Issue 145 - The Australian Chamber of Commerce in Hong Kong.

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8 | HONGKONG FOCUS WHO’S WHO IN THE NEW HONG KONG GOVERNMENT HONGKONG FOCUS | 9 Mr John Tsang Chun-wah, Financial Secretary Mr Rimsky Yuen Kwok-keung, Secretary for Justice Mrs Carrie Lam Cheng Yuet-ngor, Chief Secretary for Administration Chief Executive of the Hong Kong Special Administrative Region Finished school in NYC & studied architecture then education before returning to HK with a Masters in Public Admin from Harvard. Was Private Secretary to Governor Chris Patten then Head of the HK trade office in London. Made Housing Secretary in 2001, Secretary for Commerce in 2003, took a pay cut to run the office for friend & former CE Donald Tsang, & became Finance Secretary in 2007. A civil lawyer who specialised in commercial disputes & international mitigation, he was made Senior Counsel (equivalent to Queen’s Counsel) in 2003, & was Chair of the HK Bar Association. Has been a non-official member of ICAC & is one of six Recorders of the High Court. At 48, he and Dr Ko are the youngest members of the new Government line-up. Joined the government after graduating from HKU but went on to do a year at Cambridge & be awarded a Fullbright scholarship during which she was attached to a “US Federal Agency”. Toughed out 3 years as Director of Social Welfare, rewarded with Trade position in London & went onto become Permanent Secretary for Home Affairs in 2004 then Secretary for Development in 2007. The son of police officer, he graduated from Polytech in surveying, studied property valuation & management in the UK & became Chairman of Jones Lang Wootton in HK at age 30. Established his own surveying company in 1993, merged with a Singapore company to create DTZ Debenham & became Chair of the HK Institute of Surveyors in 1995. Advised the governments of Shenzhen, Tianjiian & Shanghai on land reform & DTZ became one of the first HK real estate companies allowed to open its doors on the mainland without a local partner. Was awarded the Gold Bauhinia Star in 1999 & appointed Convenor of the Executive Council (the body the CE consults before making major decisions), a role he kept until 2011. And he’s a Leo – turning 59 on August 12. Professor Anthony Cheung Bingleung, Secretary for Transport and Housing Armed with a PhD from London School of Economics, he has founding involvement with the HK Policy Research Institute & SynergyNet (a think tank). Previously Head of Public & Social Administration at City Uni & President of the HK Institute of Education, also a Legco Councillor from 1995-97. A consummate public administrator who has served on medical, housing, HR, consumer issue & mortgage committees. Mr Lai Tung-kwok, Secretary for Security A 34-year career in the one Department has given him experience in all aspects of immigration, under British and HK rule. Appointed Director of Immigration in 2002, he retired in 2008 only to be enticed back as Under- Secretary for Security in 2009. In his new role he oversees the police, correctional and fire services as well as customs, immigration and the government flying service (2 fixed wing & 2 helicopters). Mr Eddie Ng Hakkim, Secretary for Education Has held senior HR roles with multinationals including Macquarie, Citibank, Jardine Flemings, & Lucent Technologies. Has been an adjunct professor at HK Baptist Uni & was appointed Chair of the HK Examinations and Assessment Authority in 2009. Has been a member of the Housing Authority, the Independent Police Complaints Council &, more recently, Chair of a private HR consultancy. Dr Ko Wing-man, Secretary for Food and Health An orthopaedic surgeon with an MBA in Hospital Administration from NSW University, he moved from medical