The Board of Directors (the "Board") of NWS Holdings Limited ("NWSH"; Hong Kong stock code: 0659) was presented the Directors of the Year Awards - Listed Companies (SEHK - Non Hang Seng Index Constituents) Boards by the Hong Kong Institute of Directors on 21 November 2006, to recognize its good corporate governance and its outstanding management team.
The panel of judges commented that the Board of NWS Holdings consists of members with competencies as directors in a balanced composition of executive and non-executive directors. NWSH has been able to attract strong independent non-executive directors, who together represent a key constituency in major forums of corporate governance, i.e. the Audit Committee and the Remuneration Committee. With significant investments in infrastructure and service businesses, NWSH has demonstrated a strong commitment to environmental protection and social services. The Board has also fostered a culture of openness across NWSH.
Dr Cheng Kar Shun, Henry, Chairman of NWS Holdings, said, "We take pride in receiving the Directors of the Year Awards. It recognizes NWSH and the Board's efforts in upholding corporate governance. We well understands good corporate governance could contribute in business performance and enhance corporate image. To further enhance corporate governance, we are now establishing a Corporate Governance Steering Committee, comprising executive directors and senior management, to formulate best corporate governance practices. Looking forward, our management team will continue to uphold and set good model for good corporate governance."
The outstanding management team and effective policies are indispensable for NWSH's success. The Board comprises 14 members, including eight executive directors, three non-executive directors and three independent non-executive directors. The Board's primary role is to protect and enhance long-term shareholder value. Four committees, namely the Executive Committee, Remuneration Committee, Audit Committee and Corporate Social Responsibility Committee, were set up under the Board to formulate and oversee NWSH's policies in different areas. With diversified background, individual members of the Board possess knowledge and experience in their respective professional fields and contribute to the success of NWSH's core businesses, strategic development, operations and management as well as corporate social responsibility.
To further promote corporate governance, NWSH has issued the Guidelines on Internal Control System and Corporate Governance Manual to ensure related rules and regulations are fully complied; distributed handbook for Corporate Policy on Staff Responsibility to provide all staff guidelines on best management practices; set up Risk Management Department to provide risk management support for all member companies. From time to time, NWSH organizes internal seminars, to strengthen the senior management and member companies the knowledge of Listing Rules, business ethics and corporate social responsibility. NWSH strives to enhance transparency and maintain two-way communication with various stakeholders by disseminating important information like press releases and announcements through the corporate website in a timely manner.
First launched in 2001 by the Hong Kong Institute of Directors, Directors of the Year Awards were the first ever such awards organized in Asia. Directors of the Year Awards 2006 is themed "Board Excellence through Professional Directorship". The objectives are to publicize the significance of good corporate governance and to recognize directors and board of directors for their outstanding director practices and corporate governance and directorship in Hong Kong.