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
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 ！
"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."
(Eric's quote in Valedictory Motion, PLC 8-4-98)
"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
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
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)
"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.
||"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"
||"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."
||"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."
||"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
||"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
||"......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)
"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
(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
(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
(Deposit Taking Companies Advisory Committee
Accountants are an essential
part of business solutions
"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
(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
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
(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
(PLC Debate, 1-4-1998)
Team of Advisers
LISTENING TO SOUND ADVICE.
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
|Albert Wong Kwok Wai
||Francis Lau Mo Kaye
||Norman Yuen Kee Tong
|Alfred Shum Yuk Man
||Frederick Kung Chun Fai
|Alice Chan Wing Yee
||Ivan Lau Ho Kit
||Patrick Wong Lung Tak
|Allan Aw Took Loke
||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
||John Li Kwok Heem
||Ricky Wong Wai Pui
|Brian Chan Wah Kei
||Joseph Cheung Kwok Leung
|Cecilia Lee Sau Wai
||Joseph Hui Tak Fai
|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
||Kenneth Poon Kin Wing
||Stephen Lau Sing Hung
|Daniel Chiu Yue Ming
||Kevin Yuen Kwok Wing
||Stephen Yam Chi Ming
||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
||Lui Tim Leung
||William Chan Wai Hei
|Edward Lau Ho Man
||Marvin Cheung Kin Tung
||Wilson Fung Ying Wai
||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
Public Works Subcommittee
|Subcommittee on Resolution of the Stamp Duty
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
Subcommittee on the Securities and Futures Commission (Fees)
|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
||Number of Meeting
Legco Questions Raised
Membership of Committees, Working Groups and Panels:
Eric Li Ka-cheung, FHKSA FCA CPA JP
||Senior Partner, Li, Tang, Chen &
||University of Manchester, U.K.
St. Paul's Co-educational College, H.K.
||Coopers and Lybrand, (London), 1975-78
Li, Tang, Chen & Co., since 1978
|Main Public Services:
|President, HKSA (1994)
(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
Chairman, Hong Kong Chinese University - Advisory Board on Accounting
Chairman, Hong Kong Polytechnic University - Steering Committee
for Area of Excellence in Accountancy.
Appointed Member, Inland Revenue Department User's Committee
|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