practice in the mid- 1990s to join the Hospital Authority as a Director but returned to clinical practice in 2004 as Director of the Hong Kong Red Cross (during which he operated on earthquake victims in Sichuan) and Chair of the Anti-Cancer Society. Has a Bronze Bauhinia Star. Professor K C Chan, Secretary for Financial Services and the Treasury With a PhD in Finance from Boston University, he taught at Ohio University for 9 years before returning to HK to take up the post of Dean of Business and Management at HK University in 1993. Has been a Director of the HK Futures Exchange & Chairman of the Consumer Council. Has held the Financial Services and Treasury portfolio since 2007. Why KC? His first names are Ka-keung Ceajer. Mr Gregory So Kam-leung, Secretary for Commerce and Economic Development Married and raised his family in Canada where he gained a law degree from Ottawa University. A senior partner in a solicitor’s firm, he had to renounce his Canadian citizenship to be appointed Under Secretary for Commerce and Economic Development in 2008. Was a previous Chairman of the Democratic Alliance for the Betterment & Progress of HK, and sat on the Hospital Authority Board. Mr Paul Chan Mo-po, Secretary for Development The initial appointee fell on his sword, just two weeks after anointment, for being creative with his public service housing allowance. The replacement is the Legco Councillor from the Accountancy sector. A graduate of the Chinese University of HK, he has been an Adjunct Professor at City Uni & Honorary Professor at Shue Yan Uni. Previously President of HK Institute of Certified Public Accountants & Board Member of West Kowloon Cultural District Authority. Mr Paul Tang Kwok-wai, Secretary for the Civil Service A career public servant who rose to Dep Sec level in a number of departments including Environment & Food, and Transport before becoming the Director for Social Welfare. Has also worked with the former New Airport Projects Co-ordination Office, and the former Chief Secretary's Office Administration Wing. Has a testing indoctrination ahead. Mr Wong Kamsing, Secretary for the Environment An architect with strong green building credentials, he has been the Vice Chair of the HK Green Building Council, Chair of the Professional Green Building Council & particularly active in the HK Institute of Architects. An Associate Professor, lecturer and tutor at CUHK, City and PolyTech Universities and regular contributor to government advisory bodies, including the Council of Sustainable Development. Mr Matthew Cheung Kin-chung, Secretary for Labour and Welfare Also a career bureaucrat who started in the Administrative Services Department, served in the HK office in London and was the Assistant Principal Private Secretary to Governor Sir Edward Youde. Became Director of Education in 2000 and, until this appointment, was the Permanent Secretary for Economic Development. Mr Tsang Taksing, Secretary for Home Affairs Arrested at his school for distributing anti-government material, he served time in Stanley prison and became a journalist upon release, rising to Chief Editor at Ta Kung Pao (pro-Beijing). Formerly an adviser to the Central Policy Unit, he has been a HK appointment to the National People’s Congress, & was the first senior HK official to visit Taiwan post-handover. Mr Raymond Tam Chi-yuen, Secretary for Constitutional and Mainland Affairs A keen golfer with an engineering degree, he joined the bureaucracy 25 years ago and has had appointments across a number of departments including time in the HK office in Geneva, the CE’s office, the Financial Secretary’s office & the Central Policy Unit. Is a continuing member of the government, having been appointed to this role by the previous CE Donald Tang.
