A consultancy review on corporate governance of Tung Wah Group of Hospitals (TWGHs) has been commissioned by the Board of Directors. The scope of the review comprised a review of the Group’s transparency, accountability, structure, succession, risk management and control as well as ethical behaviours. Interviews were held with more than 70 parties involving a wide range of stakeholders including all Directors, the senior management and executives of TWGHs, government officials, potential and existing donors. The review was followed by a series of re-engineering and management review conducted in response to the recommendations made by the consultant. Internal control and effective corporate governance in TWGHs were strengthened by the separation of governance and management. To this end, the functions and roles of the Board-level committee structure were revisited and revamped with corresponding executive-level Policy Working Groups being formed.
The Code of Corporate Governance was further reviewed in 2010/2011 with the merging of the Director’s Handbook, the Procedural Orders for Meetings of the Board of Directors and its Committees, as well as the Terms of Reference of the Board’s Committees into the Code. Legal advice had been sought to ensure the contents of the Code were in compliance with the relevant provisions in the Tung Wah Group of Hospitals Ordinance. The Code will be further reviewed on an annual basis to ensure application of best practice.
For details of the Code on Corporate Governance (abridged version), please download here.