HKIo. D Corporate Governance Scorecard Project Organized by: Sponsored by : HKIo. D Corporate Governance Development Foundation Executed by : Prof. Stephen Cheung Dean of School of Business 1
Research Methodologies I • Survey results based on publicly available information • HSI, HSHKCI, HSCCI, and HSCEI constituent stocks • Based on information disclosed in 2002 • 168 major companies are covered 2
Surveyed Companies I (as at 9/2003) Allied Group (373) Brilliance Chi (1114) China Pharma (1093) CNAC (1110) Allied Ppt (HK) (56) BYD Company (1211) China Res Land (1109) CNOOC (883) Angang Newsteel (347) Cafe De Coral H (341) China Res Logic (1193) CNPC (Hong Kong) (135) Anhui Conch (914) Cathay Pac Air (293) China Resources (291) COFCO Intl (506) Anhui Expressway (995) Chalco (2600) China Ship Dev (1138) COSCO Intl Hold (517) Artel Group (931) Cheung Kong (1) China South Air (1055) COSCO Pacific (1199) Asia Satellite (1135) China Aerospace (31) China Telecom (728) Culturecom Hold (343) ASM Pacific (522) China East Air (670) China Travel HK (308) Dah Sing (440) Bank of E Asia (23) China EB Ltd (165) China Unicom (762) Datang Power (991) Beijing Airport (694) China Insurance (966) Chinese Est H (127) Denway Motors (203) Beijing Ent (392) China Mer Hold (144) CIFH (183) Digital China (861) Beijing N Star (588) China Mobile (941) Citic Pacific (267) Dream Int'l (1126) Beijing Yanhua (325) China Oilfield (2883) CKI Holdings (1038) E&E Int'l (33) BOC Hong Kong (2388) China Overseas (688) CLP Holdings (2) Eganagoldpfeil (48) 3
Surveyed Companies II (as at 9/2003) Esprit Holdings (330) GZI Transport (1052) HSBC Holdings (5) Jiangxi Copper (358) First Pacific (142) HAECO (44) Huadian Power (1071) Johnson Elec H (179) Fong's Ind (641) Hang Lung Group (10) Huaneng Power (902) K M Bus Hold (62) Forefront Int'l (885) Hang Lung Ppt (101) Hung Hing Print (450) K. Wah Int'l (173) Founder Hold (418) Hang Seng Bank (11) Hutch Harb Ring (715) Kerry Ppt (683) Fountain Set (420) Henderson Inv (97) Hutchison (13) Kingmaker (1170) Giordano Int'l (709) Henderson Land (12) Hysan Dev (14) LCH Bank (1111) Glorious Sun (393) HK & China Gas (3) i-Cable Comm (1097) Lenovo Group (992) Great Eagle H (41) HK Chinese Ltd (655) ICBC (Asia) (349) Lerado Group (1225) Guangdong Inv (270) HK Electric (6) IDT Int'l (167) Li & Fung (494) Guangnan (Hold) (1203) HK&S Hotels (45) Interchina Hold (202) Linmark Group (915) Guangshen Rail (525) HKEx (388) Intl Bk of Asia (636) Lippo China Res (156) Guangzhou Inv (123) HKR Int'l (480) JCG Holdings (626) Maanshan Iron (323) Guoco Group (53) Hopewell Hold (54) Jiangsu Express (177) Moulin Int'l (389) 4
Surveyed Companies III (as at 9/2003) MTR Corporation (66) Shanghai Ind H (363) Sinopec Kantons (934) TVB (511) New Asia Realty (49) Shanghai Pechem (338) Smartone Tele (315) Varitronix Intl (710) New World Dev (17) Shangri-la Asia (69) SW Kingsway (188) Vitasoy Int'l (345) Next Media (282) Shenzhen Express (548) Swire Pacific A (19) Vtech Holdings (303) Ngai Lik Ind (332) Shenzhen Int'l (152) Swire Pacifice B (87) Wharf Holdings (4) Oriental Press (18) Shenzhen Invest (604) TCC Int'l Hold (1136) Wheelock (20) Pac Centry Ins (65) SHK Ppt (16) TCL Int'l Hold (1070) Wing Hang Bank (302) PCCW (8) Shui On Cons (983) Techtronic Ind (669) Wing Lung Bank (96) Petro. China (857) Shun Tak Hold (242) Texwinca Hold (321) Wong's Int'l (99) Qingling Motors (1122) Silver Grant (171) Tianjin Dev (882) Yanzhou Coal (1171) QPL Int'l (243) Singamas Cont (716) TPV Techonology (903) Yizheng Chem (1033) Road. Show (888) Sino Land (83) Travelsky Tech (696) Yuen Ind (551) Sa. Sa Int'l (178) Sino-I Tech (250) Truly Int'l (732) Zhejiang Express (576) SCMP Group (583) Sinopec Corp (386) Tsingtao Brew (168) Zhenhai Refin (1128) 5
