Corporate governance advocate Edward Chow Kwong-fai was elected president of the Hong Kong Institute of Certified Public Accountants last night. Mr Chow said while his priority would be to formulate the institute's new five-year plan for its role internationally and in China, he was also keen to enhance corporate governance in Hong Kong. 'While many listed companies have a minimum level of corporate governance, there is a wide gap in the standards of corporate governance in public bodies. Something needs to be done to improve the situation,' he said. The institute will also work with the government to introduce an independent board to investigate accounting scandals. Paul Chan Mo-po and Mark Fong Chung were elected as vice-presidents at the annual general meeting.