*****************************************************
The following is issued on behalf of the Executive Council Secretariat:
Following a review, the Government announced today (June 12) some revisions to the requirements on annual declaration of interests by Members of the Executive Council (ExCo).
The revisions mainly clarify and refine the declaration requirements in respect of land and property interests.
Under the revised rules, ExCo Members who hold an interest in land or property through a so-called "shelf company" must declare that interest regardless of the amount of their shareholding in the company. Members who hold shares in other types of company, such as a publicly listed company, should declare the land or property interests held by that company only if the Member controls the company or holds 33 per cent or more of its shares or is entitled to 33 per cent or more of its voting power.
The revisions also clarify the declaration requirements with respect to land or property interests held through trusts, and provide that changes to interests in land and property outside Hong Kong should be declared within 28 days of their occurrence.
The Government undertook to conduct a review of the declaration requirements in the light of an earlier incident in which an ExCo Member had misunderstood the rules concerned.
Details of the revisions are available on the ExCo website at www.ceo.gov.hk/exco.
Ends/Tuesday, June 12, 2012
Issued at HKT 17:58
NNNN
