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MPFA

Public Accountability

Management of Conflicts of Interest

Directors are required to report the nature of a pecuniary interest in a matter placed before the Management Board if the interest appears to raise a conflict with the proper performance of the director’s duties in considering that matter. Particulars of the disclosure made at board meetings are recorded in a register available for public inspection.

Directors are also required to disclose their general interests on appointment/re-appointment to the Management Board, and review on an annual basis the correctness and currency of the information provided to MPFA. In the interim, should there be any changes to their disclosure of interests, they are requested to notify MPFA as soon as practicable, after becoming aware of the relevant facts.

Reporting

In accordance with section 6J of the Mandatory Provident Fund Schemes Ordinance (“MPFSO”) (Chapter 485, Laws of Hong Kong), MPFA prepares and submits a corporate plan and a budget of estimated expenditure to the Financial Secretary of Hong Kong for approval before the start of each financial year.

In accordance with section 6I of MPFSO, MPFA delivers an annual report, together with audited financial statements and auditor's report, to the Financial Secretary of HKSAR. The MPFA’s financial statements are prepared in accordance with the accounting standards, reporting standards and interpretations promulgated by the Hong Kong Institute of Certified Public Accountants and the accounting and reporting standards, if any, notified in writing by the Financial Secretary of HKSAR under section 6N(3) of MPFSO.

The Chief Executive of HKSAR may also give directions with respect to the exercise by MPFA of its functions. (Please click here for details of the powers of the Chief Executive and the Financial Secretary of HKSAR under MPFSO and the Occupational Retirement Schemes Ordinance.)

Communication

To enhance transparency and promote effective communication with the public at large, MPFA issues press releases, publishes a quarterly Statistical Digest to provide statistics on mandatory provident fund (“MPF”) schemes and occupational retirement (“ORSO”) schemes, and a quarterly MPFA Newsletter to provide updates on its work and useful information about the MPF System and MPF management.

The MPFA maintains this website, providing comprehensive information about the MPF System and MPFA. The website carries (1) MPFA’s press releases, (2) its publications, and (3) statistics of MPF and ORSO schemes.

Last Revision Date: 27/10/2014