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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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COSCO Pacific Limited wins "Significant Improvement Award" of "2003 Best Corporate Governance Disclosure Awards"

Date:2003-11-11     Publish:本站

The Hong Kong Society of Accountants ("HKSA") announced the winners of "2003 Best Corporate Governance Disclosure Awards" on November 11, 2003. COSCO Pacific was very pleased win the "Significant Improvement Award" in the Hang Seng Index category. It was also our honour to be the first Chinese company receiving such a corporate governance disclosure award.

The findings of the Judging Panel regarding COSCO Pacific were as follows:

 

  1. COSCO Pacific demonstrated a firm commitment to improving its overall corporate governance, both in terms of disclosure and underlying practices. Its latest annual report is a reflection of this very positive development.
  2. Amongst the presentational and general structural areas in the report highlighted by the Judges were the introduction of a separate section on corporate governance; the addition of a mission statement and detailed strategic objectives, as well as a section on investor relations. The newly-added section on Frequently Asked Questions was considered to be useful in providing shareholders with insights on the strategic focus of the company. A statement on social responsibility was also added.
  3. At the more operational level, additional information has been provided in the current annual report on the role of the board and the functions of the group's chairman, the managing director, the financial controller and the company secretary. Good detail and clarity is provided in relation to directors' interests in competing businesses. Information on the number of board meetings and the average attendance rate for each meeting over the past three years is included for the first time. New board committees have been formed, including a Corporate Governance Committee and a Risk Management Committee. The company's risk management process in respect of container leasing is explained in a review of this element of the business. Generally, COSCO Pacific's latest annual report has an improved layout and presentation, which also reflects a significant improvement in the company's corporate governance culture.

 

The Awards were initiated by HKSA in 2000. The aim of it was twofold: firstly, to encourage improvements in standards of corporate governance in Hong Kong and, secondly, to encourage and recognize those outstanding companies so as to establish benchmarks against which companies could measure their own performance.

The Judges and Reviewers took an overall view of each entrant's corporate governance structures, practices and disclosures in their annual reports. The Significant Improvement Award was recommended to those company showing substantial improvements in 2002/2003 against its report in 2001/2002. Meanwhile, it also involved an assessment of the quality of presentation and disclosure of corporate governance information, with the emphasis on voluntary disclosures.