HKIoD Corporate Governance Scorecard Project
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- Barbra Moody
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1 HKIoD Corporate Governance Scorecard Project Organized by: Sponsored by : Corporate Governance Development Foundation Executed by : CityU's research team led by Prof Stephen Cheung, Professor (Chair) of Finance 1
2 Research Committee Coordinator Prof. Stephen Y L Cheung (City University of Hong Kong) Members Dr. J. Thomas Connelly (Chulalongkorn University) Dr. Piman Limpaphayom (Chulalongkorn University) Ms. Ping Jiang (City University of Hong Kong) Research Assistants Mr. Andy Lau (City University of Hong Kong) Mr. Chung Cheong Wing (City University of Hong Kong) Mr. Ho Ka Ho (City University of Hong Kong) Ms. Jan Chan (City University of Hong Kong) Ms. Louise Zhang (City University of Hong Kong) Mr. Patrick Tsang (City University of Hong Kong) 2
3 Research Methodologies I Survey results based on publicly available information HSI, HSHKCI, HSCCI, and HSCEI constituent stocks Based on information disclosed in major companies are covered 3
4 Surveyed Companies I (as at 12/2005) Air china (753) CHALCO (2600) China Power (2380) CITIC Resources (1205) Allied Group (373) Chen Hsong Hldgs (57) China Res Land (1109) CKI Hldgs (1038) Angang Newsteel (347) Cheung Kong (1) China Res Logic (1193) CLP Hldgs (2) Anhui Conch (914) China COSCO (1919) China Res Power (836) CNAC (1110) ASM Pacific (522) China East Air (670) China Resources (291) CNOOC (883) Bank of E Asia (23) China EB Ltd (165) China Shenhua (1088) CNPC (Hong Kong) (135) Bankcomm (3328) China Insurance (966) China Ship Dev(1138) COFCO Int l (506) Beijing Airport (694) China Life (2628) China South Air (1055) COSCO Pacific (1199) Beijing Ent (392) China Mer Hldgs (144) China Telecom (728) CR Peoplesphone (331) BOC Hong Kong (2388) China Mobile (941) China Travel (308) CSCL (2866) Brilliance Ent (1114) China Netcom (906) China Unicom (762) Dan sing (440) BYD Co (1211) China Oilfield (2883) Chinese Est H (127) Dan Sing Banking (2356) Café de Coral H (341) China Oversea (688) CIFH (183) Datang Power (991) Cathay Pac Air (293) China Pharma (1093) CITIC Pacific (267) Denway Motors (203) 4
5 Surveyed Companies II (as at 12/2005) Dynasty Wines (828) GZI Transport (1052) Huadian Power (1071) K. Wah Int'l (173) Esprit Holdings (330) HAECO (44) Huaneng Power (902) Kerry Ppt (683) FE Consort Int l (35) Hang Lung Group (10) Hutch Harb Ring (715) Kingway Brew (124) FIH (2038) Hang Lung Ppt (101) Hutch Telecom (2332) Kowloon Dev (34) First Pacific (142) Hang Seng Bank (11) Hutchison (13) LCH Bank (1111) Fong's Ind (641) Henderson Inv (97) Hysan Dev (14) Lenovo Group (992) Fountain Set (420) Henderson Land (12) i-cable Comm (1097) Li & Fung (494) Fubon BK (HK) (636) HK & China Gas (3) ICBC (Asia) (349) Lifestyle Int l (1212) Giordano Int'l (709) HK&S Hotels (45) IDT Int'l (167) Liu Chong Hing (194) Glorious Sun (393) HK Electric (6) JCG Holdings (626) Luen Thai (311) Great Eagle H (41) HK Ferry (Hldgs) (50) Jiangsu Express (177) Maanshan Iron (323) Guangdong Inv (270) HKEx (388) Jiangxi Copper (358) Melco Int l Dev (200) Guangshen Rail (525) HKR Int'l (480) Johnson Elec H (179) Miramar Hotel (71) Guangzhou Inv (123) Hopewell Hold (54) K M Bus Hold (62) MTR Corporation (66) Guoco Group (53) HSBC Holdings (5) K Wah Cons (27) New World Dev (17) 5
6 Surveyed Companies III (as at 12/2005) Next Media (282) Shanghai Ind H (363) Solomon Systech (2878) Vitasoy Int'l (345) NWS Hldgs (659) Shanghai Pechem (338) Swire Pacific A (19) Vtech Holdings (303) OOIL (316) Shangri-la Asia (69) Swire Pacific B (87) Weiqiao Textile (2698) Oriental Press (18) Shenzhen Express (548) TCL Int'l Hold (1070) Wharf Holdings (4) Pac Century Ins (65) Shenzhen Int'l (152) Techtronic Ind (669) Wheelock (20) Pacific Basic (2343) Shenzhen Invest (604) Texwinca Hold (321) Wheelock Prop (49) PCCW (8) SHK Ppt (16) Tianjin Dev (882) Wing Hang Bank (302) PCPD (432) Shui On Cons (983) Titan Petrochem (1192) Wing Lung Bank (96) PetroChina (857) Shun Tak Hold (242) TPV Technology (903) Yanzhou Coal (1171) PICC P&C (2328) Singamas Cont (716) Travelsky Tech (696) Yizheng Chem (1033) Ping An (2318) Sino Hotel (1221) Truly Int'l (732) Yue Yuen Ind (551) Regal Int l (78) Sino Land (83) Tsingtao Brew (168) Zhejiang Express (576) SaSa Int'l (178) Sinopec Corp (386) TVB (511) Zijin Mining (2899) SCMP Group (583) Sinotrans (598) Varitronix Intl (710) SH Electric (2727) Smartone Tele (315) Vedan Int l (2317) 6
