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| No.5 August, 2009 |
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New Chief Executive for Hong Kong Monetary Authority |
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 A new Chief Executive has been appointed to head the government agency responsible for ensuring the ongoing stability of Hong Kong's banking and monetary system.
The Financial Secretary, Mr John C Tsang, has announced Mr Norman Chan will take over the role of Chief Executive of the Hong Kong Monetary Authority (HKMA) from October 1.
Mr Tsang said Mr Chan was the ideal person for the role given his extensive experience in public administration and finance.
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"Norman has a deep understanding of Hong Kong's financial markets and banking supervision,” Mr Chan said.
"He is also conversant with the operation of the financial markets overseas and in the Mainland.
"He will be able to assist me in managing the Exchange Fund effectively and provide me with professional advice in the area of monetary policy and other financial matters."
The Financial Secretary also announced new terms and conditions for the Chief Executive role at the HKMA after consultation with the Governance Sub-Committee of the Exchange Fund Advisory Committee. This included fixing the term of the HKMA Chief Executive at five years.
The role will come with a fixed annual salary of HK$ 6 million, with the maximum level of performance-linked variable pay set at HK$1.5 million for the first year. The total pay package of the new HKMA Chief Executive will be 32 per cent lower than that of the incumbent.
The Financial Secretary has also extended the post-termination control period of the new HKMA Chief Executive from six months to a year.
The Financial Secretary has also thanked the outgoing Chief Executive, Mr Joseph Yam, for his contribution to Hong Kong and wished him well in his future endeavours.
Biography of Mr Norman T.L. Chan |
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Aged 55. Mr. Chan joined the Administrative Services of the Hong Kong Government in 1976. In 1991, he was appointed Deputy Director (Monetary Management) of the Office of the Exchange Fund. He became an Executive Director of the HKMA in 1993 and served as Deputy Chief Executive of the HKMA between 1996 and May 2005. In December 2005 - June 2007, Mr. Chan joined the Standard Chartered Bank as Vice Chairman, Asia. He was appointed Director of the Chief Executive Office of the Hong Kong Government in July 2007. |
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