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| No.4 April, 2010 |
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Government appoints directors to HKEx board |
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The Financial Secretary has re-appointed Mr Ronald Arculli, Mrs Laura Cha and Mr Moses Cheng as members of the Board of the Hong Kong Exchanges and Clearing Limited (HKEx) for a further term of two years from April 22.
Announcing the re-appointments, the Financial Secretary, Mr John C Tsang said, "Appointments to the Board of HKEx are an important safeguard of the interest of the public. Mr Arculli, Mrs Cha and Mr Cheng are well-respected figures in the financial services sector. We are grateful for their contribution to the work of HKEx in the past years and are pleased that they have accepted the re-appointment."
Mr Arculli has been the Chairman of HKEx since 2006. During the past four years, HKEx, under his chairmanship, has rolled out many new market development initiatives to enhance its competitiveness and to broaden its source of listing.
Mrs Cha is the Non-Executive Deputy Chairman of the Hong Kong and Shanghai Banking Corporation Limited. She was the Vice-Chairman of the China Securities Regulatory Commission (CSRC) from 2001 to 2004. Prior to her appointment to CSRC, she was the Deputy Chairman of the Securities and Futures Commission from 1998 to 2001.
Mr Cheng is the Senior Partner of P C Woo & Co. He was the Chairman of the Listing Committee of the Stock Exchange of Hong Kong in 2005-2006. He has served on the Financial Reporting Council since 2006.
The Board of HKEx comprises a maximum of six directors elected by shareholders, the Chief Executive of HKEx, and a maximum of six directors appointed by the Financial Secretary.
The other incumbent directors appointed by the Financial Secretary are Mr Marvin Cheung, Mr Stephen Hui and Mr Michael Lee.
"We trust that all the directors will work closely together in the best interests of both HKEx and the public as a whole," Mr Tsang said.
The appointments are made under the Securities and Futures Ordinance. The ordinance, together with HKEx's Articles of Association, empowers the Financial Secretary to appoint not more than six people to be members of the board of directors of HKEx where the Financial Secretary is satisfied that it is appropriate to do so in the interest of the investing public or in the public interest.
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