HONG KONG STILL LAGS BEHIND IN SOME AREAS OF CORPORATE GOVERNANCE

On 21 May, the South China Morning Post said that a new report by the Asian Corporate Governance Association (ACGA) says that Hong Kong needs to make further corporate governance improvements as the city and other financial centres in Asia continue to lag behind on some governance best practices.  It continues to lag behind on whistle-blowing and anti-corruption enforcement.  Hong Kong’s corporate sector has shown “limited willingness” to adapt to high governance standards, the report found.  It cited the lack of lead independent directors among companies in the city, as well as the need to set a higher bar for board diversity, the independence of boards and the quality of governance reporting.  Public perception is that corruption is getting worse in Hong Kong, as well as Australia and Singapore, the report found.

https://www.scmp.com/business/banking-finance/article/3134208/hong-kong-still-lags-behind-some-areas-corporate

The report is at –

https://www.acga-asia.org/files.php?aid=425&id=1240

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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