FOR IMMEDIATE RELEASE
Contact: Calvin Lee
Corporate Communications, Hong Kong
(+852) 3555 0037
Hong Kong – June 26, 2014 - Recognising the increasingly important yet underdeveloped discipline of corporate governance, AIG in partnership with KPMG, Norton Rose Fulbright and PARIMA (the region’s risk management organisation) is hosting seminars across six markets throughout May and June. Beginning 6 May in Singapore, the seminars will move on to Malaysia, Indonesia, Philippines, Vietnam and wrapping up in Hong Kong on 26 June.
Commenting on the seminar series, Jason Kelly, Vice President of Regional Directors & Officers Liability, Financial Lines, AIG Asia Pacific noted, “The aim of these events is to raise the awareness of corporate governance among risk managers, and provide practical and valuable advice on how to get your organisation ready should a regulator come knocking.”
The importance of good corporate governance cannot be underestimated and in the light of increasing regulatory activity, should be high up on the agenda of companies, shareholders and governments alike. Enhancing corporate governance brings increased protection for shareholders, additional security to employees and directors, competitive advantage for companies in the war for talent and governments as they seek to create an attractive environment to entice investment.
Correspondingly, the risks and costs, which result from inadequate attention to good corporate governance can be significant, from a financial and reputational perspective. Failure to implement adequate corporate governance practices can result in severe damage to both a company’s brand as well as its bottom line; not to mention, personal exposure to company employees and directors. All that considered, this critical area does not receive the attention it deserves in the region, resulting in a significant operational risk issue for many companies and a lost competitive edge. These seminars seek to address the key questions on this issue.
Cynthia Sze, Assistant Vice President of Financial Lines at AIG in Hong Kong said, “The new Hong Kong Companies Ordinance which came into force on 3rd March 2014, seeks to provide a modernized legal framework for Hong Kong companies. The objectives of the New Ordinance are to enhance corporate governance, ensure better regulation, facilitate business and modernize the corporate legal framework. As a result, Hong Kong companies should review the indemnity provisions in their articles of association and their Directors and Officers (“D&O”) insurance requirements in light of the New Ordinance.”
Steve Tunstall, Director, Tunstall Associates and General Secretary, PARIMA agrees, “Corporate Governance has become an issue of overwhelming importance for risk managers in Asia – particularly, in recent times. It’s great to see leading companies like AIG, KPMG and Norton Rose Fulbright at the forefront of these educational events that will no doubt assist our members.”
Jason Kelly at AIG Asia Pacific also highlighted, “corporate governance presents unique challenges in the region. Consequently, AIG, drawing on its long international history and substantial local presence is constantly evolving to stay at the forefront of innovation to offer tailored products for the Asian market such as Dragonshield™, the broadest product in the region in terms of cover and capacity.”
AIG Insurance Hong Kong Ltd.
46/F One Island East
Island East, Hong Kong
AIG Insurance Hong Kong Limited is part of the American International Group Inc.
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange
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