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Undaunted Commitment 1
New Beginnings 2
A Respected Voice 3
A Constructive Approach 4
A Business Ally 5
A Community Builder 6
Invaluable Experience  
  - Team of Advisers 7
  - Biography in Legco 8
  - Personal Profile 9


Undaunted Commitment


Dear friends,

I was first appointed to Legco and became its youngest Member in 1991. In 1994, you did me the great honour of electing me HKSA President and, in 1995, you showed your trust again by electing me as your Legco representative. Unfortunately, my term came to a premature end in just two short years because of 1997.

July 1997 marked, in many ways, a new beginning for us all. As accountants, we know that changes must be managed by experienced hands. It was therefore gratifying that the experience I gained and the track record I achieved as your Legco representative enabled us to pass through this momentous period of change. I was appointed Member of the Preparatory Committee and was selected as the only accountant on the Provisional Legco. This report demonstrates how, during that period, I was able to continue playing, on your behalf, an important role in the shaping of Hong Kong's future.

I appeal to you once again to renew your trust in me on election day. I vow to work hard with HKSA and with you individually, to maintain the highest credibility for the accountancy profession and to establish the kind of reputation, influence and community network that will make you proud.

Please vote Eric Li Ka-cheung on 24 May 1998.

親 愛 的 朋 友 :

我 在 1991 年 首 次 進 入 立 法 局 , 成 為 當 時 最 年 青 的 委 任 議 員 。 兩 年 多 後 , 我 再 當 選 為 香 港 會 計 師 公 會 會 長 , 並 在 1995 年 9 月 17 日 繼 續 取 得 您 們 的 信 任 , 續 獲 選 為 會 計 界 別 的 立 法 局 代 表 。 但 不 幸 地 , 九 七 因 素 令 我 的 議 會 任 期 , 在 短 短 的 不 到 兩 年 內 便 提 早 結 束 了 。

或 許 , 對 大 家 來 說 , 1997 年 7 月 的 來 臨 都 是 一 個 新 的 開 始 。 作 為 會 計 師 , 我 們 更 知 道 , 這 種 巨 變 的 局 面 必 須 由 富 有 經 驗 者 才 能 勝 任 管 理 。 我 相 信 就 是 因 為 我 作 為 會 計 界 的 代 表 稍 有 成 績 , 才 被 委 任 為 籌 備 委 員 會 委 員 , 隨 後 更 被 推 選 為 唯 一 具 專 業 會 計 師 背 景 的 臨 時 立 法 會 議 員 。 我 期 望 這 份向 您 們 提 交 的 報 告 可 以 顯 示 : 我 已 進 入 及 掌 握 代 表 會 計 界 別 的 角 色 , 不 斷 地 承 擔 共 創 香 港 未 來 的 重 任 。

在 今 次 投 票 日 , 我 懇 切 地 希 望 能 再 次 得 到 您 們 的 信 任 。 請 相 信 , 我 會 盡 力 地 與 會 計 師 公 會 以 及 各 位 , 積 極 地 提 高 會 計 行 業 的 信 譽 , 以 及 建 立 足 以 令 您 引 以 為 傲 的 廣 泛 社 會 聯 繫 及 影 響 力 。

在 5 月 24 日 , 請 您 投 出 對 李 家 祥 信 任 的 一 票 !


New Beginnings

"The departure of the British Government does not mark the end of a period to be forgetten but rather the beginning of a new chapter in Hong Kong's history......The time is now ripe for the Chinese, British and HKSAR governments to work together and bring about a harmonious triple-win situation."

(Valedictory Motion, Legco 27-6-97 )

As the only accountant elected to the PLC on 21-12-1996, I chose to participate fully, on your behalf, in these new beginnings:

"The PLC is clearly a creation of political adversity. It can hardly be described by anyone as politically desirable... For your elected representative, the most important task at hand is to work with the Government of the day, from within the establishment and not from outside . Political views aside, it is simply ineffective for the profession's political voice to be only heard chanting rhetoric outside the Legco Building."

( Legco Column 4/97 )

I have used my position in the PLC to expand our influence and protect our interests. I take, in my work, every opportunity to promote our quest for an open, tolerant, honest and just society while ensuring that Hong Kong's business edge will be protected through economic foresight and concrete action:

"With much work ahead and time not on our side, we must press on to fulfill our historic role in the best way we can ...... whilst we must learn to live with differing political opinions, at the end of the day, it will be by the final results of our work that history will seek to judge us."

( Legco Column 4/97 )

An historic year has gone by and the PLC has served its purpose. Our profession was able to play a pivotal role during this crucial period of transition. Our patience and the pragmatic approach we chose to maintain was indeed very successful. We can now look confidently ahead to the future.

