WEDNESDAY, OCTOBER 27, 1993
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LEGCO BE CONSULTED ON NEW STANDARDS OF FINANCIAL DISCLOSURE
THE SECRETARY FOR ECONOMIC SERVICES, MR GORDON SIU, TODAY (WEDNESDAY) ASSURED MEMBERS OF THE LEGISLATIVE COUNCIL THAT THEY WOULD BE CONSULTED FURTHER ON THE GENERAL PRINCIPLES ON THE NEW STANDARDS OF FINANCIAL DISCLOSURE TO ENSURE TRANSPARENCY AND AN ADEQUATE DEGREE OF PUBLIC ACCOUNTABILITY OF PUBLIC ULTILITIES AND TRANSPORT COMPANIES.
IN HIS REPLY TO MEMBERS' QUESTIONS ON THE GOVERNOR'S POLICY ADDRESS, MR SIU SAID IT WOULD BE NECESSARY FOR THE GOVERNMENT TO DISCUSS AND AGREE SPECIFIC REQUIREMENTS WITH EACH OF THE COMPANIES CONCERNED.
"OUR INTENTIONS ON FULLER DISCLOSURE SHOULD BE SEEN AS PART AND PARCEL OF AN ON-GOING EFFORT BY THE ADMINISTRATION TO STRENGTHEN AND IMPROVE OUR MONITORING OF PUBLIC UTILITIES.
"AS A RESULT OF PREVIOUS INITIATIVES, MOST UTILITIES HAVE NOW MADE PUBLIC PERFORMANCE PLEDGES AND ESTABLISHED CUSTOMER LIAISON GROUPS.
"MY IMPRESSION IS THAT THE GENERAL PUBLIC WELCOME, AND MAKE FULL USE, OF THESE FACILITIES HE SAID.
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MR SIU SAID THE GOVERNMENT HAD TAKEN TRE OPPORTUNITY OF NEGOTIATIONS LEADING UP TO RENEWAL OF THE SCHEME OF CONTROL AGREEMENTS WITH THE TWO POWER COMPANIES TO WRITE IN MORE STRINGENT REQUIREMENTS IN RESPECT OF TECHNICAL AND FINANCIAL AUDITS AND THE MONITORING OF PROCUREMENT PROCEDURES AND AFFILIATED COMPANY TRANSACTIONS.
REQUIREMENTS FOR PUBLIC DISCLOSURE HAD ALSO BEEN INCORPORATED INTO THE TERMS OF NEW FRANCHISE AGREEMENTS WITH CITYBUS AND THE NEW LANTAO BUS COMPANY, HE ADDED.
TURNING TO TELECOMMUNICATIONS, MR SIU SAID THE GOVERNMENT HAD BOLSTERED ITS ABILITY TO REGULATE INCREASINGLY COMPETITIVE TELECOMMUNICATIONS MARKET BY THE ESTABLISHMENT OF THE OFFICE OF THE TELECOMMUNICATIONS AUTHORITY (OFTA).
AMENDMENTS TO THE TELEPHONE ORDINANCE ENACTED EARLIER THIS YEAR PROVIDED THE OFTA WITH IMPORTANT NEW POWERS TO OVERSEE THE INTER- CONNECTION OF COMPETING NETWORKS AND ADMINISTER HONG KONG'S NEW NUMBERING PLAN.
HIGH ON THE OFTA'S AGENDA WOULD BE THE NEED TO PROTECT CONSUMERS' INTERESTS WHERE NECESSARY THROUGH THE REGULATION OF CHARGES AND SERVICE STANDARDS OF DOMINANT CARRIERS, HE SAID.
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