Scorecard Followed The Five OECD Corporate Governance Principle OECD principle Number of questions & sub-questions A. Rights of shareholders 16 B. Equity of shareholders 10 C. Role of stakeholders 4 D. Disclosure and transparency 30 E. Board responsibilities 26 86 • OECD is internationally recognized • HKEx guidelines comprehensively covered • 168 public companies surveyed 6
Corporate Governance Performance by Indices(2003) Strong Weak HSI (恒生指數) HSHKCI (恒生香港綜合指數) HSCEI (恒生中國企業指數) HSCCI (恒生香港中資企業指數) 7
The Top 10 Best Performing Companies (by alphabetical order) • • • Asia Satellite (1135) Bank of East Asia (23) China Mobile (941) CLP Holdings (2) HK & S Hotels (45) HKEx (388) HSBC Holdings (5) Linmark Group (915) MTR Corporation (66) Vtech Holdings (303) 8
Research Methodologies (2012) • Survey results based on publicly available information • HSI, HSCCI, HSCEI, and HSLI constituent stocks • Based on information disclosed in 2011 • 121 major companies are covered 9
Surveyed Companies I (as at 12/2011) ABC (1288) Belle Int'l (1880) China Coal (1898) China Railway (390) Agile Property (3383) BOC Hong Kong (2388) China Comm Cons (1800) China Res Land (1109) AIA (1299) Brilliance Chi (1114) China COSCO (1919) China Res Power (836) Air China (753) BYD Company (1211) China Life (2628) China Resources (291) Alibaba (1688) Cathay Pac Air (293) China Longyuan (916) China Shenhua (1088) Anhui Conch (914) CCB (939) China Mer Hldgs (144) China Taiping (966) Bank of China (3988) CH Rongsheng (1101) China Mobile (941) China Telecom (728) Bank of E Asia (23) CHALCO (2600) China Oilfield (2883) China Unicom (762) Bankcomm (3328) Cheung Kong (1) China Overseas (688) China. Hongqiao (1378) Beijing Ent (392) China Agri (606) China Rail Cons (1186) China. Res Cement (1313) 10
Surveyed Companies II (as at 12/2011) CITIC Bank (998) Dongfeng Group (489) Guangdong Inv (270) CITIC Pacific (267) Esprit Hldgs (330) Hang Lung Group (10) ICBC (1398) CKI Hldgs (1038) Evergrande (3333) Hang Lung Prop (101) Jiangxi Copper (358) CLP Hldgs (2) FE Horizon (3360) Hang Seng Bank (11) Kerry Prop (683) CM Bank (3968) FIH (2038) Henderson Land (12) Kunlun Energy (135) CNBM (3323) Franshion Ppt (817) Hengan Int'l (1044) Lenovo Group (992) CNOOC (883) GAC Group (2238) HK & China Gas (3) Li & Fung (494) COSCO Pacific (1199) Galaxy Ent (27) HKEx (388) Longfor Ppt (960) Country Garden (2007) Gcl-Poly Energy (3800) HSBC Hldgs (5) Mengniu Dairy (2319) CPIC (2601) GOME (493) MGM China (2282) Huaneng Power (902) Hutchison (13) 11
Surveyed Companies III (as at 12/2011) Minsheng Banking (1988) Renhe Comm (1387) Sinotruk (3808) Wynn Macau (1128) MTR Corporation (66) Sands China Ltd (1928) SJM Hldgs (880) Yanzhou Coal (1171) ND Paper (2689) Shanghai Ind H (363) Swire Pacific 'A' (19) Yuen Ind (551) New World Dev (17) Shangri-La Asia (69) Tencent (700) Yuexiu Property (123) OOIL (316) Shimao Property (813) Tingyi (322) Yurun Food (1068) Parkson Group (3368) SHK Prop (16) Tsingtao Brew (168) Zijin Mining (2899) Petro. China (857) Sino Land (83) Want China (151) Zoomlion (1157) PICC P & C (2328) Sinofert (297) Weichai Power (2338) Ping An (2318) Sino-Ocean Land (3377) Weigao Group (1066) Poly Hk Inv (119) Sinopec Corp (386) Wharf (Hldgs) (4) Power Assets (6) Sinopharm (1099) Wheelock (20) ZTE (763) 12
Scorecard Followed The Five OECD Corporate Governance Principle OECD principle Number of questions & sub-questions A. Rights of shareholders 23 B. Equity of shareholders 14 C. Role of stakeholders 13 D. Disclosure and transparency 42 E. Board responsibilities 59 151 • OECD is internationally recognized • HKEx guidelines comprehensively covered • 121 public companies surveyed 13
Corporate Governance Performance by Indices HSCCI (恒生香港中資企業指數) HSCEI (恒生中國企業指數) HSI (恒生指數) HSLI(恒生綜合大型股指數) 14
Ten Best Performing Companies in Corporate Governance Score (by alphabetical order) Bank Of China (3988) HKEx (388) China COSCO (1919) HSBC Hldgs (5) China Life (2628) ICBC (1398) CLP Hldgs (2) (992) CNOOC (883) Lenovo Group MTR Corporation (0066) 15
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