Welcome to the Centre for Corporate Governance
The objective of the Deloitte China Centre for Corporate Governance is to promote leading practices of corporate governance in both Mainland China and Hong Kong Special Administrative Region. It highlights the leading practices in the regions and includes a diverse collection of governance resources and thought leadership from Deloitte and from third-party sources. Learn More
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Deloitte Announces Results of the 2011 Deloitte China Risk Intelligence Recognition Awards
On March 1st, 2012, Deloitte Enterprise Risk Services announced the results of the 2011 Deloitte China Risk Intelligence Recognition Awards in Shanghai. The 2011 China Risk Intelligence Recognition Awards Ceremony was held at Peninsula Shanghai. In 2011, 25 enterprises from different industries have been awarded for their outstanding risk management practice.
Co-organized by Deloitte China and School of Economics and Management at Tsinghua University, the Deloitte China Risk Intelligence Recognition Awards is open to all Chinese Mainland enterprises. The award program aims to provide a platform for high-level exchange of risk management experiences and to encourage continued improvement of risk management among Chinese enterprises. The judging panel is comprised of experts with in-depth knowledge in risk management theory and extensive experience in risk management practice. Participating companies are rated with reference to the Risk Intelligence Maturity Model, a diagnostic tool which adopts nine principles defined by Deloitte in three major areas: risk governance, risk infrastructure and oversight, and risk ownership.
At the ceremony, Deloitte also released the "Chinese Enterprise Risk Management White Paper" ("White Paper"), which is based on the findings of the survey conducted during January and February 2012 about the risk management of Chinese enterprises. The White Paper stated that outstanding Chinese enterprises had already started to combine risk management with corporate governance. The comprehensive integration, taken in both the governance and strategic levels, has somewhat helped strengthen their standard of risk management. The White Paper discussed certain key issues faced by Chinese enterprises, including governance structure, risk framework, risk management accountability and some specific risk management practices. The survey covered enterprises across different ownership structures and industries.
James Chen, Managing Partner - Deloitte National Clients & Markets & China Northern Region, and Danny Lau, Leading Partner of Deloitte ERS Greater China, were present at the ceremony and delivered important address.
Please click here for more details about the award.
Sustainability Risks and Opportunities Report by Wilbury Stratton
Wilbury Stratton, the leading international executive search firm specialising in Corporate Sustainability, has issued a report in January 2012 to explain how today’s sustainability risks and opportunities should affect corporate decisions. It aims to help Board Directors and senior managers involved in implementing sustainability strategy to better anticipate the organisational enhancements needed to achieve positive business results. The report identifies organizational best practices which follow the launch of a Board-backed sustainability strategy.
Please click here for the complete report.
Issue 2 of Deloitte Quarterly Series of Book "Deloitte Enterprise Risk"
The 2nd issue of "Deloitte Enterprise Risk" – the quarterly series of book, compiled by Deloitte's Enterprise Risk Service ("ERS"), is officially published in Dec 2011. The theme of Issue Two is "Corporate Internal Control Self-assessment". The major content includes internal control self-assessment practice, internal audit quality assessment service etc.
Here is the link for "Deloitte Enterprise Risk (Issue 2)" in Simplified Chinese.
Issue 1 of Deloitte Quarterly Series of Book "Deloitte Enterprise Risk"
The 1st issue of "Deloitte Enterprise Risk" – the quarterly series of book, compiled by Deloitte's Enterprise Risk Service ("ERS"), is officially published in July 2011. The book, previously known as the quarterly magazine "ERS Risk" which has been published for 3 issues, will be turned into "Series of Book" since this issue and is published by Shanghai Jiao Tong University Press. This is the first issue.
The theme of Issue One is "Corporate Governance – Development Trend and Insight". Diversified topics regarding corporate governance are discussed. The major content includes 2010 corporate governance survey conducted by Deloitte, the governance structure of private enterprises etc.
Here is the link for "Deloitte Enterprise Risk (Issue 1)" in Simplified Chinese.
