Corporate governance symposium for national sports associations held
Hong Kong (HKSAR) - The Home Affairs Bureau (HAB) and the Leisure and Cultural Services Department (LCSD) today (March 18) held a symposium at the Hong Kong Sports Institute for the national sports associations (NSAs) to raise their awareness on good and effective corporate governance.
The "Symposium on Corporate Governance in National Sports Associations - Governance, Leadership and the Future Development of Sports" seeks to promote and enhance NSA office bearers and management staff of their roles and responsibilities in accounting capacity, effective board practice and risk management.
It also provides a platform for representatives of NSAs to access the latest information on corporate governance and share views with the executives of respective professional, business and sports sectors in Hong Kong.
The LCSD has always actively encouraged NSAs to register as companies and adopt a modern company management model to strengthen corporate governance as well as to enhance operation transparency and management standards. In 2015-16, all NSAs that received block grant subvention from LCSD were registered under the Companies Ordinance. Such an arrangement helps enhance the level of governance of the subvented organisations, enabling them to be more professional in developing sustainably and promoting their individual sports events. This can also improve the transparency of the use of public funds.
For the NSAs, good corporate governance will depend on the joint efforts of the board of directors, executive committee members, and management staff to improve operational transparency, and to be responsible and accountable to all stakeholders including athletes, coaches, parents and the community.
They also have to strictly adhere to the principles of fairness and integrity in order to achieve the mission of sustainable development.
Following the symposium, the LCSD will organise a series of four seminars for NSAs between March and September. The topics of these seminars will include new companies ordinance, directors' duties and fiduciary duties, board practices, and finance for directors of NSAs.
The symposium was organised by the HAB and the LCSD, and co-organised by the Sports Federation & Olympic Committee of Hong Kong, China, the Hong Kong Sports Institute, and the Hong Kong Institute of Directors, with an attendance of over 200 representatives from 63 NSAs and related organisations.
Published on: 2017-03-18
Limited copyright is granted for you to use and/or republish any story on this site for
any legitimate media purpose as long as you reference 7thSpace and any source mentioned in the story above. Please
make sure to read our disclaimer
prior to contacting 7thSpace Interactive. To contact our editors, visit our online helpdesk
. If you wish submit your own press release, click here