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The Government announced today (November 22) the appointment of seven new members and the re-appointment of one member to the Financial Reporting Council (FRC) under the FRC Ordinance (Cap. 588).
The appointments to the FRC are:
For a term of two years from December 1, 2012, to November 30, 2014:
Ms Teresa Ma Ka-ming;
Mr John Estmond Strickland; and
Mr Roger Thomas Best.
For a term of three years from December 1, 2012, to November 30, 2015:
Mr Nicholas Robert Sallnow-Smith;
Mr Sin Chung-kai;
Mr David Peter Robert Stannard;
Ms Connie Lau Yin-hing; and
Mr Chew Fook-aun.
In announcing the appointments, the Secretary for Financial Services and the Treasury, Professor K C Chan, said, "The FRC is an important institution tasked with enhancing the regulation of the accounting profession and corporate governance of companies listed in Hong Kong.
"We would like to express our heartfelt thanks to the six outgoing members, namely Dr Moses Cheng, Mr Martin Hadaway, Mr Edward Kwan, Mrs Sophie Leung, Mr Albert Li and Mr Michael William Scales, for their invaluable contributions and support to the FRC over the years."
Professor Chan added, "We welcome the new members on board. In the coming few years, the FRC, apart from discharging its regulatory functions, is also expected to play an enhanced role as we further step up the independence of the auditor oversight regime. We are confident that the newly appointed members will work closely with the chairman, Mr John Poon, and other members to meet the new challenges and enhance the quality of financial reporting and Hong Kong's position as an international financial centre."
The FRC is an independent statutory body established in December 2006 to investigate possible auditing and reporting irregularities as well as to enquire into possible non-compliance with accounting requirements in relation to companies and collective investment schemes listed in Hong Kong.
The FRC comprises a maximum of 11 members, including two ex-officio members (the Registrar of Companies and the Chief Executive Officer of the FRC). Its chairman is appointed by the Chief Executive and other members by the Financial Secretary under delegated authority, including three members on the nomination of the Securities and Futures Commission (SFC), the Hong Kong Exchanges and Clearing Limited (HKEx) and the Hong Kong Institute of Certified Public Accountants (HKICPA).
The FRC Ordinance further provides that a majority of members (including the non-executive Chairman) of the FRC shall be lay persons, i.e., non-accountants.
Following are the brief biographical notes of the appointees:
(1) Ms Teresa Ma Ka-ming (appointed on the nomination of the SFC)
Ms Ma is an experienced lawyer and a partner and member of the International Board of Linklaters. She is currently serving on the Hong Kong Takeovers and Mergers Panel of the SFC.
(2) Mr John Estmond Strickland (appointed on the nomination of the HKEx)
Mr Strickland is the former Chairman of the Hongkong and Shanghai Banking Corporation Limited and has been serving as an elected director of the HKEx Board since 2000.
(3) Mr Roger Thomas Best (appointed on the nomination of the HKICPA)
Mr Best is a certified public accountant (practising) and retired from Deloitte Touche Tohmatsu as a partner in 2010. He is currently serving on the Advisory Panel of the FRC.
(4) Mr Nicholas Robert Sallnow-Smith
Mr Sallnow-Smith is currently an independent non-executive director and Board Chairman of the Link Management Limited.
(5) Mr Sin Chung-kai
Mr Sin is a Legislative Council member representing the geographical constituency of Hong Kong Island.
(6) Mr David Peter Robert Stannard
Mr Stannard is a corporate lawyer and currently the Global Head of Corporate of Norton Rose.
(7) Ms Connie Lau Yin-hing
Ms Lau is the former Chief Executive of the Consumer Council.
(8) Mr Chew Fook-aun
Mr Chew is a fellow member and former vice-president of the HKICPA. He is currently the deputy chairman and executive director of Lai Sun Garment (International) Limited and the chairman and executive director of Lai Fung Holdings Limited. He has been a member of the FRC since 2009.
Ends/Thursday, November 22, 2012
Issued at HKT 17:20
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