Issue 3 of Deloitte ERS Quarterly Magazine-Enterprise Risk
Issue 3 of "Enterprise Risk" – the quarterly magazine compiled by Deloitte's Enterprise Risk Service, is officially published in March 2011. With the extensive application of information technology, industries have been increasingly concerned about the risks in the field of information technology and take positive measures in response. Therefore, this issue takes "information technology risk" as the theme, focusing on how to manage and cope with risks associated with information technology.Here is the link for "Enterprise Risk (Issue 3)" in Simplified Chinese and "Enterprise Risk (Issue 3)" in Traditional Chinese.
Enterprise Risk – Issue 2
Issue 2 of "Enterprise Risk" – the quarterly magazine compiled by Enterprise Risk Services, is officially published in November 2010. Starting from this issue, the ERS team in Taiwan has joined the teams in Beijing, Hong Kong, Shanghai and Shenzhen to contribute articles as well as to participate in the risk management survey.
The theme of issue 2 is "Risk Management".
Here are the links for "Enterprise Risk (Issue 2)" in Simplified Chinese and "Enterprise Risk (Issue 2)" in Traditional Chinese.
Enterprise Risk Services debuts quarterly magazine
Published in July 2010 by Enterprise Risk Services, quarterly magazine "Enterprise Risk" brings together Deloitte ERS's leading knowledge, experience and distinctive insights through years of professional services in the area of enterprise risk, focusing on helping companies understand and exchange risk related topics and setting forth Deloitte's professional opinions.
The featured topic in Issue One is "China's internal control reporting system officially launched".
Here are the links for "Enterprise Risk" in Simplied Chinese and "Enterprise Risk" in Traditional Chinese.
Mainland China
The analysis report of the status of corporate governance of the private enterprises listing on Small&Medium Enterprise Board
To understand the status of corporate governance of private enterprises listing on the Small&Medium Enterprise Board, and further improve the level of corporate governance of these private enterprises, Shenzhen Stock Exchange (SZSE) issued " The analysis report of the status of corporate governance of the private enterprises listing on Small&Medium Enterprise Board" on July 7th 2010.
Please click here to obtain the article (in Chinese only).
Study on the mechanism of Chinese listed company internal control assessment
Internal control index study team from Xiamen University has published an article "China listing company's internal control index 2009: Frame, Analysis, Evaluation." in Shanghai Security. The article analyzed the meaning of one set of applicable internal control evaluation system, existing internal control evaluation methods and system establishment.
Please click here to obtain the article (in Chinese only).
Report on disclosure practices of Chinese companies
The Annual Corporate Governance Report of information disclosure of listed companies was published by the Shanghai Stock Exchange Research Centre in 2008. According to the report, the quality of disclosure of listed companies has yet to reach its maturity and further promotion of transparency for China's capital market and its system of information disclosure is required. Download the 2008 China Corporate Governance Report via this link (in Chinese only).
Hong Kong SAR
The HKSAR Financial Services and the Treasury Bureau: Press Release on Appointments to Standing Committee on Company Law Reform
The Financial Secretary, Mr John C Tsang, has re-appointed seven non-official members to the Standing Committee on Company Law Reform (SCCLR) on January 27th, 2012. The SCCLR was set up in 1984 to advise the Financial Secretary on amendments to the Companies Ordinance and the Securities and Futures Ordinance on matters relating to corporate governance and shareholders' protection, as and when necessary. With the professional background and expertise of its members, the SCCLR has been providing valuable advice on company law reform to the Government to enhance Hong Kong's status as an international business and financial centre. Find a link to this press release here.
Hong Kong Exchanges and Clearing Limited ("HKEX"): Consultation Paper on Environmental, Social and Governance Reporting Guide
HKEX has released a consultation paper on review of the code on Environmental, Social and Governance Reporting Guide in December 2011. This consultation paper seeks views and comments on the proposed Environmental, Social and Governance Reporting Guide (the “ESG Guide”) for issuers listed in Hong Kong. Responses received will be carefully considered and analysed for the development of the ESG Guide. Find a link to this consultation paper here.
