XN000022-1994-06-07 — Page 3

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TUESDAY, JUNE 7,

1994

GOOD PROGRESS ON DISCLOSURE OF INFORMATION

THE GOVERNMENT HAS MADE GOOD PROGRESS IN HIGHER STANDARDS OF DISCLOSURE OF INFORMATION BY TRANSPORT COMPANIES, THE SECRETARY FOR ECONOMIC SIU, SAID TODAY (TUESDAY).

ITS AIM TO OBTAIN UTILITY AND SERVICES,

PUBLIC

MR

GORDON

THIS FOLLOWS THE INITIATIVE ON FULLER DISCLOSURE BY THESE COMPANIES ON THEIR FINANCIAL AND OPERATIONAL

ANNOUNCED PERFORMANCE, BY THE GOVERNOR

HIS ADDRESS ΤΟ THE LEGISLATIVE COUNCIL LAST OCTOBER.

IN

SPEAKING AT A MEETING OF THE ECONOMIC SERVICES AND PUBLIC UTILITIES PANEL OF THE LEGISLATIVE COUNCIL TODAY, MR SIU SAID WORK HAD BERN COMPLETED WITH SIX UTILITY AND TRANSPORT COMPANIES.

THEY ARE HONGKONG ELECTRIC, CHINA LIGHT AND POWER, KOWLOON MOTOR BUS, TATE'S CAIRN TUNNEL, MASS TRANSIT RAILWAY AND KOWLOON-CANTON RAILWAY.

"WE HAVE BEEN WORKING WITH UTILITY AND TRANSPORT COMPANIES ΤΟ ASSESS WHAT STEPS, IF ANY, ARE NECESSARY TO IMPOVE THEIR STANDARDS OF DISCLOSURE, HE SAID.

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"IN THE CASE OF THE FIRST SIX COMPANIES, THEY HAVE MET IN FULL OR ALMOST IN FULL THE DISCLOSURE REQUIREMENTS

WE WERE SEEKING, HE

ADDED.

GIVING ONE EXAMPLE OF THE SUCCESS ACHIEVED, MR SIU SAID THE TATE'S CAIRN TUNNEL COMPANY HAD PRODUCED A SPECIAL ANNUAL REPORT CONTAINING DETAILED FINANCIAL AND OPERATIONAL INFORMATION WHICH IT HAD AGREED TO MAKE AVAILABLE TO THE PUBLIC.

"THIS IS IN SPITE OF THE FACT THAT THE COMPANY IS A PRIVATE ONE AND IS UNDER NO LEGAL OBLIGATION TO MAKE ITS ANNUAL REPORT AVAILABLE TO THE PUBLIC," HE POINTED OUT.

MR SIU SAID IN THE CASE OF THE OTHER FIVE COMPANIES, WHICH DID PRODUCE ANNUAL REPORTS, THEY HAD AGREED TO PROVIDE ADDITIONAL INFORMATION WITHIN THESE REPORTS OR IN SUPPLEMENTARY PUBLICATIONS.

THE INFORMATION RELATES TO MATTERS SUCH AS SAFETY, SERVICE STANDARDS, CUSTOMER LIAISON, ASSETS AND PROFIT AND LOSS ACCOUNT.

"THE OBJECTIVE OF THE INITIATIVE IS TO ACHIEVE GREATER TRANSPARENCY AND PUBLIC ACCOUNTABILITY OF UTILITY AND PUBLIC TRANSPORT COMPANIES, IN ORDER THAT THE PUBLIC WILL HAVE A BETTER UNDERSTANDING OF THE SERVICES PROVIDED AND BE IN A BETTER POSITION TO JUDGE WHETHER THE REGULATORS ARE ADEQUATELY PROTECTING THEIR INTERESTS, MR SIU SAID.

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MR SIU SAID THE ON-GOING EXERCISE.

IMPLEMENTATION

OF THE

INITIATIVE WAS AN

/"WE WILL