In response to press enquiries, a Government spokesman said today (March 15) that the directors of the Hongkong International Theme Parks (HKITP) Limited are as follows:
Directors nominated by the Government:
Mr Tsang Yam Kuen, Donald (Financial Secretary),
Mr Ip Shu Kwan, Stephen (Secretary for Economic Services),
Miss Yue Chung Yee, Denise (Secretary for the Treasury),
Mr Lee Shing See (Secretary for Works), and
Mr M J T Rowse (Commissioner for Tourism).
Directors nominated by The Walt Disney Company:
Mr Brett R Chapman,
Mr Judson C Green,
Mr Michael O Johnson, and
Mr Byron H Pollitt, Jr.
The Shareholders' Agreement also provides for the appointment of two independent directors. These have not yet been appointed.
In accordance with the Shareholders' Agreement, the directors shall elect one of their number to be the Chairman. The first Chairman shall be a Government director and shall hold office until 30 September 2000, thereafter the appointment will rotate annually between the Disney and Government Directors. Mr Tsang Yam Kuen, Donald has been elected as the first Chairman.
In accordance with normal practice, none of the Government Directors receives any extra salary or fee for performing the directors' duties. They undertake the extra work as part of their official responsibilities. If HKITP pays directors fees, those in respect of the Government directors will be credited to General Revenue.
The spokesman said the Government appointed its directors to look after the substantial public investment (HK$3.25 billion) on behalf of the Hong Kong community.
End/Wednesday, March 15, 2000