Disclosure for MPF accounts a case of too little, too late After nearly a decade's operation, the average Mandatory Provident Fund member's account might have accumulated a contribution (made up by employer and employee) of more than HK$200,000. Against the backdrop of increased market volatility, scheme members would have had quite a different result with their investment if there had been asset switching to timely investments. Yet making sound decisions relies largely on having adequate fund information in a timely manner. Currently the Code on Disclosure for MPF Investment Funds requires provision of fund fact sheets by the trustee to fund members at least twice a year. Although most MPF fund providers prepare fact sheets far more frequently, giving summary figures on performance, asset allocation, top holdings, and manager's comments, the release of these one-page fact sheets normally occurs six weeks or more after the end of the reporting month. This period could be reduced to within four weeks, albeit with an allowance of two to three months for the two statutory issues according to chapter D3.1 of the code. Moreover, the fact sheet usually lacks the breadth and depth that would enable a thorough review of funds. MPFs should provide members with information that is as adequate and timely as that given by unit trust providers. Other than the minimum 11-item disclosure, the fact sheet should also include monthly net inflow and redemption amount, performance variance analysis against the benchmarker, asset risk classes, risk factor alerts and gains/losses realised from individual transactions. This would heighten the transparency of the fund and therefore help members better evaluate the funds they are investing. As a supervisory body, the MPF Authority is expected to be aware of any plausible improvements and any undesirable arrangements that might have disadvantaged scheme members. In the first place it should ensure members' money is not jeopardised by inferior information. Edward Chan, tutor, Lee Shau Kee School of Business and Administration, Open University of Hong Kong Same-sex marriage defies Bible and science I refer to the letter by William Yip ('Gay and lesbian couples want equal protection under law', January 24), replying to my letter ('Same-sex marriage undermines the family', January 17). Being good parents is not only a question of providing for the material needs of children but also ensuring their healthy physical, mental and moral development. No matter how good the intentions of homosexual 'parents' might be, their lifestyle will impact children greatly. Since homosexuality is abnormal behaviour from a religious and scientific perspective, same-sex partners should not receive the same legal rights as married couples. Common sense tells us that it is morally detrimental for children to be brought up by parents whose very relationship, according to the Bible and science, is intrinsically disordered. No replicated scientific study, for example, has found a gay gene or gay DNA. What science has confirmed is that children do better in school, live healthier lives, and become better contributors to society when raised by both a mother and a father in the same household. Growing up in a homosexual environment cannot be good for a child. The testimonies of those who have experienced the trauma of being raised by homosexuals are proof. Paul Kokoski, Hamilton, Ontario, Canada I don't want to inherit climate change legacy Climate change is the most pressing problem facing the earth today. Dramatic evidence of global warming is increasingly emerging. Climate change is having significant consequences, not only geographically but also regarding socio-economic and political relations across the globe. This is a global action and we must take action right now, no matter how inconvenient it may be. Yet governments are blinded by short-sighted self interest and the inconvenience of taking action. As a teenager I am concerned about the future of the planet because this is my world too. As long as politicians and governments refuse to act they will be responsible for the effects of climate change. Beatrice Yeung, Happy Valley More TV channels won't guarantee more choice A number of reports, comments and letters welcomed the possibility of more so-called free TV channels. TV paid for by advertising is not free, it is very expensive. If you divide your quoted annual advertising revenue of TVB by the number of households you get approximately HK$200 per month. Add ATV and the cost of making commercials and the total monthly expenditure of a household on 'free TV' must be about HK$300. This amounts to an advertising levy on many products and services we buy. More advertising channels simply cannot give greater breadth of choice because they aim to maximise viewers and the mindset of those who operate them chooses well-established popular material. There is no money in minority values. Why else does the public purse have to pay for libraries, orchestras and other cultural activities and buildings? The only way of getting greater choice is by having a television broadcaster that is independent of advertising and the only way of embracing the breadth of our cultural values rather than the popular end of it, is to have a public service TV broadcaster - like all other world class cities. If I could be given a choice of spending our household's HK$300 a month, I would choose to give it to RTHK to provide this service, but I do not have that choice. Is this what is called the free market? S. P. Li, Lantau Need for specialist veterinary services The closure of the city's only pet park [in Wan Chai] this month shows how little we care for the welfare of companion animals. The lack of specialist veterinaries is another example. A friend told me his dog had just had a cataract surgery by a local vet. The conversation reminded me of my dog Puppie, who had to wait four months for his cataract treatment by a visiting specialist from Australia because there was no vet eye surgeon in Hong Kong. After the treatment Puppie was a happy dog again as his vision recovered. Sadly, he died of a spleen tumour a year later. I often wonder if there had been a vet eye specialist in Hong Kong at the time, Puppie might have had four more months of happy life. Companion animals are increasingly popular in Hong Kong but our veterinary services are not catching up fast enough, including specialist veterinaries and more comprehensive vet lab services. My vet told me that no local lab is yet recognised by the Agriculture, Fisheries and Conservation Department for rabies tests. Hong Kong needs to further develop our own specialist vet services and training. I would welcome the establishment of a local veterinary school. Pamela Ng, Yuen Long
