久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

HK-listed firms falling behind regional rivals in corporate governance stakes

Updated: 2016-10-07 07:36

By Oswald Chan in Hong Kong(HK Edition)

  Print Mail Large Medium  Small 分享按鈕 0

Hong Kong-listed companies lag behind rivals in corporate governance (CG) performance, with researchers identifying weaknesses in audit independence, investor communication and corporate transparency.

Hong Kong scored a total of 65 points in CG performance, lower than Australia and Singapore in the "CG Watch 2016" report released on Sept 29 by CITIC Securities' wholly-owned CLSA Ltd and Asian Corporate Governance Association (ACGA) - a non-profit professional body dedicated to advance CG standards in Asia.

The survey studied the CG standards of 1,047 companies in 12 Asian countries and regions. Five categories, including CG rules and practices, enforcement, political and regulatory environment, accounting as well as auditing and CG culture were examined.

Although Hong Kong is still ranked in the top five in CG performance, the report found the city has not showed any signs of improvement, and performances are not consistent.

HK-listed firms falling behind regional rivals in corporate governance stakes

The first major deficiency is financial reporting, with some Hong Kong-listed firms still without an independent audit regulator. Frequency and timing of financial reporting also remains a concern, and disclosure around large expense items is problematic.

Another study by global auditing advisory firm PricewaterhouseCoopers (PwC) released on Sept 29 revealed among the 230 listed companies on the Hang Seng Index and Hang Seng Chinese Enterprise Index, only 20 percent of them have sufficient resources, qualification and experienced internal staff. This indicates listed companies are not fully confident in the adequacy of its internal audit function.

"Hong Kong companies needs to enhance the independence of audit regulators and promote CG culture as the two major strategic priorities to strengthen the local CG ecosystem," ACGA's secretary general Jamie Allen said.

The lack of investor communication by Hong Kong-listed companies is also evident. According to a survey by the Hong Kong Institute of Chartered Secretaries (HKICS), 58 percent of surveyed listed firms lack an investor communication strategy and 38 percent of them do not know their shareholders. Many also do not regularly or routinely monitor their shareholder bases.

The survey revealed a majority of listed enterprises do not think shareholders should be treated equally, with 56 percent of respondents saying engagement should only be with institutional investors and long-term shareholders.

The results are based on 413 responses from company secretaries and senior management in listed entities about current practices in shareholder communication.

"The stick for companies to comply with the regulation is not enough. The carrot is also important. If companies can see the benefits of enhancing shareholder communication that can boost share trading and share prices, the top management naturally will strengthen the investor relation function," HKICS President Ivan Tam Kwok-wing said on Sept 21.

"Hong Kong's listed companies' compliance to shareholder communication falls short of the global best practice standard as compliance practice varies across different enterprises. Hong Kong firms have genuine need for improvement," HKICS' technical consultation panel member Peter Greenwood said.

HK-listed firms falling behind regional rivals in corporate governance stakes

There are three elements of the shareholding structure in Hong Kong which impedes the development of shareholder communication, Greenwood said.

"Most of the Hong Kong-listed corporations have substantial shareholders such as family owners or estate institutions. Senior management may feel that communication with these major or institutional shareholders is already adequate, hence ignoring communication with other retail investors," he said.

"Shareholder activism in Hong Kong is also not vocal as in US and European countries due to cultural reasons, thus lessening the urgent need for senior management to engage in investor communication."

Also, active hostile takeover bids are rare in Hong Kong, Greenwood said, which holds back transparency for investors.

"If there is threat of a hostile takeover, it will weigh heavily for senior management to keep constant engagement with their institutional and retail investors in order to defend the company from a third-party takeover."

While there have been some improvements in director training and risk reporting, board composition remains largely conservative in Hong Kong.

"Broad diversity in terms of more females, younger non-executives and non-government organization representatives should be sought to enhance better representation and hence transparency," said Richard Welford, chairman of business consultancy firm CSR Asia.

"More local-listed companies have learned to provide information to engage customers and other stakeholders. Their jobs are more than just issuing annual reports," CSR Asia Executive Director Erin Lyon said.

"Board diversity is not defined as whether there are more females in the board. It should be evaluated whether the board members can provide adequate business skills and expertise to support company performances," said Cimi Leung Nam, a risk assurance partner at PwC.

The CLSA also recommends for locally-listed firms to improve disclosure on large unexplained expenses, more communication among regulators, whistleblower protection for auditors, an independent audit regulator and introduce board evaluations to enhance CG standards in Hong Kong.

