As part of its campaign to promote good governance - The Hong Kong Institute of Chartered Secretaries recently released its Guidance Note on whistleblowing which is an important building block in creating an ethical culture
HONG KONG, Feb. 8, 2011 /PRNewswire-Asia/ -- The Hong Kong Institute of Chartered Secretaries (HKICS) published its 'Whistleblowing Toolkit' Guidance Note in January 2011 which is a follow up to the research report 'Business Ethics -- A Path to Success' that was jointly issued by HKICS and Hong Kong Shue Yan University in September 2007. This is the eleventh edition of the Institute's Guidance Note series which aims to provide a practical guide for specific topics on good governance practices.
Whistleblowing entails revealing wrongdoing or improper conduct within an organisation to those in authority or to the public. An effective whistleblowing policy is a key tool in combating corporate fraud and can help foster an ethical and responsible culture at all levels of an organisation. The 'Whistleblowing Toolkit' provides templates and precedents to assist organisations to put in place a practical and useful whistleblowing policy.
Corporate fraud can have a devastating effect on a company, its employees, shareholders, suppliers and the community at large. Cases ranging from Enron, Tyco and WorldCom in the US to Peregrine and Akai in Hong Kong, Kelon in Mainland China, Maxwell in the UK plus Satyam Computer Systems in India show that fraud is a global problem. In order to combat fraud, companies must take steps to avoid circumstances where fraud can occur and if it does ensure there are mechanisms in place to detect, counteract and limit or repair damage. A whistle blowing policy is a vital part of such mechanisms.
"An effective whistleblowing can help identify malpractice within an organisation. It can help a company to remedy a wrongdoing before serious damage is caused. I also believe that a company that puts in place a whistleblowing policy sends a positive message to shareholders and reflects good corporate governance," said Mrs. April Chan, the President of HKICS. "We believe that good corporate governance is vital to attaining long-term, sustainable growth and the fostering of an ethical culture within an organisation helps achieve this goal," Mrs. Chan continued.
The Guidance Note acknowledges the importance of protecting the whistleblower from retaliation by employers or colleagues as fear of retaliation is a major barrier to internal whistleblowing. Such protection is the duty of the management and should constitute a core component of any whistleblowing policy.
For 'Whistleblowing Toolkit,' please download it from www.hkics.org.hk/index.php?_room=10.
For more information, please visit www.hkics.org.hk
About The Hong Kong Institute of Chartered Secretaries
More than meets the eye.
The Hong Kong Institute of Chartered Secretaries (HKICS) is an independent professional body dedicated to the promotion of its members' role in the formulation and effective implementation of good governance policies in Hong Kong and throughout China as well as the development of the profession of Chartered Secretary.
HKICS was first established in 1949 as an association of Hong Kong members of the Institute of Chartered Secretaries and Administrators (ICSA) of London. It became a branch of ICSA in 1990 before gaining local status in 1994 and today has more than 5,300 members and approximately 2,900 students.
For more information, please visit HKICS website: www.hkics.org.hk
For media enquiries, please contact:
Ms Gloria Fung / Ms Elaine Cheung
Tel: +852-2881-6177
Fax: +852-2881-5050
Email: gloria@hkics.org.hk / elaine@hkics.org.hk
