During the past decade, corporate governance, or the way by which companies are directed and controlled, has been a vigorously debated topic. At the core of this debate is the balance between the need for a company's board to freely drive the company forward and create value for shareholders against the need for a framework of effective accountability within which the freedom is exercised. The Companies Registry, the Securities and Futures Commission and major professional bodies, such as the Hong Kong Institute of Company Secretaries, the Hong Kong Society of Accountants and the Institute of Directors, have been playing a vitally important role in promoting good corporate governance. An even higher standard of corporate governance is expected of the publicly listed companies as the interests of many more investors are at stake. In 1992, the Stock Exchange of Hong Kong launched its first Corporate Governance Project to raise awareness in Hong Kong of corporate governance issues. Since then, the stock exchange's Code of Best Practice on Corporate Governance has been updated at regular intervals, and now includes requirements for listed companies in the areas of appointment of non-executive directors, disclosure of directors' emoluments and senior management compensation, directors' training and the establishment of audit committees. In a global economy, corporate governance standards must also be global, and those companies whose governance systems are not compatible with interna tional standards will lose out in terms of attracting international investment. I am glad that Hong Kong has made a good start in this area. I congratulate the Hong Kong Institute of Company Secretaries on organising this major international conference on corporate governance which draws together many of the leading experts on corporate governance from all around the world. The conference comprises a very full, varied and stimulating programme which deserves the fullest possible support from all those genuinely concerned with promoting good corporate governance in Hong Kong. DONALD TSANG YAM-KUEN Financial Secretary