Hong Kong Institute of Certified Public Accountants ("HKICPA"): Best Corporate Governance Disclosure Awards 2011
The HKICPAs' 2011 Best Corporate Governance Disclosure Awards was successfully concluded with the presentation ceremony held at a luncheon on 24 November 2011. Professor K.C. Chan, the secretary for financial services and the treasury, was invited as the guest of honour to address the audience and present the awards to the winning companies. In his address, Prof. Chan emphasized the importance of good governance standards to Hong Kong's continuing success as an international financial centre. Click here for more details including the list of winning companies this year and the Judges' Report.
Assessing corporate governance in Asia
Hong Kong Exchange disclosure study
The Hong Kong Stock Exchange recently conducted an analysis of corporate governance disclosures made by 1,213 listed issuers in their 2007 annual reports. The analysis considered whether listed companies had complied with the provisions of the Hong Kong Code of Corporate Governance. Find a link to this study here.
Consultation paper on the Companies Ordinance
This paper is published by the Financial Services and the Treasury Bureau (FSTB) as part of the Companies Ordinance rewrite exercise to update and modernize the Ordinance. The Bureau has decided to consult the public on changes to roughly half of the draft clauses of the Companies Bill. A number of corporate governance issues are expored in Chapter 2 of this Consultation paper; the rewrite aims to strengthen corporate governance, taking into account the interests of stakeholders such as members, directors, creditors and auditors.Download the consultation paper here.
Dig Deeper
Mainland China
China Association of Listed Companies
China is expected to take another step toward global corporate governance standards with the launch of the China Association of Listed Companies in February 2012. The non-profit creation of the China Securities Regulatory Commission ("CSRC"), will start with 200 of the country’s largest listed issuers and promote good governance and director training. In January 2012, the CSRC also created an investor protection bureau to draft laws for domestic investors and help establish an education and service system for them. The new groups will advance implementation of China’s corporate governance rules which—at least on paper—already largely accord with the OECD’s Principles of Corporate Governance.
Please click here and here for the speech addressed by CSRC Chairman for the establishment of the China Association of Listed Companies and recent activities of investor protection bureau (in Chinese only).
The 10th China Corporate Governance Forum held in Shanghai
To celebrate the 21st anniversary of the establishment of Shanghai Stock Exchange ("SSE"), SSE, as the host, organized "the 10th China Corporate Governance Forum" on December 19, 2011 in Shanghai, which was jointly supported by the State-owned Assets Supervision and Administration Commission of the State Council ("SASAC") and the Organization for Economic Co-operation and Development ("OECD"). Three special awards were issued in the forum, and they were "2011 Board of Directors Award", "2011 Information Disclosure Award" and the "Typical Case of M&A Award”.
Over 250 representatives from the China Securities Regulatory Commission ("CSRC"), SASAC, listed companies, institutional investors and intermediaries attended the forum. They had in-depth discussions under the themes of "Overall listing with related party transactions, horizontal competition" and "Narrative disclosure and corporate transparency".
Find a link to the detailed report (in Chinese only) here.
<2011 Deloitte Chinese Enterprise Internal Control Report>
In order to further understand and study the status of Chinese listed companies' internal control construction and evaluation, to meet the regulatory requirements, Deloitte launched the " Internal Control Survey of Chinese listed companies" in 2011. The survey shows the following three points, 1) The effectiveness of internal control is gradually emerging; 2) Internal audit in the role of monitoring and evaluating of internal control should be strengthened; 3)The cost-effectiveness of internal control implementation is different. Meanwhile, the survey also revealed problems that listed companies experienced in the process of internal control system building and evaluation, for example, insufficient attention of top management, lacking of professionals, insufficient information system support, etc.
Click here to download the report.
<2011 CG Assessment Report on the Top 100 Chinese Listed Companies>
Protiviti Consulting, together with CASS Institute of World Economy & Politics Center for Corporate Governance, co-released the result of their cooperation of the 7th -<2011 CG Assessment Report on the Top 100 Chinese Listed Companies>. The report shows that China Top 100 listed companies further enhanced the average level of corporate governance. Meanwhile, the overall performance of financial enterprises is superior to that of non-financials, and the state-owned companies are still lagged behind.
