Earlier, the Hong Kong Institute of Certified Public Accountants announced the winners of "2010 Best Corporate Governance Disclosure Awards". This year, ICBC was the only listed bank to receive the "Platinum Award" (H-share Category). Industry insiders commented that quality of information disclosed is an important benchmark of corporate governance excellence in the listed company sector. The award to ICBC is recognition from the industry on ICBC's good system of corporate governance and good standard of information disclosure.
The Hong Kong Institute of Certified Public Accountants first launched the Awards in 2000. Judging criteria include the quality, timeliness, compliance and availability on the information disclosed by the listed companies. The Awards have become a well-established part of the corporate governance scene in Hong Kong, and played an important role in encouraging improvement in corporate governance disclosures and raising awareness of the need for transparency and accountability in relation to shareholders and other stakeholders.
The Judges' Report of Hong Kong Institute of Certified Public Accountants said that ICBC was informative, eloquent and easy to follow in the disclosure of corporate governance information, covering the corporate governance framework, system and practices with timely announcement on the progress. The analysis about the macro economy included a comprehensive commentary on the economic, financial and regulatory environment, the risks and opportunities amid the financial crisis.
The coverage on risk management was highlighted in terms of framework, system and strategy. Disclosure on ICBC result and performance in relation to its social responsibility was matched by the recognition from all. Investors were better informed by the valued information presented on the shareholders' rights, investor relations and ICBC's partnership with strategic investors.
According to the official with ICBC, the bank is committed to the development of corporate governance as the foundation to strengthen core competence of the bank. Improvements have been focused on the business structure, internal management, stable operation and re-orientation. ICBC has weathered the negative impacts brought by the global financial crisis and maintained relatively fast pace of earnings growth.
Now ICBC is one of the fastest growing among the large-scale banks in the world. ICBC fulfills the social responsibility and embraces the national's macro-control policy to promote the "green credit"; it also endeavors to improve standard of service and deliver highly efficient, top-quality financial services to customers.
Socially, ICBC is committed to giving benefits back to the community, concerning the livelihood of the people, sponsoring philanthropic initiatives, and as a keen supporter of community services in poverty alleviation, relief efforts, advancement of education, cultural protection and voluntary services.
The official with ICBC said that in the days ahead, ICBC will continue the efforts on corporate governance system to improve the efficiency, the standard of information disclosure, and create more return to the shareholders in a continual fashion.
