The Hong Kong Institute of Directors (“HKIoD”) has announced that its annual “Directors Of The Year Awards 2020” is open for nominations today. Last year, the US-China trade war and ongoing social unrest have plunged Hong Kong’s economy into a recession. This year, the coronavirus pandemic has paralysed the global economy, but at the same time accelerated the development of major business trends such as cloud online offices and e-commerce. A series of shifts have tested the adaptability and leadership skills of the Hong Kong business leaders. The Awards this year are themed “Vanguard in Challenging Times”, and honour the outstanding directors and boards who have successfully shown their leadership skills and led their companies through difficult times in an unpredictable environment.
Dr Christopher To, Chairman of HKIoD, said, “‘The HKIoD Corporate Governance Scorecard’ recently launched points out that companies with improved corporate governance standards have experienced relatively smaller declines in market valuation, demonstrating the direct relationship of corporate governance standards to the ability to survive under adversity. We always emphasise that corporate governance is a dynamic process, and good corporate governance needs to continually improve to better respond to the market situation, particularly persevering in the face of adversity. With this year’s theme, I hope the creative thinking and calm attitude of the awardees can inspire the industry and directors how to find a way through the difficulties.”
Mr Kenneth Wong, Chairman of 2020 Directors Awards Organising Committee, said “There is no performance index to accurately measure the leadership skills of business leaders. Figures in the report such as profit, cost or return on investment can be affected by different variables across specific industries as well as external factors. When the judges assess the outstanding directors, they evaluate on how the directors establish excellent corporate governance procedures, build company culture, lead the company to accomplish the goal together as well as undertake accountability to stakeholders . I hope the theme this year can recognise the most outstanding directors in Hong Kong and enhance the overall corporate governance standards in Hong Kong by sharing their stories, particularly in surviving or even thriving in such times of challenge”
Dr Carlye Tsui, CEO of HKIoD, said, “In the face of the current unsettled situation, business leaders must fully understand the latest market situation, in order to make the right decision at the crucial moment and to lead their firms to avoid crisis. HKIoD provides a platform for directors to learn and share, so that they can keep abreast of market trends and to ensure they are provided with adequate information in order to make wise decisions.”
Nomination for the Awards will close on 31 July 2020. The Panel of Judges comprises leaders, professionals and regulators in Hong Kong. Director Of The Year Awards 2020 recognises excellence in the following categories:
1. Listed Companies
2. Non-Listed Companies
3. Statutory/Non-Profit-Distributing Organisations*
1. Executive Directors
2. Non-Executive Directors
Notes: *A non-profit-distributing organisation is defined as an organisation in which profits are not distributed to its shareholders, members, directors, employees or any other persons, with objectives including, but not limited to, charitable welfare, social service, health and medical care, education, research, trade and industrial alliance, professional advancement, self-help support etc.
The selection criteria for winners in the Individual Director Categories include successful pursuit of strategic corporate business/non-profit functions, contribution to board effectiveness in strategic planning and monitoring of performance, implementing compliance, risk control and accountability measures, managing change and succession, leadership and other attributes and qualities, including continuing professional development for directors, business ethics and other achievements. As for the Collective Board Categories, judging criteria include board composition, effectiveness in pursuing strategic functions of corporate business/non-profit aspects, development and execution of strategic plans and monitoring of performance, implementing compliance, risk control and accountability measures, managing change and succession, development of the board, effectiveness of board committees, business ethics and other achievements.
The Awards nomination form and related information are available on The Hong Kong Institute of Directors website at www.hkiod.com.
About Directors Of The Year Awards
First launched in 2001, Directors Of The Year Awards were the first ever such Awards organised in Asia. The project has now become an annual project of impact in the community. The objectives are to recognise directors and board of directors for outstanding director practices and corporate governance, to publicise the significance of good corporate governance and to promote awareness of good corporate governance and director professionalism in Hong Kong. Nominations are open to the public. As good corporate governance is vital to all types of organisations, and professional director practices are encouraged from directors in all board roles, the Awards recognise excellence in categories by company types, including listed companies, private companies and statutory/non-profit-distributing organisations, and categories by roles, including Executive Directors, Non-Executive Directors and Boards. For more details on the previous years’ Awards, please visit http://www.hkiod.com/dya-awardees.html.
About The Hong Kong Institute of Directors
The Hong Kong Institute of Directors is Hong Kong’s premier body representing directors to foster the long-term success of companies through advocacy and standards-setting in corporate governance and professional development for directors. A non-profit-distributing organisation with membership consisting of directors from listed and non-listed companies, HKIoD is committed to providing directors with educational programmes and information service and establishing an influential voice in representing directors. With international perspectives and a multi-cultural environment, HKIoD conducts business in biliteracy and trilingualism. Website: http://www.hkiod.com.
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