"When the water of the Ts'ang-lang river is clear,
It does to wash the fine threads of my cap;
When the water of the Ts'ang-lang river is muddy,
It does to wash my feet."

Mencius (Eric's quote in Valedictory Motion, PLC 8-4-98)


A Respected Voice

"The Financial Secretary has accepted some 27 recommendations on tax review from the accountancy profession, making this budget, at least to me, almost impossible to criticise."

(Budget Debate, 11-3-1998)

As the voice of our profession, I stay well above party politics. I believe independent, pragmatic and balanced views will best serve our profession; such an approach will also contribute a more objective and credible analysis to debates, which often tend to be dominated by superficial public posturing. A clear focus on professional matters has evidently worked well for us: our HKSA's submissions this year were carefully listened to by the Legislature and by the Administration alike; matters of concern were fully resolved. Here are the highlights of some our main achievements:


  • Mandatory Provident Fund - HKSA supported the Scheme; I ensured its safe passage; and the extensive technical amendments we proposed were addressed,
  • Double Tax Agreement with China - I chaired the Sub-committee which took official note of HKSA's views; a departmental practice note will soon be issued to answer our concerns
  • Inland Revenue Amendment (No. 2) Bills - the Administration agreed, in the Bills Committee I chair, to limit the clawback on allowances for capital expenditure to tax depreciation already granted; the concession will remove an element of capital gain tax which HKSA opposed.
  • Inland Revenue (Amendment) Bill - the Administration agreed to limit the wide discretions originally given to the Commissioner of Inland Revenue regarding the deduction for home mortgage loan interests.

Public Accounts Committee (PAC)

As Chairman of PAC, my professional input clearly made a difference. Two cases in point: --

  • Prosecution of Auditors in Tax Evasion Cases - restricted the Director of Audit's original wide recommendation to only well justified extreme cases.
  • Audited Accounts on Fund-raising Activities - the Administration accepted the need to follow through seriously on qualified audited accounts and will liaise with HKSA to issue a new practice note.

To remain a truly effective lobbyist, I always provide HKSA or individual members who seek my advice with first hand political insight and ensure that their concerns will receive the widest possible coverage. Numerous meetings have been instigated by me to foster better co-ordination between representatives of the Accountancy profession and the Financial Services Bureau, Finance Bureau, Office of the Mandatory Provident Fund and the Stock Exchange. Such initiatives are still in the pipeline with the Official Receiver's Office and the Labour Department.

"Financial prudence and popular support are not necessarily opposite goals. The Government can really achieve both and generate the appreciation of the people through sound financial management."

(Budget Debate 11-3-1998)


A Constructive Approach

"The Public Accounts Committee has a well-established track record as guardians of Public Financial Accountability"

(Legco PAC Report No.29, 29-2-1998)

The Following excerpts from PLC speech exchange between myself, acting as chairman of the Public Accounts Committee (PLC) and the Chief Secretary for Administration acting on behalf of the Government on the PAC Reports No. 28 & 29, illustrate that even the toughest of issues can be resolved when one's judgment, determination and constructive attitude are recognized and respected.

Eric: "We have already made similar observations about the Government Property Agency's lack of vigilance in handling its highly valuable property portfolio......The Committee would urge the Administration to review all aspects of the Government Property Agency's operation"
Reply: "As regards Mr. Li's constructive remarks about the planning and use of Government accommodation...... the Secretary for the Treasury has taken major initiatives to optimize the use of the Government's estate and GIC sites...... the GPA will assume a more proactive role in helping him in these pursiuts."
Eric: "the Committee is dismayed at the inert attitude of the Administration in dealing with the funding schemes for promoting technology industrial development. ......noting that the Chief Executive, in his recent Policy Address, has made a pledge to inject an additional grant of up to $500 million into the Applied Research and Development Scheme. ......We urge the Administration to conduct an overall strategic review ......to ensure long-term economic benefits to Hong Kong."
Reply: "We will make every effort to improve the management of these schemes so that we can effectively deliver the Chief Executive's pledge to meke Hong Kong an innovation centre."
Eric: "where there are material variations in the final audited Government's accounts from the original Budget of the Financial Secretary, there should be full and proper disclosure of the underlying reasons......We believe that this would enable the public to have a better understanding of the management of public finance by the Government......"
Reply: "......in particular, I note Mr. Li's suggestion that the Finance Committee should take up with the Administration the question of putting in place a proper mechanism of disclousre to ensure that the Executive is answerable to the Legislature. We will of course, be willing and ready to cooperate with the Legislature on this......"

