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URA Board adopts pay review report

The Board of the Urban Renewal Authority (URA) today (Thursday) discussed and decided to accept fully Government's recommendations based on a recent review of the remuneration of senior executives of eleven public bodies including the URA.

The review report, received by the URA about four weeks ago, concluded that the current remuneration level and mix of the URA's senior executives were generally comparable to the target level of the review, i.e. the market median level of remuneration of comparable companies in the private sector.

The URA Board, in a regular meeting today, agreed unanimously that the findings of the report were reasonable and acceptable.

The Board further agreed to implement the recommendations raised by the Chief Secretary for Administration. The recommendations include:

  • to report to the Secretary for Housing, Planning and Lands annually on the remuneration arrangements for the senior executives;
  • to adopt the practice of companies listed in the Hong Kong Stock Exchange and disclose remuneration of the top five executives; and
  • to disclose from next year onwards details of the Managing Director's remuneration package including the fixed and variable pay components.

In line with another recommendation in the report, the URA Board also decided to set up a remuneration committee to make recommendations to the Board on remuneration policy, adjustments in salary and variable pay, and guidance to the remuneration arrangement for the general staff of the Authority. The committee will consist of five Board members.

The URA Board also discussed at the meeting the scope of possible co-operation between the URA and the Housing Society through a strategic alliance, as recommended by Government in the RIFPH (Review of the Institutional Framework for Public Housing) report. The Board examined the progress of a series of active discussions held with the Housing Society and noted that there were a number of areas where the two bodies could work together to the benefit of both. The discussions will continue.