CyberWorks Comes Last in Corporate Governance Test, Paper Says
By Paul Scanlon
Hong Kong, April 17 (Bloomberg) -- Pacific Century CyberWorks Ltd., Hong Kong's top phone company has the ``lowest corporate governance standards'' of 38 of Hong Kong's biggest firms reviewed by CLSA Ltd., the South China Morning Post reported.
Each company was judged by their management discipline, transparency, independence, accountability, responsibility, fairness, and social responsibility, the paper said, citing the report by CLSA, a unit of France's Credit Lyonnais SA.
Cyberworks was given zero for accountability and was singled out by the report for its ``poor disclosure (and) confused strategy.''
China Mobile (Hong Kong) Ltd., Hong Kong's second largest company by market value, Hutchison Whampoa Ltd., controlled by Li's father Li Ka-shing, and Citic Pacific Ltd. are among those with low corporate governance standards, the paper said, citing the report.
HSBC Holdings Plc., the city's largest company and Li & Fung Ltd. were named as the best companies.
(South China Morning Post, 4-17, Business Post p.1. For the newspaper's Web site, see {CNMP })
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