"I look forward to your positive comments and sound advice."

(Government Reply, PLC 10-9-1997)


A Business Ally

"I questioned the validity of the Government's view that ......the sweeping currency devaluation in neighbouring countries was an economic cold spell rather than a long term climatic change."

(Policy Address, 22-10-1997)

My responsibilities imply that I remain tuned in to business needs and interests. Whether I am sitting as the Director of a listed companies as well as a firm of financial advisers, or whether I am listening to a fellow accountant who is working in the Business sector, my perspective is always to question Government's assessment of economic trends, its depth of policy foresight and to propose decisive action as well as supportive solutions enhancing business certainty and growth.

I made these comments in the Motion of Thanks to the Chief Executive's Policy Address, 22-10-1997:


"What we need most urgently are not just titbits of benefits and inducements; but timely economic data and accurate analysis of the international markets so that we can work in tandem with the Government and come up with creative and effective responses."


"If Government really wants to achieve certain administrative targets, ...... it should choose a much more effective approach of introducing financial incentives and administrative measures that will profit market operators rather than penalise them."

I also recorded in the 9th Legco Reports to the HKSA Council on 18-12-1997, these comments made on:


"I pressed the Administration to make a realistic assessment of Hong Kong's current economic situation, to enhance transparency of information within the market place and to conduct a comprehensive review of the derivative markets in order to ensure that local financial operators are not disadvantaged because of deficient market rules."

(Financial Affairs Panel, 31-10-1997)


"I advised the Administration to understand and react to the predicament of our financial institutions: because of volatile interest rates, our institutions must face uncertain costs as well as difficult risk management decisions ...... I urged the Administration to speed up the development of long term debt markets and securitization of property loans etc. in order to make more long term borrowings available to financial institutions.

(Deposit Taking Companies Advisory Committee Meeting, 11-12-1997)

Accountants are an essential part of business solutions


A Community Builder

"That in order to make up for the shortfall and inadequacy in social welfare services in the past and to fulfill the pledges the Government has openly made ...... this Council urges the Government to establish a Social Welfare Services Development Fund...... to ensure the steady development of social welfare services."

(PLC Debate, 1-4-1998)

By moving this Motion Debate,I showed our belief in the quest for a caring and responsible society. It was endorsed unanimously by PLC.

We all work hard individually, to build the future of our families and to ensure our livelihood. Accountants, as community leaders, should also strive harder to collectively build a solid, more forward looking society. We should of course look after the most needy but it is also our responsibility to prepare today's youth, to get them to share our vision and to face up to the ever changing social, political and economic environment.

"To instill values and ideas in our young people in many creative rather than indoctrinating ways -- this is the most precious thing about Hong Kong being a pluralistic community."

(PLC Debate, 3-11-1997)

As chairman of the Commission on Youth, I organised a historic mock debate in Legco for Hong Kong's youth representatives.

"Mr. Eric Li hoped it would give students a better understanding of how the Legislative Council works. He also said that these young students had demonstrated in the debate, a concern for public affairs, a remarkable critical ability and a desire for democracy......"

(Wen Wei Po Daily, 11-1-1998)

As your representative, I must also assert influence on broad issues on which the future of Hong Kong depends. A case in point was my persistent lobbying to get Information Technology recognized, represented and integrated in the training programmes of students. My position is to provide Hong Kong and our profession with the modern tools we need to maintain our reputation and competitive 'edge' as an international financial centre. The Government's response in the last Policy Address is most encouraging.

"In 1994, under my chairmanship, the Steering Committee on Independent Examination of HKSA already advocated the full integration of Information Technology (IT) in our future training programs. As president of HKSA, I also encouraged the expansion of our then newly formed IT interest group...... I have given my full support to the establishment of an independent IT functional constituency...... (Legco Column March/April 1998)

"Our commitment to Social Welfare Services will determine this community's collective social conscience."

(PLC Debate, 1-4-1998)


Invaluable Experience

Team of Advisers


It is said that you can tell much about a person by the friendships he holds. I am thus very proud to be able to present to you my list of advisers.

As individuals, they represent the very values, scope, experience and energy on which Hong Kong's future should rely. As a group, they illustrate the fact that different perspectives, backgrounds and concerns can and should interact when important issues and the interests of our profession are at stake. I am grateful that they have accepted to support my candidacy and my work.

By having agreed, in their personal capacity, to act as my Advisers, they help broaden my reach and my grasp of the issues that concern you. They enable me to serve you better. Please do not hesitate to contact us.


