TNAG-2478-FCO40-3608-Trade-relations-between-Hong-Kong--the-UK-and-other-countrie-1992 — Page 34

Page

CONFIDENTIAL

M.

EXECUTIVE COUNCIL DECISION ON 23.4.91.

ATTRACTION OF QUALIFIED MANPOWER

FROM OVERSEAS: XCC (91) 62

DECISION

The Council. ADVISED and the Governor ORDERED

that

(a)

a

(b)

(c)

(d)

be

joint

should venture company established with the Hong Kong Institute of Personnel Management and other private sector interests to facilitate the recruitment of qualified manpower from overseas;

venture

should

Government's participation in the joint be represented by a contribution in terms of equity and interest-free loan of not more than $3 million in the first year (provided that Government's share of the company's equity does not exceed 49%) and by not two seats on the company's

more

than

board of directors;

the extent of Government's future financial participation should be

decided in the light of further developments; and

the Chief Executive of the company should preferably be an individual with considerable business experience.

у

CLERK OF COUNCILS

CONFIDENTIAL

!