Page 92 - Urban Renewal Authority 2023-24 Annual Report

CORPORATE GOVERNANCE

Committees Function Areas

Planning, Development and • Selection of redevelopment projects in the Five-year Corporate
Conservation Committee 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 Committee • Review of the Management’s decisions on application of relevant
URA’s policies as requested by affected owners or occupiers

Sustainability Committee • Review of the sustainability frameworks, strategy, plans and
targets, and oversee their execution

• Review of the sustainability risks and opportunities, trends in
applicable laws and regulations and policies set forth by the
Government that are considered material to the Authority

• Review of the sustainability-related disclosures and publications

Decision-making System
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.

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