Your quarterly news for CFOs and members working in business (19 January 2023)

Best Corporate Governance & ESG Awards 2022

On 5 December 2022, the Institute announced the winners of the 22nd Best Corporate Governance and ESG Awards (Awards) to recognize companies that have achieved outstanding performance in corporate governance (CG) and environmental, social and governance (ESG) practices and reporting. Award categories include the Most Sustainable Companies/ Organizations (MSCO) Awards, as well as separate awards for CG and ESG respectively.

The presentation luncheon for the awards was held on 6 December 2022, Dr. Kelvin Wong, Chairman of the Accounting and Financial Reporting Council, as the Guest of Honour presented the awards to the winners. The MSCO Awards, together with other awards given out in the separate sections for CG and ESG, the judges recognized a total of 27 companies and public sector organizations in the 2022 Awards.

Please see the press release, the Judges’ Report and the dedicated webpage for more details.

In parallel with the Awards, the Institute also published a research report on board diversity which looks at board size, long-serving independent directors, and diversity, in terms of gender, age, and professional qualifications, in particular, accounting qualifications. The Institute believes that embracing diversity in an organization’s culture and on boards can have various beneficial effects on the organization, including on business results.

PAIB Conference 2022
CPA Here and Now: Sustain, Transform & Deploy

Over 160 members attended this annual flagship event for PAIBs on 12 November at Kowloon Shangri-La, Hong Kong. During the event, Guest of Honour, Christopher Hui, GBS, JP, Secretary for Financial Services and the Treasury, together with other renowned speakers, shared insights on how CPAs and businesses embrace ESG; the latest industry trends on digital assets, as well as the future role of CPAs under digital transformation.

See the photo album for snapshots of the event.

Enrolment for the E-learning archived session of the conference is now available.

Becoming a member of specialist interest groups

Join the Institute’s specialist interest groups (IGs) which are catered to members in various specific sectors and provide specialized trainings and networking events. Information on IG events and relevant news which may be of interest to you will be shared through designated communications. No enrolment fee is required. Join the IGs that interest you now.

News and updates

Professional Accountants as Finance and Business Leaders

The International Federation of Accountants (IFAC) published its report, Professional Accountants as Finance and Business Leaders, which summarizes the key insights and learnings from the September 2022 hybrid meeting of its Professional Accountants in Business (PAIB) Advisory Group.

The report explores the key role of PAIBs in:

digitalization of finance and accounting, with a case study on Procter & Gamble;
driving sustainable value creation through an integrated mindset, with a case study on Natura & Co;
corporate governance and oversight of sustainability and ESG;
the growing B-Corps movement; and
sustainable financing.

Climate Risk Measurement: The Existing Landscape and Developments in Hong Kong’s Financial Services Industry

The Hong Kong Institute for Monetary and Financial Research (HKIMR) recently published a new applied research report, titled “Climate Risk Measurement: The Existing Landscape and Developments in Hong Kong’s Financial Services Industry”.

The report reviews global financial institutions’ motivations and challenges associated with climate risk measurement, and presents the results of a survey and interviews commissioned by the HKIMR, highlighting the existing landscape and developments on this subject in Hong Kong’s financial services industry.

Upcoming events and activities

Mainland Business Interest Group lunch webinar – New Initiatives on Talent Attraction in Hong Kong

At the upcoming MBIG webinar on 10 February, the speaker will cover the manpower shortage challenges in Hong Kong in recent years and the considerations involved in the formulation of the enhanced talent attraction regime by the Government, including details of the initiatives.

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

7 practical steps CFOs can take to prevent a business crisis from Financial Management
CFO Leadership: The Rise of Human-Centric Management from CFO.com
Today’s businesses must be ‘made for change’ - but where to start? from Chief Executive
Building skills around ESG is essential by AICPA
How cyber secure is blockchain technology? by ICAEW

Tax articles

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