Albert Au Siu Cheung Fanny Lai Ip Po Ping Nicholas Baldwin
Albert Wong Kwok Wai Francis Lau Mo Kaye Norman Yuen Kee Tong
Alfred Shum Yuk Man Frederick Kung Chun Fai Patrick Paul
Alice Chan Wing Yee Ivan Lau Ho Kit Patrick Wong Lung Tak
Allan Aw Took Loke Jeremy Barr Paul Chan Mo Po
Andrew Ma Chiu Cheung Jimmy Pun Kwok Wing Phileas Fok Kwan Wing
Andy Lee Shiu Chuen Jonathan Leung Kwok Hung Philip Wu Tze Cheung
Anthony Wu Ting Yuk John Lee Luen Wai Ricky Chong Peng Oon
Antonio Chan John Li Kwok Heem Ricky Wong Wai Pui
Brian Chan Wah Kei Joseph Cheung Kwok Leung Robert Gibson
Cecilia Lee Sau Wai Joseph Hui Tak Fai Roger Moss
Chan Sai Hoi Josephine Leung York Yee Ronald Chan Tat Hung
Charles Chan Wai Dune Kennedy Liu Tat Yin Simon Ho Shun Man
Chow Tan Ping Kenneth Lam Yiu Kin Stella Cho Lung Pui Lan
Chris Hall Kenneth Poon Kin Wing Stephen Lau Sing Hung
Daniel Chiu Yue Ming Kevin Yuen Kwok Wing Stephen Yam Chi Ming
David Gairns Lawrence Lok Yuen Ming Susanna Ching Che Man
David Lai Dak Wing Lee Man Ban Tai Hay Yuen
David Li Ka Fai Lolita Li Kwok Wei Tom Chan Kee Sun
Dudley Harding Lui Tim Leung William Chan Wai Hei
Edward Lau Ho Man Marvin Cheung Kin Tung Wilson Fung Ying Wai
Elizabeth Law Michael Chan Kee Huen Wong Kai Man
Fan Sai Yee Michael Pang Tsun Loy Yu Tin Ho


Biography in Legco

Eric's Biography in PLC, 1997-98:


* Public Accounts Committee
Finance Committee
House Committee
Public Works Subcommittee
Finance Affairs
Welfare Services

Subcommittee on Resolution of the Stamp Duty Ordinance
(Cap. 117)
Subcommittee on the Mainland of Specification of Arrangements (Arrangements with the Mainland of China for the Avoidance of Double Taxation on Income) Order
Parliamentary Liaison Subcommittee
Subcommittee on Resolutions of the Bankruptcy Ordinance (Cap. 6)
Subcommittee on the Securities and Futures Commission (Fees) (Amendment) Rules
Inland Revenue (Amendment) (No. 2) Bill 1998
Stamp Duty (Amendment) (No. 2) Bill 1998
Inland Revenue (Amendment) Bill 1998
Prevention of Copyright Piracy Bill
* serve as chairman

Formal Sittings

Years Number of Meeting Present Absent Percentage
1997-1998 37 35 2 95%
1991-1997 227 219 8 97%

Legco Questions Raised

Years Oral Questions Written Questions Total
1997-1998 1 5 6
1991-1997 12 92 104
Total 13 97 110

Membership of Committees, Working Groups and Panels:

Years Bills Committee Legco Committee Sub-Committees or
Working Groups
Panels Total
1997-1998 4 4 5 3 16
1991-1997 62 19 55 20 156


Personal Profile


Eric Li Ka-cheung, FHKSA FCA CPA JP
Position: Senior Partner, Li, Tang, Chen & Co.
Age: 44
Nationality: British Citizen
Education: University of Manchester, U.K.
St. Paul's Co-educational College, H.K.
Work Experience: Coopers and Lybrand, (London), 1975-78
Li, Tang, Chen & Co., since 1978
Main Public Services: -




President, HKSA (1994)
Legislative Councillor
(Appointed 1991-1995, elected 1995-97, selected 1997-98)
HKSAR Preparatory Committee
Hong Kong Affairs Adviser
Chairman, Commission on Youth
Chairman, Hong Kong Council of Social Service
Hon. President (Life), Hong Kong Accounting Professionals General Union
Chairman, Hong Kong Chinese University - Advisory Board on Accounting Studies
Chairman, Hong Kong Polytechnic University - Steering Committee for Area of Excellence in Accountancy.
Appointed Member, Inland Revenue Department User's Committee
Recognitions: -
Accountant of the Year Award 1993
Global Leaders for Tomorrow (World Economic Forum 1993)
Officer of the British Empire (OBE)
Non-Official Justice of the Peace (JP)
Hon. Fellow, Hong Kong Institute of Housing


To Serve with Devotion


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