Urban Renewal Authority 2018-19 Annual Report

92 CORPORATE GOVERNANCE INTRODUCTION The URA places high priority on the standard of Corporate Governance to ensure accountability, openness and transparency in the work of its Board and Committees. Board and Committees The URA is governed by a Board appointed by the Chief Executive under Section 4 of the URA Ordinance, currently comprising a Chairman and 25 other members. There are three executive Board members who are not public officers, namely the Managing Director, who is by law also the Deputy Chairman, and the two Executive Directors. The Director of Lands, the Director of Planning, the Director of Buildings and the Deputy Director of Home Affairs (2) are Board members who are non-executive directors and public officers. In addition, the current Board includes four legislative councillors plus professionals and academics from various fields, including legal, accounting, finance, property, planning, surveying and social work who are non-executive directors and not public officers. The Board met on six occasions between April 2018 and March 2019. For the better carrying out of the purposes and powers of the URA, the Board has established seven standing committees, each chaired by a Board member and comprising other Board members and co-opted members with the relevant expertise and experience. The committees and their function areas are listed as follows:- Committees Function Areas Audit Committee • Internal control and risk management • Reliability, integrity, timeliness and conformity of financial and operational information • Compliance of business operations and management practices • Economy, efficiency and effectiveness in the employment of URA’s resources • Special projects and investigations • Accounting policies • External audit reviews and internal audit charter • Annual financial reporting and auditing Development Project Objection Consideration Committee • To consider and deliberate on objections lodged under Section 24(1) of the URA ordinance • To prepare URA’s deliberations on the objections, which will be submitted to SDEV in accordance with Section 24(3)(b) of the URA ordinance.