Click here to download the report.
Director's Alert: 11 Issues for 2011 Ever-increasing demands
Director's alert is a publication issued by Deloitte's Global Center for Corporate Governance, bringing together the knowledge and experience of Deloitte member firms around the world. "11 Issues for 2011" is the alert the Center issued for Year 2011. In this publication, Governance specialists from Deloitte member firms (“Deloitte”) around the globe—Asia, the Middle East, Europe, and the Americas—have provided local and international insights to create articles that discuss 11 boardroom priorities within the context of today’s challenging business environment.
There is no single right way to address any of these issues—the right approach will depend on each board and organization, its culture, and its particular circumstances. Instead of providing answers, the purpose of this document is to promote discussion, to assist boards begin tackling the challenges and seizing the opportunities ahead.
Please click here to download the publication.
2010 internal control survey report conducted by Deloitte
Deloitte conducted a new survey of internal control implementation of listing companies in May 2010 based on the survey results of year 2007, 2008 and 2009, after the issuance of the internal control guidelines jointly by MOF, CSRC, NAO, CBRC and CIRC, in order to understand and study the current status of the internal control system development and assessment of the listing companies in China more deeply during the post-crisis times. According to the survey results, there has been positive development in building-up the internal control system and conducting assessment, transferring the internal controls from the paper into practice, and achieving the expectation of the management for the internal control results in the listing companies. However, there will still be a long way to achieve the perfection of the internal control mechanism in the companies.
Please click here to obtain the article (in Chinese only).
CBRC issued "Remuneration Monitoring Guidelines for Commercial Banks"
CBRC issued "Remuneration Monitoring Guidelines for Commercial Banks" in Feb.2010. The guideline aims at the effect of the remuneration in corporate governance and risk management of commercial banks, in the effective and healthy establishment of the corporate governance mechanism, in the successive development of the banking industry. The guideline emphasizes that the regulatory departments should bring the remuneration management into corporate governance monitoring as one important part.
Please click here for the guideline (in Chinese only).
Long road ahead: Deloitte China survey shows room for improvement in Chinese governance practices
Deloitte China conducted a survey of over 100 corporate secretaries of Chinese listed companies in February and March, 2010. Some of the findings are surprising, including what companies consider their largest governance risks and also what companies think of executive remuneration in China. Click here to download the complete report in English.
CFA China corporate governance survey
China's rapid economic development has seized the attention of the international capital markets. To better understand corporate governance in Mainland China as well as to address underlying issues, The CFA Institute Centre for Financial Market Integrity conducted a survey in the autumn of 2006 on China's corporate governance practices. Find a link to this survey here.
Hong Kong SAR
The Hong Kong Institute of Directors ("HKIoD"): The 21st Century Director: "Say over Pay": A Theme for Today or Here to Stay?
In recent years, shareholders have expressed growing concern about the size of the remuneration packages for their company’s senior management. This corporate governance related article probed into the matter and the writer shared his views with reference to the corporate governance guidelines and his observation to the global as well as the Hong Kong markets. Find a link to this publication here.
Corporate governance for public authorities
The Hong Kong Institute of Certified Public Accountants (HKICPA) has issued extensive guidance on corporate governance for public sector organizations. One of the few reports of its kind anywhere, this report outlines a basic framework of corporate governance principles and recommends best practices for such organizations to adopt, as appropriate. Find a link to the report here.
Guide on code of conduct
The Hong Kong Institute of Certified Public Accountants (HKICPA) has produced a guide designed to assist professional accountants, and the organizations in which they work, to develop a code of conduct of their own or to improve an existing code. Download the guide here.
Small and medium enterprises (SME) governance toolkit
This toolkit was published by the Hong Kong Institute of Directors (HKIoD) to help SMEs implement strong corporate governance practices. Deloitte Hong Kong professionals helped to write this toolkit and among its topics are best practices for boards of directors, internal controls, risk management, and performance indicators. Download the toolkit here.
