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The Chief Executive has approved Mr Ronald Arculli's re-appointment as Chairman of the Hong Kong Exchanges and Clearing Limited (HKEx) with immediate effect.
The approval was made under the Securities and Futures Ordinance (SFO). Mr Arculli¡¯s chairmanship will coincide with his term of appointment as a Director of the HKEx Board, which will expire at the end of the 2010 Annual General Meeting of HKEx.
Mr Arculli was elected Chairman of the HKEx by the directors at the board meeting on April 25, 2008. Section 69(1) of the SFO provides that no person shall be the chairman of a company that is a recognised exchange controller unless he has the approval in writing of the Chief Executive. By virtue of Schedule 10 of the SFO, HKEx is deemed to have been recognised as an exchange controller under section 59(2) of the same ordinance.
Announcing the approval today (April 30), the Financial Secretary, Mr John C Tsang said, ¡°We are confident that with Mr Arculli's leadership, HKEx will strive to further enhance our market quality and competitiveness, and strengthen our position as the premier capital formation centre.¡±
Mr Arculli is one of the three directors appointed earlier by the Financial Secretary to the Board of HKEx for a two-year term under the SFO.
Ends/Wednesday, April 30, 2008
Issued at HKT 10:30
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