The Hong Kong Institute of Directors (HKIOD) announced Thursday the opening of nominations for Directors of the Year Awards 2003 -- an award that encourages Hong Kong's enterprises to exercise good corporate governance.
Speaking at a news conference Thursday, Moses Cheng, chairman of the HKIOD remarked, "Good corporate governance is in global focus and is vital to the future development of any of the listed companies, private and public organizations, as well as the global economy."
The 2001 Awards were a pioneer of their kinds in both Hong Kong and Asia, as they were well received by the local and Hong Kong based international business community, and they also gave recognition to excellent directors and boards of directors for their outstanding corporate governance practices that set a benchmark for directors' performances in the future, Cheng said.
He explained that in order for companies to be judged to be practicing good corporate governance, such criteria as ethics, integrity, transparency and a high level of disclosures will be looked at.
Nominations period starts Thursday and will close on June 30, and public nominations are also welcome and forms are available from the HKIOD.
The screening and selection process will take place from July to September, and the announcement of winners and presentation ceremony will take place on Oct. 29 at the annual dinner of the HKIOD.
(Xinhua News Agency April 25, 2003)
