Corporate Governance

ABOUT CIC CORPORATE GOVERNANCE

As a statutory body, CIC is committed to operate in an open and accountable environment so as to provide our stakeholders and public with services that are of value for money. CIC trusts a defined corporate governance framework can:

Contribute to the effective performance of the roles of CIC;
Serve to maintain the trust built on CIC by the public regarding the use and stewardship of levies collected and other assets which CIC is entrusted; and
Enhance stakeholders’ confidence that CIC upholds the best quality services with the highest ethical standards.

GOVERNANCE STRUCTURE

The CIC is led by the Council which consists of a chairman and 24 members representing various sectors of the industry appointed by the Secretary for Development. The Council provides strategic guidance and leadership, sets overall direction and monitors organisational and managerial performance.

The Council has delegated certain of its functions under the remit of the CIC Ordinance to committees which are authorised to appoint subcommittees for the better performance of the committees’ functions where appropriate.

CORPORATE GOVERNANCE FRAMEWORK

The CIC Corporate Governance Framework is built on five cornerstones:

(1)	Standard of behaviour states the expectations on staff’s behaviour. Compliance with the CIC Code of Conduct, Prevention of Bribery Ordinance and Code of Conduct for Personnel in the Construction Industry are expected.
(2)	Organisation structure and business processes illustrate the functions and operations of CIC with clearly spelled out roles and responsibilities as well as reporting structure.
(3)	Risk management and control aims at analysing those factors which may hinder the CIC from achieving the vision and mission. We have internal audit, statutory audit as well as budgeting and financial management to direct the appropriate behaviour. A dedicated risk management mechanism is established to lay down a defined way to assess risks.
(4)	Reporting and communications delineates the external and internal reporting requirements to ensure a timely disclosure of information for management decisions and compliance with regulatory requirements.
(5)	Corporate citizenship is embedded to demonstrate our commitment to contribute to build a caring society. Three main streams are worked on, namely environment, charitable activities and volunteerism.