Concluding Remarks by Dr Timothy TONG Hin-ming

The ICAC Commissioner Dr Timothy TONG in his Concluding Remarks recapitulated the keynote and expert panel speeches as follows.
 
  • Professor the Honourable K. C.CHAN, SBS, JP, in his opening statement pointed specifically to the importance of good corporate governance in maintaining Hong Kong's leading position as a financial market. Indeed, he noted, lapses in corporate governance had been one of the major causes of the recent failure of a number of financial institutions on Wall Street.

  • Vice Minister YAO in his keynote speech shared with us the measures taken by his country since its opening up in order to strengthen the framework of ethical governance in the financial sector, together with the insights that had been gleaned from the past and current financial crises.  In a vivid metaphor he pointed out that the legal system was the beating heart of the financial sector and integrity was its soul.

  • The Honourable John TSANG, JP, in his luncheon speech opined that corporate governance was a continuously evolving process.  While different markets needed different corporate governance frameworks to suit their unique characteristics, he said, one important thread ran through them all ˇV ethical governance.

  • The heads of the financial regulatory bodies in Hong Kong and the Mainland, Mr Paul CHOW, Mr Martin WHEATLEY, Mr Y. K. CHOI and Mr OUYANG Jiansheng, described both the current regulatory framework of their respective jurisdictions and further measures to be carried out.
Dr TONG also analysed that the root causes of corruption were greed, fraud and hesitation. So what we can do to address these causes amid the onslaught of the financial tsunami?

"I would like to encourage you all to make use of the free integrity training services of the ICAC to help your companies build an ethical corporate culture", Dr TONG said.

This is the handy reference recommended by Dr TONG to company directors and their professional advisors on how to manage their personal integrity and practise ethical leadership.