Corporate governance awards

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Corporate governance awards

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• Arts

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• Publié par: uhezyxuk
• Nombre de lectures: 110
• Langue: Français

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December 2009

Institute news

Corporate governance awards

New category for small- to mid-sized companies

The Institute has introduced a new category in this year’s best corporate

governance disclosure awards to commend the efforts of small- to mid-sized

companies in improving governance and transparency.

First-time winners in the non-Hang Seng Index (mid-to-small market

capitalization) category are Sa Sa International Holdings Ltd. (platinum), silicone

rubber manufacturer Ta Yang Group Holdings Ltd. (gold) and Clear Media Ltd.,

an outdoor advertising company, which received a special mention.

Stephen Law, chairman of the organizing committee, said this year, judges

gave extra consideration to internal controls and risk management, given the

important weight in this area stemming from the new requirement in the

corporate governance code under the listing rules for directors to review their

internal controls annually. “It is an area of potential voluntary disclosures where

the good companies will stand out,” Law said.

Judges reviewed a total of 204 annual reports. Winners in the Hang Seng Index

category were CLP Holdings Ltd. (diamond), Hong Kong Exchanges and Clearing

Ltd. (platinum), HSBC Holdings PLC (gold) and MTR Corp. (special mention).

In the non-Hang Seng Index (large market capitalization) category, Standard

Chartered PLC received the platinum award, Hysan Development Co. won gold

and Alibaba.com Ltd. clinched the significant improvement award.

The H-share category winners were Industrial and Commercial Bank of

China Ltd. (platinum) and China Merchants Bank Co. and Jiangsu Expressway

Co. (both gold). Airport Authority Hong Kong picked up a diamond award in

the public sector and not-for-profit category.

“We would like to see more companies strive for excellence in corporate

governance terms,” said Institute President Paul F. Winkelmann. “The fact that

the judges decided to withhold some of the awards reflects this… there is still

more work for all interested parties to do,” he said.

The awards have been gaining in prestige since they were introduced in 2000.

Inaugural meeting of the Asian

standard-setting group

The Asian-Oceanian Standard-Setters Group met for the first time in Kuala

Lumpur, Malaysia, last month. Institute President Paul F. Winkelmann joined

100 participants from 21 standard-setting bodies from Asia and Oceania for the

meeting, which was hosted by the Malaysian Accounting Standards Board.

David Tweedie, chairman of the International Accounting Standards Board,

and four other IASB board members were also present.

At the meeting, members set out the objectives for the AOSSG and discussed

technical issues including IAS 39, fair value measurement, revenue recognition,

and financial statement presentation.

Malaysia was appointed as the first chair of the group, with Japan appointed

as the vice chair. The chairmanship and vice chairmanship will be rotated among

members at each annual meeting.

The second meeting will be held in Tokyo next year.

AGM and council elections

The 37th annual general meeting will take place

on 11 December when new council members

will be elected. The meeting will be held at the

Institute’s auditorium on the 27th floor of Wu

Chung House, starting at 5:30 p.m.

Annual report highlights

community service

This year’s annual report showcases the award-

winning “Rich Kid, Poor Kid” community service

programme, in which CPA members teach

students money management skills. The Chinese

version is available on request.

New year, new

A Plus

We will be introducing a new, sleeker design

for

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in January. The makeover has taken

us months – the new magazine will become

slightly bigger so that we can create more

exciting content for you. Watch out for the

revamped

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in your mailbox next month.

Disciplinary finding

Name: Chan Kwan-ho, CPA (practising)

Complaint:

Non-compliance with the Institute’s

then effective Statement 3.101 “Statement

of Auditing Standard – Audit Approach”

and Statement of Auditing Standards 230

“Documentation” in that Chan did not adequately

plan, control and record his work; and he failed

to document matters important in providing

evidence to support his audit opinions and did

not prepare sufficiently complete and detailed

working papers. Chan admitted the complaint.

Decision:

Chan shall be reprimanded and

shall pay a HK$5,000 penalty and costs of the

disciplinary proceedings totalling HK$25,000.

Meeting with the IASB

The Institute addressed the proposed

Fair Value

Measurement

exposure draft at two roundtables

with the IASB in mid-October. One financial

reporting forum that discussed the replacement

of IAS 39 attracted about 160 participants.

news digest

Institute