Gist of Presentation

Dr Moses CHENG Mo-chi, GBS, JP :
  • We can see from today's case study, as well as recent corporate scandals around the world, that the crux of the problem is not an insufficient regulatory framework, but the collapse of personal integrity. While we must plug the loopholes in the existing regulatory framework, it cannot guarantee that everyone will act honestly and adhere to a high ethical standard.

  • Good corporate governance does not mean merely implementing best practices, but establishing an ethical corporate culture. As Sir John Harvey-Jones said, "It is impossible to change organisations which do not accept the danger of their present way of doing things … organisations only change when the people in them change; and people only change when they accept in their hearts that changes must occur."

  • In other words, to entrench an ethical corporate culture, the management must take the lead through continuous training and promoting integrity in their company.

  • I hope that every one of us will practise what is emerged from our discussions today. Professionals here also need to adhere to high professional standards and help their corporate clients establish an ethical culture to foster better corporate and investment environment.