Courtesy call: Secretary for Financial Services & the Treasury Frederick Ma (right), meets the Japanese Finance Minister Sadakazu Tanigaki in Tokyo today. Mr Ma is the first foreign visitor Mr Tanigaki received after yesterday's reshuffle of the Japanese cabinet.

Good corporate governance is the key to a win-win situation for companies, including shareholders, at the micro-level and for the overall economy at the macro-level, Secretary for Financial Services & the Treasury Frederick said in Japan.

Speaking at a seminar organised by the Economist Corporate Network and the Keizai Doyukai (Japan Association of Corporation Executives), Mr Ma said enhancing Hong Kong's corporate governance regime is high on his policy agenda.

He said the Government is committed to making Hong Kong a favourable choice for issuers to raise capital and for local and international investors to invest.

He outlined six major areas of work undertaken to further enhance corporate governance in Hong Kong. These included:

* strengthening the regulatory regime for corporate disclosure;

* enhancing the regulation of financial intermediaries;

* improving the regulation of auditors;

* strengthening requirements and training for directors;

* enhancing shareholders' remedies; and,

*pPromoting investor education.

He said the administration has always attached importance to reforming Hong Kong's legislation and rules to bring the territory's corporate governance standards in line with best international practices and nurture a culture of healthy corporate governance.

However, he said, achieving this objective hinged on the concerted efforts of all stakeholders, including the regulators, company directors, financial intermediaries, professionals, academia and investors.

Hong Kong promoted as international financial centre

Mr Ma continued his first official visit to Japan to promote Hong Kong as an international financial centre.

He met Japanese Finance Minister Sadakazu Tanigaki, and leading figures in the financial and business sectors in Tokyo today.

The leading figures included the Chairman of the Japanese Bankers Association Yoshifumi Nishikawa and the Chief Executive Officer of Industrial Revitalization Corporation of Japan Atsushi Saito. 

IRCJ is a government-backed agency established in 2003 with an aim to revitalise Japanese companies that have found business fundamentals but are unable to thrive under their current circumstances because of excessive debt levels or other factors.