How To Add Value to Hong Kong's Competitive Edge?

Extracts of the Welcoming Remarks by Mr Timothy TONG Hin-ming, Commissioner, ICAC, HKSAR

 
Hong Kong's market is biggest in Asia and, globally, second only to London in terms of initial public offers. It is therefore important for Hong Kong to maintain a level-playing field for business to prosper.
 
Yet, like any other financial center, Hong Kong is not corruption-free. In the first eight months of 2007, 183 persons in the business sectors were prosecuted for corruption and related offences. 127 of them were senior executives, company directors, high-level professionals or consultants. During this period, a total of 11 persons working in or associated with 3 listed companies were convicted. The sentencing was hefty, ranging from 23 months to 10 years custodial. The money involved exceeded 1 billion dollars. Although these figures seem to represent only very tiny percentages of the large number of companies and directors operating in Hong Kong, there is no room for tolerance. An analysis of these cases shows that, often, the root of the problem is in the lack of personal governance of one or two corporate leaders.
 
Riding on Hong Kong's advantage of having a clean business community and civil service, including corporate leaders, the financial market of Hong Kong will not suffer just because there are a few corrupt persons.
 
The 2007 Director's Forum aims to achieve :
 
 

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At the personal level, that participating corporate directors will be well equipped with knowledge of the best practices to meet ethical challenges as they run their own companies;

 
•  At the corporate level, that enhanced ethical governance will result in greater productivity of the corporation itself; and
 
•  At the community level, acceptance of ethics as the core value of leadership will ensure that Hong Kong remain always fair, just, stable and prosperous.
   
These will ultimately add value to Hong Kong's competitive edge.
 
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