Meanwhile CSR Asia and independent environment, social and governance (ESG) reporting research firm Sustainalytics released a sustainability report in September, which also exposed Hong Kong's poor performances. It showed only six Hong Kong-listed companies are in the top 100 companies in Asia in satisfying ESG disclosure compliances, including mitigating the negative impacts of climate changes as well as promoting water conservation and human rights.

oswald@chinadailyhk.com

Better governance a win-win for firms

Whether improving CG (corporate governance) procedures and ESG (environment, social and governance) reporting will immediately uplift share prices is debatable, but instigating change would strengthen companies' fundamentals that will benefit them in the long haul.

"Better CG procedures will lead to better corporate fundamentals. When companies have higher CG scores, the check and balances instilled would enable companies to prioritize the cost of capital issue resulting in lower earnings or balance sheet risks," said Shaun Cochran, global head of thematic research at CLSA.

Founded in 1901 and listed in Hong Kong in 1998, CLP Holdings - a global utility conglomerate investing in a portfolio of infrastructure assets in Hong Kong and overseas - maintains a variety of communication channels to engage shareholders.

The company keeps shareholders in the loop by publishing reports and announcements, maintains its corporate website and organizes shareholder visits, investor meetings and analyst meetings.

"All these communication channels add value as effective shareholder communication builds loyalty and trust. Dialogue promotes and enhances accountability of the management and board of directors," CLP's Deputy Company Secretary Michael Ling said.

Hong Kong Institute of Chartered Secretaries recommends locally-listed corporations to develop an investor relations strategy within its corporate strategy, in order to identify and regularly review its shareholder base. Corporate senior management should also formulate and review policies of shareholder communication and shareholder engagement.

oswald chan

 HK-listed firms falling behind regional rivals in corporate governance stakes

A man jogs near the Sydney Harbour Bridge in Australia. A recent survey shows that Australia outperformed the 12 Asian economies surveyed, including Hong Kong and Singapore, in corporate-governance practices among listed companies. Brendon Thorne / Bloomberg

(HK Edition 10/07/2016 page5)

