Directors win for good governance

PUBLISHED : Tuesday, 23 November, 2010, 12:00am
UPDATED : Tuesday, 23 November, 2010, 12:00am

The Hong Kong Institute of Directors unveiled the winners of its directors of the year awards yesterday, highlighting the positive relationship between a company's good governance and its performance.

'Companies with a good corporate governance standard are among the first to stand out and reap the fruit of prosperous times,' said Kelvin Wong, the institute's chairman. 'The awards wish to honour those who achieve sustainable growth adhering to an extremely high standard of corporate governance in today's vastly competitive business environment.'

Among companies listed on the Hang Seng Index, China Resources Enterprise and Esprit Holdings won in the corporate boards category. Edward Chow Kwong-fai of Cosco Pacific was named a winner in the non-executive director category.

Thomas Jefferson Wu, managing director of Hopewell Holdings, and Lu Dongshang, chairman of Zhaojin Mining Industry, were among the winners in the executive director category for non-Hang Seng Index constituents. Justin Chiu Kwok-hung, chairman of ARA Asset Management (Fortune), won as a non-executive director.

It was the 10th year the awards were held, and 12 winners were announced overall.

The theme for this year was 'Better Corporate Performance Through Strengthened Corporate Governance'. Next year's theme will be 'Enhance Director Professionalism through Board Self-Appraisal System'.

Professor Chan Ka-keung, the secretary for financial services and the treasury, said effective corporate governance by Hong Kong's boards and directors plays a crucial role in the city's development as a financial hub.

'Thanks to our robust regulatory regime, Hong Kong's local financial system has emerged from this global financial crisis without any systemic problem,' he said. 'We will continue to improve our regulatory framework to enhance Hong Kong's status as a first-class international market.'