Hot Topics
Mainland China
Reform Priorities in Asia: Taking Corporate Governance to a Higher Level
In the 2011 OECD-Asian roundtable on Corporate Governance which was held in Bali last October, participants endorsed the white paper on “Reform Priorities in Asia: Taking Corporate Governance to a Higher Level”. This consensus report defines corporate governance reform priorities in Asia and makes recommendations that reflect the specific conditions and needs within the region. It includes an overview of corporate governance frameworks in 13 Asian economies.
Please find the full white paper here.
2010OECD-Asia Corporate Governance Roundtable
2010OECD-Asia Corporate Governance Roundtable was co-hosted by CSRC, Shanghai Stock Exchange and Shenzhen Stock Exchange. During the roundtable, the participants discussed the new round of White Paper for Asia Corporate Governance, mainly for the new challenges of Asia Corporate Governance environment. CSRC director of listed company supervision, Yang Hua delivered a speech entitled "China's Corporate Governance Process and Future Prospects". The report described the significant progress China's Corporate Governance has achieved and the future prospects it is facing. He also introduced the book "Development Report of Chinese Listed Companies' Corporate Governance", which is the newest result of "Corporate Governance Assessment Project" of CSRC and OECD-China. The book explained Corporate Governance in China mainly through the following points: shareholder's rights, equal treatment of shareholders, information disclosure, responsibility and oversight of board of directors and supervisors, stakeholders and corporate social responsibility. The most unique part of this book is to analyze the related systems and practices of Chinese corporate governance according to "OECD Principles of Corporate Governance" 's corresponding provisions, which has significant meaning for deepening the partnership between CSRC and international organizations, encouraging Chinese enterprises to the world as well as national enterprises to invest in China.
Click here to download the report.
Re-appraisal result for SSE Corporate Governance Board announced. Sample stocks adjusted accordingly.
After deliberation of SSE Corporate Governance ("CG") Expert Consulting Committee, SSE and China Security Index Co., Ltd. announced the adjustment of the name list of SSE Corporate Governance Board. Samples stocks for SSE CG Index, SSE CG 180 Index and SSE Social Responsibility Index were adjusted accordingly. This adjustment took effective from July 1st, 2011. After that, the total number of sample stocks for SSE CG Index increased from 242 to 266. 12 professional organizations participated in the appraisal for SEE CG Board.
Please click here to obtain the article (in Chinese only).
Deloitte announces results of inaugural China Risk Intelligence Recognition Awards
18 January 2011, Deloitte announced the results of the inaugural China Risk Intelligence Recognition Awards and published the Chinese Enterprise Risk Management White Paper (“White Paper”). Organized by Deloitte China and School of Economics and Management at Tsinghua University, the award program aims to provide a platform for high-level exchanges of risk management experiences and encourage continued improvement of risk management among Chinese enterprises. According to the White Paper, conscientious efforts are still required for Chinese enterprises to improve risk management. A total of 25 enterprises out of the more than 120 participating companies were selected for the awards, covering a wide range of industries, including petroleum, telecommunications, energy, chemicals and education. Four winners - China Power Investment Corporation, China National Offshore Oil Co Ltd, China National Materials Group Co Ltd and Guangzhou Metro Corporation - share their experiences in risk management through the White Paper. Click find the link to the "White Paper" (in Chinese only) here.
SZSE issued "Regulated operation guidelines of listing companies on Main Board" and "Regulated operation guidelines of listing companies on Small & Medium Enterprise Board"
To regulate the organization and behavior of the listing companies on Main Board and Small&Medium Enterprise Board, improve regulated operation of the listing companies,and protect legitimate rights and interests of the listing companies and the investors, Shenzhou Stock Exchange (SZSE) issued "Regulated operation guidelines of listing companies on Main Board" and "Regulated operation guidelines of listing companies on Small & Medium Enterprise Board" on July 28th 2010, which has taken effect from Sep 1, 2010.
Please click here for the guidelines (in Chinese only).
