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The Government today (January 30) announced the appointment of Mr Michael W Scales as a member of the Financial Reporting Council (FRC).
The appointment, made under the FRC Ordinance (Cap. 588), takes effect from January 19 until November 30, 2009. Mr Scales was nominated by the Securities and Futures Commission to replace Mr Mark Dickens, who resigned on January 9.
Mr Scales has strong experience in corporate governance matters. He is currently the Corporation Secretary of the Hongkong and Shanghai Banking Corporation Limited, and previously served the Standing Committee on Company Law Reform.
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) and other members appointed by the Chief Executive. The power to appoint members has been delegated to the Financial Secretary.
The FRC is an important initiative to enhance the regulation of the accounting profession and corporate governance of companies listed in Hong Kong. It is an independent statutory body established in December 2006 to investigate audit irregularities and accounting non-compliances of listed companies in Hong Kong.
Ends/Friday, January 30, 2009
Issued at HKT 16:30
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