Yip’s Chemical Holdings Limited (SEHK: 00408) (“Yip’s Chemical” or the “Group”), the world’s largest manufacturer of acetate solvents and one of China’s largest manufacturers of petrochemical products, is pleased to announce that the Group has garnered the “8th Corporate Governance Asia Annual Recognition Awards 2012” organized by Corporate Governance Asia. Mr. Tony Ip, the Group’s Chairman, has also been honored with the “3rd Asian Corporate Director Recognition Awards 2012”. The accolade demonstrates a wide recognition for Mr. Ip’s efforts in facilitating business growth, fulfilling social responsibility, promoting environmental protection and enhancing corporate governance standard.
Mr. Tony Ip, Chairman of Yip’s Chemical, said, “We are very honored to be recognized for our dedication to enhancing corporate governance for three consecutive years. I am also personally pleased and humbled to receive the award for my performance as a director. I would like to thank our staff members for their contributions to support the Group’s growth as the success is due to the efforts of the entire group. We have constantly adopted the best business practices and exerted relentless efforts towards maintaining a high level of corporate governance, transparency, accountability and integrity. Our improvement in business development, corporate governance including maintaining relationship with stakeholders, and social responsibility has been well recognized and praised by various sectors. Looking ahead, we will continue to implement best corporate governance practices in response to changing trends, with the aim to deliver the best returns to our shareholders.”
The Group Executive Committee was established on 1 January 2012. The Committee, chaired by Mr. Stephen Yip, Deputy Chairman of the Group, is mainly responsible for formulating and implementing policies and business strategies of the Group, as well as supervising and managing the performance of different business segments. In the latest Board of Directors, seven of the eleven members are Non-executive Directors and only four are Executive Directors. Such a structure has greatly enhanced the supervision of the Board over the Group and the protection of minority interests. It also reflects the Group’s commitment in lifting corporate governance standard.
Corporate Governance Asia is one of the most authoritative journals focusing on investor relations, social responsibility and corporate governance in the Asia-Pacific Region. The “Corporate Governance Asia Recognition Award”, in its eighth year, aims to recognize companies’ continuing commitment to the development of corporate governance in the region. Companies were evaluated on criteria such as rights of shareholders, information disclosure and transparency, board and management discipline, practices of audit and remuneration committee, independent non-executive directors and investor relations. The judges also assessed companies’ corporate governance, social responsibility and environmental protection practices. Besides, it is a must for the awarded company to have implemented significant and specific corporate governance-related reforms, and must have been involved in a publicly-known activity related to improving corporate governance during the past twelve months.
In its third year, the “Asian Corporate Director Recognition Award” aims to acknowledge board members who have made outstanding contributions in the areas of business development, social responsibility and corporate governance in the region. All award winners have gained industry-wide acclaim from peers, investors and professionals.