HONG KONG, June 23, 2014 /PRNewswire/ -- The Hong Kong Corporate Governance Excellence Awards 2014, jointly organized by The Chamber of Hong Kong Listed Companies ("CHKLC") and the Centre for Corporate Governance and Financial Policy ("CCGFP") of Hong Kong Baptist University is open for nominations starting today (June 23) till September 26, 2014.
The Awards programme recognizes companies that exhibit a holistic approach to corporate governance and business ethics. Nominations for the Awards are open to all companies listed on the Main Board and GEM Board of the HKEx in three categories: Hang Seng Index Constituents Companies; Hang Seng Composite Index Constituents Companies and Others and GEM Board Companies.
As part of the overall assessment in giving Corporate Governance Excellence Awards, the Judging Panel would consider giving a special award on Sustainability Excellence to companies whose performance and achievements in sustainability endeavours achieve an excellent standard. No separate submission is required.
"The Chamber is pleased to be organizing the Awards progamme and continue our commitment to promote a solid corporate governance culture in Hong Kong upon which the success of our market depends. The Awards Programme recognizes companies that can demonstrate an excellent standard in their governance model and policies, manifested in having an effective board, decision making process with proper checks-and-balances, transparent and prompt disclosure, rigorous risk management and internal control and respect for small shareholders' and stakeholders' rights," said Mr. Patrick Sun, Chairman of CHKLC. "Through awarding these excellent companies, we hope that other companies will get inspired and in turn seek ways to improve their own governance performance, leading to an elevation of the overall corporate governance standard in Hong Kong."
Mr. Eddy Fong, former Chairman of Securities and Futures Commission of Hong Kong and Council Chairman of the Open University of Hong Kong, will continue to lead the judging process in the capacity of Chairman of the Judging Panel. This year, the panel welcomes new members including Mr. Lawrence Fok, a former senior executive at the Stock Exchange of Hong Kong and who currently serves as an independent non-executive director on a number of Hong Kong listed companies.
"We are fortunate to have new members with very high caliber and rich experience with listed companies' operation and governance issues joining our panel. This enhances the quality of our judging and ensures that our winners will be of the highest order," said Dr. Fong.
Other members of the judging panel are distinguished experts from the fields of regulation, financial, investment, accounting, legal and academic. They will choose the winners using a model of eight key corporate governance and sustainability aspects respectively, developed by the CCGFP. Special attention will be given to companies that demonstrate innovation and significant improvements in corporate governance and/or sustainability made over the last three years; efforts made to internalize and pursue the highest principles of corporate governance and/or sustainability over-and-beyond compliance with requirements; and the ability to show positive business impact of the corporate governance and/or sustainability spirit and practices.
Companies are also encouraged to demonstrate their efforts in adhering to or exceed the latest rules and regulations governing listed companies and directors, such as Board Diversity and ESG Reporting.
Companies listed on the HKEx are invited to participate in the Corporate Governance Excellence Awards under three categories: Constituents of Hang Seng Index, Constituents of Hang Seng Composite Index, Other Main Board and GEM Board companies. An overall winner may be selected from winners of these three categories. Companies may be awarded the special Sustainability Excellence Awards at the same time or independently.