XN000022-1994-12-01 — Page 3

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Procedures for disclosure of financial interests by Exco Members

The Government today (Thursday) announced procedures for the disclosure of financial interests by Members of the Executive Council.

A Government spokesman said the Council's existing rules for the disclosure of interests required Members to declare all registrable interests in a Register of Members' Interests (which is open to public inspection) and to declare specific interests at meetings of the Council, when relevant.

"These rules are scrupulously followed and work well," he said.

Following a review of the existing procedures, Members have agreed that the current rules should continue to apply but, in addition, they should disclose to the Governor, on a confidential basis, information on their interests and activities in Hong Kong's financial markets.

This information will be contained in a Register of Members' Financial Interests and will be separate from and additional to Members' existing obligations with regard to the disclosure of interests in the public register.

"The new Register will contain details of Members' personal shareholdings in Hong Kong companies and any positions they hold on the Hong Kong Futures Exchange at a given date.

"Members will also disclose, on an ongoing basis, details of all subsequent transactions in both the stock exchange and the futures markets," the spokesman said.

"The new arrangements, which will come into effect from January 1 next year, will ensure that advice tendered to the Governor will remain impartial and unbiased," he added.

end/Thursday, December 1, 1994