10 | COMMITTEE COMMENT Your Business and the Carbon Pricing Mechanism Bree Miechel, a member of AustCham’s Sustainable Development Committee, is a Managing Associate at Simmons & Simmons. Here she outlines what your business should aware of under the new Australian Carbon Tax system. The contentious Carbon Pricing Mechanism (“CPM”) came into effect in Australia on 1 July. Over the next 3 years, emissions units are to be issued by the Government (the “fixed price period”), and from 2015 onwards a ‘capand-trade’ scheme is to be introduced (the “flexible price period”). 1. Will the CPM affect my business? Large emitters of greenhouse gases (referred to as “liable entities”) will need to obtain carbon permits in exchange for every tonne of CO2 equivalent produced. Whilst these are to be obtained by direct emitters, the impact of the carbon price will inevitably trickle down the supply chain and affect the prices of goods and services market-wide. The most obvious sectors that will be directly impacted are: • Mining • Manufacturing • Natural gas suppliers • Industrial processes (cement, chemicals, metal processing) • Waste disposal 2. What are the different types of emissions units under the CPM? Three types of carbon permits can be used at different times under the scheme: Carbon Units, Australian Carbon Credit Units (“ACCUs”) and Eligible International Emissions Units (“EIEUs”). 3. How can my business satisfy its liability during the “fixed price period”? From 1 July 2012 to 1 July 2015, Carbon Units will be sold by the Clean Energy Regulator at a fixed-price. Trading will be minimal as the units will expire on 1 February of the following year and can be resold to the Regulator. ACCUs are emission units generated by land-based sequestration and offset projects and may be used to offset up to 5% of a liable entity’s obligations during the fixed price period. 4. How can my business satisfy its liability during the “flexible price period”? From 2015 onwards, a ‘cap-and-trade’ scheme will operate. For the first 3 years until 2018, to minimise price volatility the price of carbon permits must fall between pre-set floor and ceiling prices. After this, pricing will be flexible and determined by market forces. The cap will be set every 5 years to reflect Australia’s commitment to greenhouse gas reduction targets and international climate change obligations. Unlike the fixed price period, businesses will not be restricted to using Carbon Units and ACCUs to meet their compliance obligations. EIEUs may also be used to meet up to 50% of a business’ liability. EIEUs include units issued in accordance with the Kyoto Protocol such as Certified Emission Reductions generated by Clean Development Mechanism projects. 5. What restrictions apply to trading emissions units? Carbon Units, ACCUs and EIEUs are considered financial products under the Corporations Act 2001. Accordingly, entities dealing in, creating a market for or advising on such products may need to obtain an Australian Financial Services Licence (“AFSL”) or seek a variation to an existing AFSL from the Australian Securities and Investments Commission. Certain limited exceptions apply including for (1) individual traders, (2) entities providing services to a related body within a corporate structure (excluding joint ventures) for the purposes of financial risk management, and (3) entities acquiring emissions units for their own use (excluding OTC derivatives). 6. Does the CPM create any opportunities for non-liable entities and foreign investors? Yes. The Australian Government has established the Clean Energy Finance Corporation (“CEFC”) with AUD10 billion funding to assist with the development of renewable energy resources and clean energy projects. Provided that a business is primarily located in Australia, it may apply for assistance through the CEFC. It is anticipated that the CEFC could unlock over AUD50 billion in private capital. 7. What should my business do to prepare for the CPM? Even if your business is not a liable entity, it is important to mitigate the potential impact of the CPM by making appropriate management decisions. You may consider the following: • Assessing the potential impact of the CPM on current and future investments • Examining eligibility for Government grants and funds • Considering the impact of the carbon price when negotiating contracts • Preparing for international trading opportunities in the future with the EU, New Zealand and other Asian markets Whether or not the scope of the CPM appropriately balances Australia’s environmental and economic considerations, the pricing of carbon emissions is a step in the right direction. It is important for the sustainable development of the Australian economy and our standing as international citizens. CORPORATENEWS NEWS Cundall wins HK Green Building Grand Award Hong Kong Science Park Phase 3 has won the Hong Kong Green Building 2012 Grand Award in the building under design category. The project is aiming to achieve one of Hong Kong's first LEED v2009 Platinum ratings and a HK BEAM Plus Platinum rating. The Green Building Awards aim to provide recognition to building-related projects with outstanding performance and contributions in sustainability and the built environment. Cundall provided sustainable design consultancy, supporting the design team, project manager and Hong Kong Science Park in this award winning design. Established since 1976, Cundall has evolved from a UK-based company to a worldwide organisation with 22 offices in 11 countries offering sustainability advice over the past 35 years. Their major projects include: The Royal Children’s Hospital in Melbourne, South Australian Health Medical Research Institute and South Australia Water House.
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Issue 145 - The Australian Chamber of Commerce in Hong Kong.

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