26 November 2020
The Board of the Insurance Authority (IA) today (26 November 2020) was honoured with the Directors of the Year Award 2020 for statutory/non-profit distributing organisations, organised by the Hong Kong Institute of Directors (HKIoD), in recognition of its commitment to sound corporate governance and endeavours to enhance its transparency and accountability to the public.
Dr Moses Cheng, Chairman of the IA said, “The IA Board would like to thank the HKIoD and Adjudicating Panel of the Awards for their assurance and endorsement of the corporate governance practices embraced by the IA itself as well as promoted to the insurance industry.”
“The COVID-19 pandemic has presented unprecedented challenges, and good corporate governance is particularly vital for organisations to navigate this critical time and prepare for what lies ahead. The IA has spared no effort in striving for best practices of corporate governance to meet rising public expectations. To better protect policy holders and facilitate the sustainable development of the insurance industry, we will continue to foster a strong corporate governance culture to ensure the effective performance of our statutory functions.”
Since its inception, the IA has built its corporate governance framework around well-defined management and accountability structures, comprehensive operational and financial control procedures, and high standards of conduct. The IA Board consists of non-executive directors and executive directors with professional expertise and extensive experience in diverse fields.
The Directors Of The Year Awards recognise the outstanding dedication of boards and directors and promote exemplary standards in corporate governance and director professionalism. Nominations are open to the public and are processed according to a stringent set of procedures.
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