The Hong Kong Institute of Certified Public Accountants (HKICPA) has successfully completed its 19^th annual Best Corporate Governance Awards (BCGA), in which it acknowledged companies and public sector organisations that have demonstrated outstanding corporate governance practices and information disclosure during the most recent reporting period. First held in 2000, the BCGA strives to set benchmarks for corporate governance standards and incentivize boards to improve their accountability and transparency.

Twenty-three awards were presented at this year's BCGA, with several enterprises receiving awards for the very first time, including Shangri-La Asia Limited, Convenience Retail Asia Limited, Tencent Holdings Limited, Chow Tai Fook Jewellery Group Limited, The Hong Kong and China Gas Company Limited, The Wharf (Holdings) Limited and China Everbright Greentech Limited.

Since the Hong Kong Stock Exchange upgraded its Environmental, Social and Governance Reporting Guide under the listing rules, it is clear to the BCGA review and judging panels that companies are improving their sustainable development and corporate social responsibility disclosures and practices. This has resulted in an increase in the number of winners in the sustainability and social responsibility reporting section of the BCGA this year. It is a very encouraging sign that BCGA participants are taking solid steps to strengthen this aspect of their performance, including adopting the Global Reporting Initiative (GRI) standard, which will have a positive knock-on effect of raising the general quality of corporate social responsibility and sustainability and reporting in Hong Kong

Mr. Eric Tong, Immediate Past President of the HKICPA and Chairman of the Judging Panel said, "The Institute hopes that all these awards set good, achievable benchmarks for others to follow and that they will encourage more listed companies and public sector organizations in Hong Kong to raise the standard of their corporate governance. We also want to stress that effective corporate governance requires more than just making good disclosures. The judges consider a company's overall performance, including evidence of how corporate governance is being implemented in practice."

Although more companies received awards this year, in their final remarks, the judges stated that even these outstanding companies had could continue to raise their standards and strive for the pinnacle of corporate governance performance. Among their suggestions, the judging panel advised boards to provide more details about the criteria they use to appoint executive and non-executive directors, which is important both for listed companies and public sector organizations, and the way they calculate the components of remuneration packages for their directors and senior management. Generally, businesses could provide more information about how they deal with significant challenges like succession planning and refreshing the board membership, as well as adding diversity to the membership. These issues are relevant for all types of businesses, including family businesses. Such disclosures, the judges added, would further increase investor confidence in the market and individual companies.