CIRC issued "Basic Guidelines for the Internal Control of Insurance Companies"
The China Insurance Regulatory Commission (CIRC) issued basic guidelines for the internal control of insurance companies on August 10th 2010 in Beijing, which introduces comprehensive monitoring of insurance capital operations. The CIRC is urging insurance companies to organize and implement internal control measures on insurance capital operations, including assets allocation, assets and liabilities matching, investment decision making, investment transaction management, and assets custody.Under the new guidelines, the CIRC will work out specific implementation measures for insurers' operation.
Please click here for the guideline (in Chinese only).
CBRC issued "Country-Differentiated Risk Management Guidelines for Banks and Financial Institutions"
CBRC issued "Country-Differentiated Risk Management Guidelines for Banks and Financial Institutions" in June 2010. The guideline aims at the improvement of the country-differentiated risk management capability of banks and financial institutions, reinforcement of the monitoring of the country-differentiated risks, and assurance of the safe and solid operation of the banking industry of China.
Please click here for the guideline (in Chinese only).
MOF gave an interpretation to internal control implementation guidelines
After the issuance of three internal control guidelines jointly by MOF, CSRC, NAO, CBRC and CIRC on April 26th, 2010, Yu ting Liu, Accounting Department Chief from MOF, gave an explanation on how to understand and get the gist of these guidelines. This explanation provided a relatively complete interpretation of the three guidelines. Meanwhile, he pointed out that the enterprises should focus and emphasize on the preparation work before the implementation of the internal control systems. It is also important to establish an effective internal and external evaluation system by enterprises, CPAs and regulatory departments.
Please click here to obtain the full text of the interpretation (in Chinese only).
Guidelines for enterprise internal control officially released
On April 26 2010, MOF, CSRC, NAO, CBRC and CIRC jointly issued three internal control guidelines, "Application Guidelines for Enterprise Internal Control" (including 18 guidelines), "Assessment Guidelines for Enterprise Internal Control" and "Auditing Guidelines for Enterprise Internal Control" (referred to as "Guidelines"). The Guidelines, together with the Basic Standards for Enterprise Internal Control jointly issued by the aforementioned five organizations on June 28 2008, constitute the framework for the development, assessment and auditing of internal control. According to the requirement, the guidelines will be applied to companies which are listed on domestic and foreign stock exchanges from January 1, 2011 and will be applied to the listed companies on the main board of both the Shanghai and Shenzhen Stock Exchanges from January 1, 2012. The companies subject to the Guidelines should perform a self-assessment of the effectiveness of internal controls, disclose annual control self-assessment reports and retain an accounting firm to audit and issue an audit report on the effectiveness of internal control over financial reporting. Please click here to download the notice and the full text of the Guidelines (in Chinese only).
Hong Kong SAR
The Hong Kong Institute of Directors ("HKIoD"): Nomination of the Directors of the Year Awards 2012
The Directors of the Year Awards 2012, organized by the HKIoD, is now open for nominations from the public. The objectives of the Awards are to recognise outstanding boards and directors; to publicise the significance of good corporate governance; and to promote good corporate governance and director professionalism. The theme for this year is 'Enhancing Board Competence through Continuing Professional Development for Directors'. Closing of nomination period is by 5:00 p.m., Tuesday 31 July 2012. Click here for the nomination form and for more details.
Hong Kong Exchanges and Clearing Limited ("HKEX"): Consultation Conclusions on Review of the Corporate Governance Code and Associated Listing Rules
On 18 December 2010, HKEX started a consultation on the review of the Code on Corporate Governance and associated listing rules. The consultation period ended in March 2011. On 28 October 2011, the consultation conclusions were announced. The earliest listing rule amendment will be effective from January 2012. For detail, please find a link to this publication here.
Hong Kong Institute of Certified Public Accountants ("HKICPA"): A Plus - The Road to Convergence
Fitch Ratings admitted in July that its ratings for Chinese companies included an inherent discount for, among other things, the low quality of information in their accounts. This admission highlighted the broader implications of China’s progress towards the adoption of International Financial Reporting Standards. Find a link to this publication here.
