53
WEDNESDAY, JULY
}
HE NOTED THAT ANY REMUNERATION PAYABLE TO THE DIRECTORS MADF PUBLIC BY DISCLOSURE IN THE COMPANY'S ANNUAL ACCOUNTS SECT ON 161 OF THE COMPANIES ORDINANCE.
UST BE UNDER
"FAILURE TO TAKE REASONABLE STEPS TO COMPLY CARRIES CRIMINAL PENALTIES INCLUDING A FINE OF $10,000 AND SIX MONTHS IMPRISONMENT.
"THERE WOULD BE SIGNIFICANT PRACTICAL DIFFICULTIES WERE ONE TO SEEK ΤΟ LAY DOWN SPECIFIC CRITERIA FOR THE PAYMENT OF SUCH FEES AS MANY OF THE FACTORS WHICH SHOULD BE TAKEN INTO ACCOUNT IN DETERMINING WHAT IS REASONABLE REMUNERATION ARE HIGHLY SUBJECTIVE AND DIFFICULT TO MEASURE, FOR INSTANCE, THE CALIBRE AND PERFORMANCE OF PARTICULAR DIRECTORS," MR NENDICK SAID.
HE POINTED OUT THAT EVEN THE PERFORMANCE OF THE COMPANY ITSELF, WHICH
WAS ANOTHER IMPORTANT FACTOR, HAD TO BE JUDGED WITHIN THE ECONOMIC ENVIRONMENT FACED BY THE COMPANY.
"IT IS, HOWEVER, OPEN TO ANY MEMBER OF A COMPANY WHO CONSIDERS THAT THE AFFAIRS OF A COMPANY ARE BEING CONDUCTED IN A MANNER UNFAIRLY PREJUDICIAL TO THE INTERESTS OF SOME PART OF THE MEMBERS (INCLUDING HIMSELF) TO PETITION TO THE COURT FOR AN ORDER UNDER SECTION 168A OF THE COMPANIES ORDINANCE.
**THE
COURT MAY MAKE AN ORDER RESTRAINING THE PAYMENT OR SUCH
OTHER ORDER AS IT THINKS FIT," HE SAID.
$634 MILLION SO FAR IN AIRPORT PROJECT CONSULTANCIES
SINCE THE DECISION WAS TAKEN IN OCTOBER 1989 TO PROCEED WITH THE PROJECT, THE TOTAL AMOUNT INCURRED IN RESPECT OF CONSULTANCIES FOR THE NEW AIRPORT AND ITS APPROACH ROAD AND RAIL SYSTEM IS $634 MILLION, THE ACTING FINANCIAL SECRETARY, THE HON DAVID NENDICK, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY),
"
"OF THIS $70 MILLION HAS SO FAR BEEN DISBURSED, НЕ ADDED IN REPLY TO A QUESTION FROM THE HON SELINA CHOW.
MR NENDICK NOTED THAT THE CONSULTANCIES COMMISSIONED SO PAR FOCUSSED MAINLY ON PLANNING AND FEASIBILITY ASPECTS OF THE VARIOUS COMPONENT PROJECTS UNDER THE AIRPORT DEVELOPMENT STRATEGY.
"A MAJOR CONSULTANCY FOR THE PREPARATION OF THE DETAILED MASTER PLAN, THE CIVIL ENGINEERING DESIGN AND THE ENVIRONMENTAL IMPACT ASSESSMENT OF THE NEW AIRPORT WAS COMMISSIONED IN JULY, SAID.
HE
/OTHER STUDIES