Chief Executive CY Leung declared his assets to the Chief Justice when he took office, in accordance with the Basic Law.
Chief Secretary Carrie Lam told lawmakers today the agreement and payments between Mr Leung and UGL stemmed from his resignation from DTZ and were not for any future service to be provided by him.
Mrs Lam said the current system of declaration of interests by Executive Council members does not require Mr Leung to declare such a resignation agreement.
Both his resignation from DTZ and the conclusion of the agreement took place before he was elected Chief Executive, and at the material time, he had already resigned from the Executive Council, she added.
A statement from UGL confirms that Mr Leung has not provided any service to the company since signing the agreement.
Mr Leung has also transferred all his shares in DTZ Holdings and its subsidiaries to a trust, and declared doing so according to the ExCo declaration system.
