10
WEDNESDAY, FEBRUARY 26, 1992
VALUATION OF THE FOR EXAMPLE, RE-WRITING THE KCRC ORDINANCE, KCRC'S ASSETS AND FUTURE BUSINESS AND PRIVATE PLACEMENT VERSUS PUBLIC PLACEMENT.
THAT
PRIVATE
IN DEFINING THE TERM "PRIVATISATION", MR YEUNG EXPLAINED IT DID NOT MEAN THE CONTRACTING OUT, BY THE GOVERNMENT TO THE
CARPARKS, ABATTOIRS SECTOR, OF THE OPERATION OF SUCH UNDERTAKINGS AS AND ROAD TUNNELS.
NO CHANGE
"THE CONTRACTING OUT OF THESE UNDERTAKINGS INVOLVES IN OWNERSHIP OF THE ASSETS, WHICH IS WHAT PRIVATISATION INVOLVES,
"NOR DOES THE TERM INCLUDE CORPORATISATION," HE SAID.
MR YEUNG SAID NORMALLY, A GOVERNMENT-OWNED UNDERTAKING WOULD BE CONSIDERED FOR PRIVATISATION ONLY IN THOSE CASES WHERE THE UNDERTAKING AND WAS HAD ALREADY TAKEN THE FORM OF A COMPANY OR CORPORATION, ESSENTIALLY A BUSINESS.
ROLE OF GOVT APPOINTED DIRECTORS EXPLAINED
APPOINTED
DIRECTORS ΤΟ THE PUBLIC/ THE ROLE OF GOVERNMENT
TO REPRESENT THE PRIVATE COMPANIES AND STATUTORY CORPORATIONS IS
WHEREBY GOVERNMENT AND PUBLIC INTERESTS AND TO PROVIDE A READY MEANS GOVERNMENT POLICIES CAN BE COMMUNICATED EFFECTIVELY TO THE COMPANY
THE CORPORATION.
OR
THE
THIS WAS STATED TODAY (WEDNESDAY) BY THE CHIEF SECRETARY, HON SIR DAVID FORD, IN A WRITTEN REPLY TO A QUESTION BY THE HON STEVEN K.L. POON AT THE LEGISLATIVE COUNCIL.
SIR DAVID POINTED OUT THAT SOME OF THE ORDINANCES PROVIDING FOR PUBLIC BUS THE APPOINTMENT OF GOVERNMENT DIRECTORS, SUCH AS THE SERVICES ORDINANCE (CAP 230) AND THE FERRY SERVICES ORDINANCE (CAP
THE GOVERNMENT REQUIRING PROVISIONS 104), HAD EXPRESS DIRECTORS TO REPRESENT THE INTERESTS OF THE GOVERNMENT AND THE IN PRIORITY TO THOSE OF THE COMPANY AS A WHOLE.
"SUCH PROVISIONS,
AVAILABLE, WHERE
PROVIDE THE
APPOINTED PUBLIC
NECESSARY
PROTECTION TO THE GOVERNMENT DIRECTORS AGAINST CONFLICT OF INTEREST.
"WHEN
EXPRESS SUCH
PROVISIONS
ARE
ABSENT,
THE GOVERNMENT THEIR APPOINTED DIRECTORS ARE GIVEN GUIDELINES AND INSTRUCTIONS ON ROLE AND RESPONSIBILITIES ON THE BOARDS AND THE PROCEDURE TO FOLLOW DEPENDING ON THE SHOULD THERE BE A POTENTIAL CONFLICT OF INTEREST
REFRAIN FROM CIRCUMSTANCES, THEY SHOULD DECLARE AN INTEREST AND/OR
GENERAL'S VOTING AND, IF IN ANY DOUBT, SEEK ADVICE FROM THE ATTORNEY CHAMBERS, SIR DAVID SAID.
H
/HE POINTED