11.
MONDAY, APRIL 26, 1993
"FIRSTLY, IN LINE WITH OUR FLEXIBLE APPROACH TOWARDS INVESTMENT MANAGEMENT, THE ORDINANCE WILL ENABLE MANAGERS TO OPERATE WITH THE MINIMUM OF GOVERNMENT SUPERVISION.
"THIS WILL OBVIATE THE DEVELOPMENT OF A LARGE AND EXPENSIVE BUREAUCRACY, THE COST OF WHICH WOULD OTHERWISE INEVITABLY BE PASSED ON TO EMPLOYERS AND EMPLOYEES.
"SECONDLY, THE ORDINANCE EMPHASISES THE NEED FOR ADEQUATE FUNDING OF SCHEMES AS WELL AS SEPARATION AND SECURITY OF SCHEME ASSETS," HE SAID.
THE
APPROXIMATE AMOUNT OF PENSION FUNDS ALREADY IN THE MARKET IS ESTIMATED AT HK$80 BILLION. ALTHOUGH THE EXTENT OF UNDER-FUNDING AMONG EXISTING RETIREMENT SCHEMES IS UNKNOWN, IT HAS BEEN ESTIMATED AT BETWEEN $5 AND $10 BILLION.
"THE TOPPING-UP REQUIREMENT, NOT TO MENTION THE ESTABLISHMENT OF NEW SCHEMES, SHOULD THEREFORE RESULT IN MORE ASSETS BEING ABSORBED INTO THE POOL OF PENSION FUNDS, PROVIDING NEW BUSINESS OPPORTUNITIES FOR INVESTMENT MANAGERS AND, AT THE SAME TIME, INCREASING THE DEMAND FOR THEIR PROFESSIONAL ADVICE," MR CARTLAND SAID.
"IN OUR VIEW, THE GROWTH POTENTIAL OF PENSION FUND INVESTMENT IS VERY CONSIDERABLE. THIS WILL MEAN NEW CHALLENGES AND FRESH OPPORTUNITIES FOR FUND MANAGERS IN THE YEARS AHEAD, MR CARTLAND SAID.
H
"THE SUCCESS OF A SYSTEM OF MINIMAL GOVERNMENT INTERVENTION, SUCH AS WE ARE NOW INTRODUCING, WILL DEPEND LARGELY UPON THE ABILITY OF FUND MANAGERS TO INVEST PRUDENTLY WHILST MEETING THE REASONABLE EXPECTATION OF PENSION FUND CONTRIBUTORS, HE SAID.
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AS THERE ARE STILL SEVERAL MONTHS TO GO BEFORE THE ORDINANCE COMES INTO OPERATION, MR CARTLAND ADVISED ANY FUND MANAGERS WHO MAY HAVE QUERIES OR WISH TO SEEK CLARIFICATION OF ANY PARTICULAR ASPECT TO CONTACT EITHER THE OFFICE OF THE COMMISSIONER OF INSURANCE OR THE FINANCIAL SERVICES BRANCH FOR THAT PURPOSE.
CONSTRUCTION ADVISORY BOARD MEETS
THE CONSTRUCTION ADVISORY BOARD AT ITS FIRST MEETING TODAY (MONDAY) DECIDED TO GIVE PRIORITY IN THEIR DISCUSSIONS TO THE STRATEGIC IMPLICATIONS ASSOCIATED WITH LICENSING AND SAFETY OF PLANT OPERATORS AND THE EQUIPMENT THEY USE.
PRIORITY WILL ALSO BE GIVEN IN THEIR DISCUSSIONS ON HAZARDS ARISING WITH HAND-DUG CAISSONS, AND THE MOVES TOWARDS QUALITY DEVELOPMENTS IN THE CONSTRUCTION INDUSTRY.
WORKS,
IMPROVE
ΤΟ
PROMOTE
THE BOARD, UNDER THE CHAIRMANSHIP OF THE SECRETARY FOR MR JAMES BLAKE, GENERALLY AGREED THAT THERE IS A NEED ΤΟ CONTROL AND LICENSING OF PLANT OPERATORS AS A MEASURE COMPETENCY AND SAFETY OF THEIR WORK.
/IT WAS