The Hong Kong Science and Technology Parks Corporation (HKSTP) is a public corporation set up by the Hong Kong Government in 2001 to foster innovation and technology development in Hong Kong Roles and responsibilities HKSTP manages facilities and provides value-added services for the technology, research and development sector in Hong Kong. These facilities include Hong Kong Science Park (for technology companies), InnoCentre (for design enterprises), and three industrial estates at Tai Po, Yuen Long and Tseung Kwan O (for a range of skill-intensive business sectors). According to the Government, Hong Kong Science Park is the 'flagship technology infrastructure' in Hong Kong. Considerable R&D office space (330,000 square metres) and job opportunities (15,000) are provided. Legal framework Hong Kong Science and Technology Parks Corporation Ordinance (Cap. 565) takes effect at the establishment of Hong Kong Science and Technology Parks Corporation (in Chinese 香港科技園公司). The Ordinance states the functions, purposes, rights and obligations of HKSTP. As HKSTP is the merger of the Hong Kong Industrial Estates Corporation, the Hong Kong Industrial Technology Centre Corporation and the Provisional Hong Kong Science Park Company Limited, it has inherited the rights, obligations, assets and liabilities of the above organisations. Section 8 of the Ordinance confers power on HKSTP to serve its purposes by means which are ‘expedient’, ‘conducive’, ‘reasonably incidental’ and consequential’. Under section 8, some examples of the power vested are acquisition of property, entering into contract and carrying out works for founding, enhancement or development of its premises. Internal structure The Board is responsible for formulating overall strategic directions and policies of the Corporation and overseeing management of the business. The Board consists of 17 Non-Executive Directors. Among the 17 Directors, there are 16 Board Members and 1 chairperson who is currently Sunny Chai Ngai Chiu. The Chairperson is appointed by the Chief Executive of HKSAR and the Board members are appointed by the Financial Secretary All Board Members do not receive honorarium for their work. When a term of service ends, the Board Members may be reappointed. The Board performs its role by devising the key strategic plan, monitoring the execution of such plan, approves the ‘annual budget’, ‘corporate key performance indicators’, ‘10-year financial projection’ and major development plans. In particular, the Board safeguards HKSTP from potential risks by making sure effective controls are in practice. The Board supervises five standing Committees, namely Business Development and Admission Committee, Finance and Administration Committee,