Finalists have to meet nine aspects of corporate governance The objective of the annual Hong Kong Corporate Governance Excellence Awards is to encourage improvement in the corporate governance (CG) of listed companies. All companies listed on the main board and the growth enterprise market (GEM board) of the Hong Kong stock exchange are eligible to apply or to be nominated for the awards. There are three different categories: main board companies from the Hang Seng Composite Index constituents, main board companies from the non-Hang Seng Composite Index constituents and the GEM companies. The selection and judging process consists of two rounds. Entries that have met the basic criteria of corporate governance practices will be shortlisted and reviewed again. Finalists have to meet the nine aspects of corporate governance set by the competition. The criteria include effective internal controls and risk management processes, and internal and external audit processes that minimise fraud, corruption and other malpractices. It is also important for the finalists to demonstrate their integrity in financial reporting, which ensures quality and timely disclosure of financial and other shareholder information. A list of finalists will be invited to make a 15-minute presentation in front of the judging panel. There will also be a 10-minute session after the presentation, during which the finalists will be questioned by the judges. The panel will then recommend first, second and third places in each category and a committee formed by a group of experts who will decide the winners based on the recommendations of the judges. Companies that have won the awards for two consecutive years are not eligible to take part in the following two contests.