久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    成人丝袜视频网| 成人网在线免费视频| 26uuu久久天堂性欧美| 国产一区二区三区在线观看精品 | 欧美成人三级在线| 国产在线精品一区在线观看麻豆| 国产日韩精品视频一区| 成人性生交大合| 亚洲女性喷水在线观看一区| 欧美写真视频网站| 免费高清视频精品| 中文字幕av一区二区三区免费看| 一本色道久久加勒比精品| 日韩专区一卡二卡| 久久久久久久久久久久久女国产乱| 大尺度一区二区| 一区二区三区不卡视频| 日韩欧美一级二级三级| 国产不卡视频一区| 亚洲国产精品尤物yw在线观看| 日韩欧美成人激情| 成人sese在线| 天天综合天天综合色| 国产调教视频一区| 欧美在线观看视频一区二区三区| 麻豆一区二区三区| 亚洲欧洲精品成人久久奇米网| 欧美三级电影在线看| 国产精品一区二区无线| 亚洲免费观看视频| 欧美成人三级在线| 色综合久久久久综合| 麻豆精品蜜桃视频网站| 亚洲色图制服丝袜| 日韩精品一区二区三区四区视频| av电影在线观看完整版一区二区| 日韩电影在线免费| 中文字幕视频一区| 日韩欧美一二三| 一本一道综合狠狠老| 国产在线精品一区二区三区不卡| 自拍偷拍亚洲欧美日韩| 欧美tk—视频vk| 欧美在线视频不卡| 风流少妇一区二区| 欧美a级一区二区| 日韩一区在线免费观看| 欧美tickling网站挠脚心| 在线观看亚洲成人| 福利一区二区在线观看| 日本女优在线视频一区二区| 日韩一区中文字幕| 久久亚洲精精品中文字幕早川悠里 | 91视频一区二区三区| 久久不见久久见免费视频1 | 亚洲欧美日韩久久精品| 欧美精品一区男女天堂| 欧美日韩一二区| 成人午夜在线免费| 久久丁香综合五月国产三级网站 | 国产高清久久久| 日韩黄色片在线观看| 亚洲欧美偷拍卡通变态| 国产日产欧美精品一区二区三区| 91麻豆精品国产91久久久久久久久| 91在线视频官网| 国产激情一区二区三区桃花岛亚洲| 日韩av一级电影| 亚洲一区二区三区视频在线播放| 国产精品美女久久久久av爽李琼| 精品美女在线观看| 欧美一卡2卡3卡4卡| 欧美专区日韩专区| 色综合久久久久久久| 成人激情黄色小说| 国产高清精品网站| 国产一区高清在线| 美女视频黄久久| 偷拍日韩校园综合在线| 一区二区三区不卡在线观看| 最新高清无码专区| 国产精品久久久久久久久快鸭| 国产午夜精品一区二区| 亚洲精品在线免费播放| 日韩一级大片在线| 欧美疯狂性受xxxxx喷水图片| 91福利区一区二区三区| 91浏览器打开| 91麻豆国产在线观看| 99国产精品国产精品久久| 成人网男人的天堂| 成人黄色a**站在线观看| 国产久卡久卡久卡久卡视频精品| 精品一区二区三区av| 精品在线免费视频| 久久99精品久久久久久动态图| 男男成人高潮片免费网站| 日韩精品亚洲一区| 日本成人在线视频网站| 日韩av电影天堂| 日本色综合中文字幕| 毛片av中文字幕一区二区| 裸体健美xxxx欧美裸体表演| 日本伊人精品一区二区三区观看方式| 亚洲6080在线| 天天综合天天做天天综合| 青青草原综合久久大伊人精品 | 亚洲精品亚洲人成人网| 亚洲老妇xxxxxx| 一区二区三区在线免费观看| 亚洲欧美激情小说另类| 亚洲网友自拍偷拍| 三级欧美韩日大片在线看| 日韩制服丝袜先锋影音| 美女免费视频一区二区| 精品中文字幕一区二区| 久久99国产精品尤物| 国产高清精品网站| av影院午夜一区| 色婷婷综合久久久中文字幕| 欧美三级电影一区| 欧美一级片免费看| 久久久午夜精品| 中文字幕的久久| 有坂深雪av一区二区精品| 亚洲成人tv网| 久久er精品视频| 国产成人av福利| 91论坛在线播放| 欧美福利一区二区| 久久久精品国产免费观看同学| 国产精品美女久久久久久 | 免费高清在线视频一区·| 国产一区美女在线| 本田岬高潮一区二区三区| 欧美在线短视频| 91精品国产91综合久久蜜臀| 欧美精品一区二区在线观看| 中文字幕精品—区二区四季| 亚洲综合免费观看高清完整版| 日韩精品欧美精品| 国产寡妇亲子伦一区二区| 色综合天天性综合| 欧美一区二区在线不卡| 久久伊99综合婷婷久久伊| 亚洲同性gay激情无套| 视频在线观看一区| 国产成人亚洲综合a∨婷婷图片| 91片黄在线观看| 91精品国产综合久久精品app | 丝瓜av网站精品一区二区| 韩国v欧美v日本v亚洲v| 99re66热这里只有精品3直播| 欧美日韩国产123区| 久久人人爽爽爽人久久久| 亚洲免费色视频| 狠狠色综合播放一区二区| 99视频超级精品| 日韩欧美aaaaaa| 亚洲麻豆国产自偷在线| 久久99国内精品| 在线亚洲精品福利网址导航| xvideos.蜜桃一区二区| 一区二区三区四区乱视频| 国产综合色产在线精品| 色老综合老女人久久久| 日韩精品在线看片z| 亚洲精品美国一| 国产精品911| 色偷偷久久一区二区三区| 精品少妇一区二区三区免费观看| 17c精品麻豆一区二区免费| 奇米亚洲午夜久久精品| 91色九色蝌蚪| 国产亚洲精品久| 日本欧美一区二区三区| 色综合欧美在线视频区| 久久精品夜夜夜夜久久| 911国产精品| 91精品久久久久久久91蜜桃| 亚洲四区在线观看| 激情欧美一区二区| 欧美日韩一区二区三区四区 | 激情欧美日韩一区二区| 欧美三级中文字| 中文字幕精品一区二区精品绿巨人| 免费不卡在线视频| 在线欧美日韩精品| 国产精品免费视频网站| 亚洲欧美日韩在线不卡| 国产精品99久久久| 欧美一区二区久久久| 国产毛片精品国产一区二区三区| 国产一区二区导航在线播放| 欧美日韩国产在线播放网站| 亚洲欧美国产高清| 成人aaaa免费全部观看| 久久噜噜亚洲综合| 久久精品99国产精品日本| 欧美日韩免费电影|