7 Objectives of Corporate Scorecard for Hong Kong Listed Companies Encourage adoption of best practice of corporate governance in Hong Kong through a systematic evaluation of current practices Our objective Define a methodology/ framework to assess corporate governance practices in Hong Kong Develop specific criteria and a measurement tool to evaluate individual companies Set up processes to evaluate corporate governance of Hong Kong companies on an annual basis 7
8 Research Methodologies II Avoids subjectivity bias Not dependent on companies willingness Written request was sent to individual companies. Only a few companies supplied us with full information 8
9 Consistency Each company was rated by two different research assistants The overall results were crosschecked by the research team 9
10 Scorecard Followed The Five OECD Corporate Governance Principle OECD principle A. Rights of shareholders B. Equity of shareholders C. Role of stakeholders D. Disclosure and transparency E. Board responsibilities Number of questions & sub-questions OECD is internationally recognized HKEx guidelines comprehensively covered 174 public companies surveyed 10
11 Positive Correlation between Corporate Governance Index and Company Valuation 10 9 Market to Book Ratio Correlation=0.05, Significant at 1% level Corporate Governance Score 11
12 Market Valuation by Corporate Governance Score Quartile 2005 Market to Book Ratio vs CGI Ranking Market to Book Ratio 12
13 Improvement of CGI by Sections Section/ Year 2005 Mean 2002 Mean A B C D E CGI CGI increase by percentage 16.14% 13
14 Improvement of CGI Compared with Improvement of CGI compared with >20 Improvement Frequency >
15 Scores Scores Scores Scores Corporate Governance Performance by Indices Strong Range Mean All HSCCI HSCEI HSI HSHKCI Weak 50 數 數 數 數 15
16 Scores Scores Corporate Governance Performance by Industries Strong Range Mean Weak 50 All Industrial Properties Finance Utilities Consolidated Enterprises Hotel & Miscellaneous 16
17 Scores Corporate Governance Performance by Categories All A B D E Range Mean C A: Rights of Shareholders ( 利 ) B: Equitable Treatment of Shareholders ( ) C: Role of Stakeholders in Corporate Governance ( 利 理 ) D: Disclosure and Transparency ( 度 ) E: Board Responsibilities ( ) 17
18 A. Rights of Shareholders ( 利 ) Improvements: Improve the quality of Notice to Call for Shareholders Meeting Attendance of all Board members, Esp. Board Committee Chairs 18
19 B. Equitable Treatment of Shareholders ( ) Improvements: Increase influence of minority shareholders to the Board To use cumulative voting in the election of board members To facilitate voting by proxy 19
20 C. Role of Stakeholders in Corporate Governance ( 利 理 ) Improvements: Disclose more details on the role of supplier/business partner Give more details on the environmental issues in its public communication
21 D. Disclosure and Transparency ( ) Improvements: The information in website s Shareholding structure Organizational structure To disclose the management s shareholding Communication with public Analyst briefing (s) Press conference (s)/ press briefing 21
22 E. Board Responsibilities ( ) Improvements: Separate the role of the chairman and CEO A set of writing the code of ethics Setting up the Nomination Committee Role and responsibilities Performance and meeting 22
23 Results NOTfinger-pointing exercise Important input for policy-makers, companies, and the public Score for individual companies will not be made public 23
24 Top 10 Highest CGI Scored Companies (by alphabetical order) BOC Hong Kong (2388) CLP Hldgs (2) HKEX (388) HSBC Hldgs (5) Hang Seng Bank (11) Hysan Development (14) Li & Fung (494) MTR Corporation (66) Shenzhen Express (548) Solomon Systech (2878) 24
25 ~ END ~ 25
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