Your quarterly news for CFOs and members working in business (20 January 2021)

Best Corporate Governance Awards 2020

Celebrating their 20th anniversary, the Institute’s Best Corporate Governance Awards (BCGA) continue to set a benchmark for corporate governance and sustainability standards and best practices in Hong Kong.

The results of the BCGA 2020 were announced on a media briefing on 2 December. This year, about 500 annual reports and around 500 sustainability reports were considered in the initial stage. The judges noted some positive signs, including improvements in the quality of environmental, social and governance (ESG) reporting, and decided to give out a record number of 30 awards. A diverse range of candidates reached the final stages, and seven new awardees emerged, including those winning awards for the first time in the sustainability and social responsibility/ ESG reporting section.

Please see the press release, the dedicated webpage with the full list of winners and videos and articles on what the awards mean to winners, and the Judges’ Report for more details.

News and updates

COSO guidance “Compliance Risk Management: Applying the COSO ERM Framework”

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has released a new publication, “Compliance Risk Management: Applying the COSO ERM Framework”, which describes the application of the COSO Enterprise Risk Management (ERM) framework to the management of compliance risks.

The guidance, commissioned by COSO and authored by the Society of Corporate Compliance and Ethics & Health Care Compliance Association (SCCE & HCCA), describes the characteristics of effective compliance and ethics (C&E) programs associated with each of the five components and 20 underlying principles of the COSO ERM Framework. A significant aspect of ERM is its focus on creating, preserving, and realizing value. Effective C&E programs contribute to each of these objectives.

HKEX’s latest review of issuers’ corporate governance practices and practitioners’ insights on corporate governance and ESG

On 18 December, Hong Kong Exchanges and Clearing Limited (HKEX) published the findings of its latest review of issuers’ corporate governance practices and market practitioners’ insights on corporate governance and market practitioners’ insights on corporate governance and ESG. Please refer to the press release for details.

Upcoming events and activities

Accountants, We Care – 抗逆新航道, 怎樣在逆境中維持職場應變能力

The two free webinars on 29 January and 5 February aim to enhance members' well-being and performance, and how to help enhance those of their friends and families. Important in the time of COVID-19 with increasing stress and anxieties.

E-learning webinar – Guardian Role of Professionals in Upholding Ethical Governance

The upcoming webinar on 22 February aims to enhance participants' understanding and awareness of the guardian role of professionals in upholding ethical governance.

If you have suggestions on specific topics or speakers for future PAIB events, please let us know at paib@hkicpa.org.hk.

Features and articles

The following articles and publications may be of your interest:

Business articles

Accountancy skills evolution: Impact of COVID-19 & the path forward by IFAC
Digital transformation reimagined: Accountants’ lessons learned by AICPA
Compassionate leadership is necessary – but not sufficient from Harvard Business Review
8 soft skills that make you an even better leader from Entrepreneur
Five lessons for CFOs as we approach 2021 from CFO.com
3 strategies to come out ahead of the pandemic from Financial Management

Tax articles

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