ICAC advocates ethical management as safeguards against corruption
2002-11-12
The ICAC has prosecuted more people at the managerial level in the years following the Asian financial turmoil, representing over 30 per cent of total private sector prosecutions.
In his latest Commissioner Online column uploaded on the Commission's corporate website today, ICAC Commissioner Ambrose Lee Siu-kwong revealed that those being prosecuted included company directors, senior executives and financial controllers, while investors and shareholders invariably suffered in the end.
"In the face of a protracted economic slowdown, we will have to be ever more vigilant against corrupt practices. In rough times, people might be less resistant to temptation to cut corners," he said.
He added that since the financial turmoil, the Commission had exposed a number of corruption-facilitated commercial frauds, with over 40 cases involved illicit dealings exceeding one million dollars each.
"Many of these cases reflect the truism that a lack of ethical corporate management helps breed graft and fraud," said Mr Lee.
In his article, entitled "Good governance and ethical management: safeguards against corruption" , Mr Lee noted that the recent spate of corporate failures in the United States reflected that no matter how mature a financial market was and how stringent the rules and regulations were, the integrity of corporate leaders was the staying power for effec tive governance.
The Commission had forged a partnership with the business community to nurture a culture of ethical management since the early 80s. In 1995, the Commission set up the Hong Kong Ethics Development Centre with the support of six major chambers of commerce, making it a long-term commitment to promote business ethics.
In December, the Commission, together with the Civil Service Bureau and local chambers of commerce, would hold an ethical leadership forum for senior civil servants and business leaders.
Plans were also afoot to launch an ethical management programme targetting senior management personnel including company directors and senior executives.
Mr Lee said the Commission also hoped to enlist the support of professional bodies to strengthen the corruption prevention element in the training programmes for professionals such as accountants and auditors who played a pivotal role in ensuring governan ce standards of corporations.
An ICAC forum on Corporate Governance for the New Generation would be held in March next year to provide a valuable platform for university students in Hong Kong, the Mainland, Singapore and Macau to explore the importance of good governance.
The new Commissioner Online article has been uploaded onto the ICAC corporate website http://www.icac.org.hk for public access.
In his latest Commissioner Online column uploaded on the Commission's corporate website today, ICAC Commissioner Ambrose Lee Siu-kwong revealed that those being prosecuted included company directors, senior executives and financial controllers, while investors and shareholders invariably suffered in the end.
"In the face of a protracted economic slowdown, we will have to be ever more vigilant against corrupt practices. In rough times, people might be less resistant to temptation to cut corners," he said.
He added that since the financial turmoil, the Commission had exposed a number of corruption-facilitated commercial frauds, with over 40 cases involved illicit dealings exceeding one million dollars each.
"Many of these cases reflect the truism that a lack of ethical corporate management helps breed graft and fraud," said Mr Lee.
In his article, entitled "Good governance and ethical management: safeguards against corruption" , Mr Lee noted that the recent spate of corporate failures in the United States reflected that no matter how mature a financial market was and how stringent the rules and regulations were, the integrity of corporate leaders was the staying power for effec tive governance.
The Commission had forged a partnership with the business community to nurture a culture of ethical management since the early 80s. In 1995, the Commission set up the Hong Kong Ethics Development Centre with the support of six major chambers of commerce, making it a long-term commitment to promote business ethics.
In December, the Commission, together with the Civil Service Bureau and local chambers of commerce, would hold an ethical leadership forum for senior civil servants and business leaders.
Plans were also afoot to launch an ethical management programme targetting senior management personnel including company directors and senior executives.
Mr Lee said the Commission also hoped to enlist the support of professional bodies to strengthen the corruption prevention element in the training programmes for professionals such as accountants and auditors who played a pivotal role in ensuring governan ce standards of corporations.
An ICAC forum on Corporate Governance for the New Generation would be held in March next year to provide a valuable platform for university students in Hong Kong, the Mainland, Singapore and Macau to explore the importance of good governance.
The new Commissioner Online article has been uploaded onto the ICAC corporate website http://www.icac.org.hk for public access.