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THURSL....
APRIL 18, 1985
HE WAS PLEASED TO ADD THAT THERE HAD BEEN A SIGNIFICANT INCREASE IN INTEREST RECENTLY, HE SAID.
ALSO, MR HO SAID, THE PHYSICAL DEVELOPMENT OF THE ESTATE WAS NOW NEARING COMPLETION, AND THE CHIEF EXECUTIVE SINCE THE ESTABLISHMENT OF THE CORPORATION WAS DUE TO RETIRE ON MAY 31, 1985.
THEREFORE TOWARDS THE END OF LAST YEAR, THE BOARD OF THE CORPORATION DECIDED THAT IT DID NOT WISH TO APPOINT A NEW PERMANENT CHIEF EXECUTIVE, AND THAT FOR THE TIME BEING IT WOULD BE APPROPRIATE IF THE DIRECTOR OF INDUSTRY WAS APPOINTED AS CHIEF EXECUTIVE BECAUSE OF HIS RESPONSIBILITY FOR PROMOTING INDUSTRIAL INVESTMENT.
+AT THE SAME TIME, IT WAS REALISED THAT THIS APPOINTMENT WOULD RESULT IN AN OFFICIAL MAJORITY ON THE BOARD, BECAUSE SECTION 7 OF THE CORPORATION'S ORDINANCE AS IT STANDS DOES NOT PERMIT THE APPOINTMENT OF MORE THAN THREE UNOFFICIAL MEMBERS, WHEREAS SUB-SECTION 1(D) PERMITS THE APPOINTMENT OF FOUR PUBLIC OFFICERS IN ADDITION TO THE CHIEF EXECUTIVE, WHO IS AT PRESENT NOT A PUBLIC OFFICER.
+ACCORDINGLY, THE BILL BEFORE COUNCIL SEEKS TO INCREASE THE SIZE OF THE BOARD BY ONE, AND THROUGH NOT PROVIDING FOR ANY LIMITATION ON THE NUMBER OF UNOFFICIAL MEMBERS WHO MAY BE APPOINTED, WITHIN THE OVERALL SIZE OF THE BOARD PRESCRIBED, WILL GIVE THE DESIRED FLEXIBILITY IN THE MIX OF MEMBERS, + MR HO SAID.
HE STRESSED THAT THESE VARIOUS CHANGES WERE NOT INTENDED TO CONVERT THE HONG KONG INDUSTRIAL ESTATES CORPORATION INTO A PART OF THE INDUSTRY DEPARTMENT, OR ANOTHER DEPARTMENT.
+THE INTENTION IS THAT THE CHAIRMAN WILL REMAIN AN UNOFFICIAL, SUBJECT TO THE ENACTMENT OF THIS BILL, TWO ADDITIONAL MEMBERS WILL BE INVITED TO JOIN THE BOARD TO GIVE IT AN UNOFFICIAL MAJORITY: ALL IMPORTANT DECISIONS, INCLUDING THE ALLOCATION OF LAND, WILL CONTINUE TO BE TAKEN BY THE BOARD; AND THE APPOINTMENT OF THE DIRECTOR OF INDUSTRY AS CHIEF EXECUTIVE OF THE CORPORATION WILL BE REVIEWED BY JUNE 30, 1986.
DEBATE ON THE BILL WAS ADJOURNED.
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