Page 96 - URA Annual Report 2020-21

CORPORATE GOVERNANCE
Committees
Planning, Development and Conservation Committee
Review Committee
Decision Making System
Function Areas
• Selection of redevelopment projects in the Five-year Corporate Plan and Annual Business Plan
• Submission of Development Scheme Plan to the Town Planning Board
• Planning and development parameters and design issues • Conservation proposals
• Review of the Management’s decisions on application of relevant URA’s policies as requested by affected owners or occupiers
By virtue of the URA Ordinance, the Board is vested with the powers and duties as are conferred and imposed on it. Over the years, some of these decision-making powers have been delegated to Committees established under the Board. The Managing Director is the administrative head of the URA. As authorised and directed by the Board, the Managing Director, in consultation with the two Executive Directors, decides on the appropriate levels of approval authorities for all matters and affairs and activities of the URA except for those matters that require approval of the Board as stipulated in the URA Ordinance and those matters for which the Board stipulates a different approval authority from time to time. Such levels of approval authorities are documented in a corporate operational and authorisation manual which must be followed. These arrangements provide proper checks and balances on the one hand and enhance operational efficiency on the other.
Internal Audit
Reporting directly to the Board’s Audit Committee, the Internal Audit Department conducts regular independent reviews of activities undertaken by all other functional units within the URA. The main purposes of the operational and value-for-money audits are to ensure compliance with all of the various statutory requirements, Board directions and prevailing internal policies and procedures, as well as cost-effective use of the URA’s resources. Before the start of each fiscal year, the Department presents an internal audit plan setting out the audit assignments to be carried out in the year to the Audit Committee for its approval.
The Department also advises on the adequacy and effectiveness of the URA’s annual internal control and risk management review. This annual organisation-wide review exercise includes reviews of risks at the corporate level by all in-house directors and reviews of operational risks and the effectiveness of the systems of internal controls in managing identified significant risks by all functional units. Treatment plans are then implemented wherever appropriate to mitigate the identified significant risks in key business processes to the extent possible. The overall results of the annual review are reported to the Audit Committee. In addition, the Department coordinates with other assurance functions, such as the URA’s External Auditors and the Independent Commission Against Corruption’s Corruption Prevention Department, to achieve optimal audit coverage of the URA.
92 URA ANNUAL REPORT 2020-21