the Chamber of Hong Kong Listed Companies (CHKLC) and jointly organized by the Centre for Corporate Governance and Financial Policy, Hong Kong Baptist University, the award programme has entered into its 7th year.
Mr. Patrick Sun, Chairman of CHKLC said, "Good corporate governance can be translated into accountability, transparency, integrity and robustness to withstand risks, all of which are ingredients of market success and what investors look for. The Awards has served as a platform for companies to showcase their success and for the market to recognize excellent performers. The Chamber is very pleased to make contribution to enhance the corporate governance culture of our market, thereby safeguarding its quality and long term success."
Mr. Sun expressed special thanks to Dr. Eddy Fong, saying, "The Chamber is honoured to have the immediate past chairman of the Securities and Futures Commission to lead the judging panel. Dr. Fong succeeds Dr. Anthony Neoh, also a past SFC Chairman, who has been the chair for the past six years. The fact that we have two former SFC chairmen getting involved speaks volumes of the Awards' standing and credibility."
