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Updated Wednesday, September 26, 2007 0:00 am TWN, AFP

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Hong Kong tops Asian governance chart: report

HONG KONG -- Hong Kong has overtaken its regional rival Singapore as Asia’s best center for company and corporate governance, a new survey released Tuesday said.

The southern Chinese territory overtook the city state for its efforts to improve regulation and shareholder rights, while Singapore suffered from complacency borne out of a strong market performance, the report by brokers CLSA and lobby group Asian Corporate Governance Association found.

“Hong Kong ... continues to grapple with some difficult reform issues and its regulatory officials are well aware of the distance between local norms and international standards,” the report said.

“Singapore, in contrast, gives the impression that its reform process has reached an acceptable plateau ... while its officials seem less concerned that some key local rules and practices are not in line with global best practices.

“Even though the process of reform is continuing in Singapore, such as in proposed amendments to securities laws, there is a palpable sense that the pace of policymaking has slowed.

“Hong Kong may not be attacking its problems with vigor or urgency, but at least it continues to progress.”

The survey compared 11 regional centers in terms of rules and practices, enforcement, accounting, governance culture and the political environment.

Researchers praised Hong Kong’s improved commitment to allow shareholders to vote on keys issues, its regulatory transparency and media freedom.

Taiwan and China were also singled out for praise in improving their standards, but overall the region has become unwilling to tackle difficult issues which are masked by the buoyant economies across Asia, the report added.

Taiwan has stepped up its regulation and enforcement, while China has made major changes to its company and securities law.

Overall India was in third place, Taiwan fourth and Japan fifth. The Philippines and Indonesia ranked the lowest of the 11 countries which were surveyed.

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