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Government welcomes new MTRCL Board directors and change of Board Committees membership

     The Government welcomes the MTR Corporation Limited's (MTRCL) announcement of the appointment of four new directors today (October 14). They are the three new independent non-executive directors, Mr James Kwan Yuk-choi, Mrs Lucia Li Li Ka-lai and Mr Benjamin Tang Kwok-bun, who are appointed by the MTRCL, and the Permanent Secretary for Development (Works), Mr Wai Chi-sing, who is appointed by the Chief Executive as non-executive director of MTRCL Board pursuant to section 8 of the Mass Transit Railway Ordinance (Cap. 556).

     A spokesman for the Government said today that as the Secretary for Transport and Housing has reiterated many times, the Government will proactively carry out its duty as the Corporation's majority shareholder and urge the MTRCL to review its corporate structure and operation as well as to make necessary reforms. The three newly appointed independent non-executive directors were recommended by Government Directors to the Nominations Committee of MTRCL Board. In accordance with established procedures, the Nominations Committee considered the candidates and made recommendations to the MTRCL Board.  The MTRCL Board approved the appointment of the three directors after deliberation. The appointment of the Permanent Secretary for Development (Works) as non-executive director of the MTRCL Board is made by the Chief Executive pursuant to section 8 of the Mass Transit Railway Ordinance (Cap. 556). Appointments of directors to the MTRCL Board are made in accordance with the laws and regulations a listed company has to adhere to, and MTRCL's Articles of Association.

     "The three newly appointed independent non-executive directors come from different professional backgrounds comprising engineering, accounting, auditing and public administration. This will add variety to the MTRCL Board Members' backgrounds, experience and professional knowledge, with a view to strengthening the MTRCL's governance and operation. On the other hand, the Permanent Secretary for Development (Works) has profound experience in works projects management and we believe that this would enhance the MTRCL Board's supervision on works projects.

     "As regards the change of membership of the various Board Committees after the setting up of the Capital Works Committee and the Risk Committee, we are of the view that this would facilitate existing and newly joined Members to bring their diverse professional knowledge and experience into play. This will be conducive to the Corporation's long-term development," the spokesman added.

Ends/Tuesday, October 14, 2014
Issued at HKT 20:19


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