The Hong Kong Institute of Directors ("HKIOD"): The 21st Century Director: Going Green
HKIOD conducted a luncheon and invited the Hon. Edward Yau, the Secretary for the Environment to give a speech about going green and corporate governance.
Find a link to this publication here.
The Stock Exchange of Hong Kong Limited ("HKEX"): Consultation Paper on Review of the Code on Corporate Governance Practices and Associated Listing Rules
HKEX has released a consultation paper on review of the code on corporate governance practices and associated listing rules in December 2010. This consultation paper seeks comments on the proposed amendments to the Code, Rules, and the Corporate Governance Report. Revisions reflecting comments will be incorporated into the draft amendments of the Rules and the Code. Find a link to this consultation paper here.
The Hong Kong Institute of Directors ("HKIOD"): The 21st Century Director: Corporate Governance as a Competitive Advantage
HKIOD conducted a luncheon and invited Paul Chow, the former Chief Executive of the Hong Kong Exchanges and Clearing Ltd., to give a speech about the corporate governance landscape in Hong Kong. Paul Chow pointed out the difference between rules-based and principles based approaches to corporate governance, examined the essence of corporate governance, the lessons learned from the global financial crisis and how corporate governance can give all stakeholders a competitive advantage.
Find a link to this publication here.
The Stock Exchange of Hong Kong Limited ("HKEX"): Analysis of Corporate Governance Practices Disclosure in 2009 Annual Reports
HKEX has published a report on the findings of its fourth review of listed issuers' corporate governance practices in September 2010. The 2009 review analysed corporate governance disclosures made by 132 issuers in their 2009 annual reports. It includes the analysis of the compliance with Code Provisions and Recommended Best Practices set forth in the Code of Corporate Governance Practices. Find a link to this report here.
Organization for Economic Co-Operation and Development ("OECD"): OECD Guidelines on Corporate Governance of State-Owned Enterprises
OECD issued the OECD Guidelines on Corporate Governance of State-Owned Enterprises in August 2010, which gives concrete advice to countries on how to manage more effectively their responsibilities as company owners, thus helping to make state-owned enterprises more competitive, efficient and transparent.
Find a link to this guideline here.
Guide to corporate governance for subvented organizations
The Efficiency Unit has recently published a guide for subvented organisations, which sets out corporate governance principles and best practices for this sector. Deloitte Hong Kong was invited as one of the content contributors of this guide.
2010 OECD corporate responsibility roundtable
The 2010 OECD Corporate Responsibility Roundtable launched an update of the Guidelines for Multinational Enterprises with discussions focusing on supply chains, human rights and environment and climate change.
Find a link to this publication here.
Compliance Checklist for Hong Kong's Revised Code of Corporate Governance
In November 2004 the Hong Kong Stock Exchange issued an amended set of Listing Rules addressing corporate governance practices and reporting requirements. The aim of this checklist is to provide a synopsis of the amended Listing Rules. It has been extracted directly from the revised Code on Corporate Governance Practices and the Rules on the Corporate Governance Report, and has been designed to facilitate discussion among management to determine the degree of compliance with the new listing requirements. Download the report here.
Perspectives on enterprise risk management in Hong Kong – a benchmarking survey
Deloitte Hong Kong's Enterprise Risk Services, with the support of The Hong Kong Institute of Directors, launched an Enterprise Risk Management (ERM) benchmarking survey in 2009 to capture and report information on ERM relating to a cross-section of organisations and industries in Hong Kong. Organisations were invited to participate in the survey by submitting online responses through Deloitte's website or by mail. A total of 111 responses were received, representing a wide range of business sectors, including manufacturing, technology and real estate, and covering both listed and private companies. The survey provides a snapshot of current perceptions and practices relating to ERM in Hong Kong. Deloitte aspires to utilise the feedback from the survey to provide local organisations with insights into prevailing ERM practices in Hong Kong, as well as internationally, and guidance on the direction Hong Kong organisations should take in order to improve their ERM practices. Click here to download a summary report.